PUBLISHER: SkyQuest | PRODUCT CODE: 1322079
PUBLISHER: SkyQuest | PRODUCT CODE: 1322079
Global Polyurethane Adhesives Market size was valued at USD 9.23 billion in 2021 and is poised to grow from USD 9.63 billion in 2022 to USD 16.98 billion by 2030, growing at a CAGR of 6.1% in the forecast period (2023-2030).
Polyurethane adhesives have gained widespread acclaim for their remarkable strength and durability. These adhesives are specially formulated to provide robust bonding solutions for various substrates, including metals, plastics, and composites. With a bond strength ranging from 2500 to 3500 psi, polyurethane adhesives are the perfect choice for demanding applications where a reliable and strong bond is essential. Their exceptional bonding strength allows them to withstand significant stress, strain, and impact, ensuring long-lasting and secure bonds. Due to their outstanding properties, polyurethane adhesives find extensive use in diverse industries like construction, automotive, and aerospace, among others. Their ability to deliver superior bonding strength and resilience makes them invaluable in critical applications. One of the notable advantages of polyurethane adhesives is their eco-friendliness compared to other types of adhesives. These adhesives do not contain volatile organic compounds (VOCs), which can have detrimental effects on both the environment and human health. VOCs contribute to the formation of smog, air pollution, and respiratory issues. Moreover, they play a role in the greenhouse effect, leading to global climate change. By being free of VOCs, polyurethane adhesives offer a safer and more sustainable alternative to conventional adhesives.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Polyurethane Adhesives Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data
Segment covered in this report
Global Polyurethane Adhesives market is segmented on the basis of Type, technology, application, resin type, and region. By application, the Polyurethane Adhesives market is segmented into Transportation, construction, woodworking, footwear, packaging and others. By type, the Polyurethane Adhesives market is segmented into Solvent based, 100% solid, water-based, and others. By resin type, the Polyurethane Adhesives market is segmented into Thermoset, thermoplastic, and others. By technology, the Polyurethane Adhesives market is segmented into Reactive technology, Hotmelt technology, and others. By region, the Polyurethane Adhesives market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Driver
The growing global concern for the environment has sparked a higher demand for adhesives with low volatile organic compound (VOC) emissions and eco-friendly characteristics. Governments and regulatory authorities worldwide are imposing strict environmental regulations, compelling industries to opt for adhesives that exhibit reduced VOC emissions and pose minimal harm to the environment.
Polyurethane adhesives have gained popularity as they can be formulated to have low VOC emissions, making them a favored choice for industries striving to comply with environmental standards. Their recyclability further enhances their appeal, especially for businesses emphasizing sustainability practices.
As industries face increasing pressure to minimize their carbon footprint, the demand for environmentally friendly adhesives is anticipated to rise. Polyurethane adhesives offer a viable solution for industries seeking to diminish their environmental impact while ensuring the quality and performance of their products remain uncompromised.
Restraints
The production of polyurethane adhesives is subject to the fluctuations of raw material prices, which are influenced by various factors, including changes in supply and demand, as well as geopolitical circumstances. These price fluctuations can have significant implications for the availability and pricing of polyurethane adhesives, potentially making them less appealing to buyers.
Polyurethane adhesives are composed of several raw materials, including isocyanates, polyols, and other additives. The prices of these raw materials can vary based on market demand, supply availability, and production costs. For instance, crude oil, a key component in polyols production, often experiences price volatility due to geopolitical factors like trade disputes or changes in oil supply.
Such fluctuations in raw material prices can directly impact the overall cost of producing polyurethane adhesives. When the prices of raw materials rise, the production cost of polyurethane adhesives also increases, leading to higher prices for customers. Consequently, customers may consider more affordable alternatives, reducing the attractiveness of polyurethane adhesives in the market.