PUBLISHER: The Business Research Company | PRODUCT CODE: 1608804
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608804
Polyurethane adhesives are synthetic adhesives recognized for their robust bonding strength and flexibility. These adhesives result from a chemical reaction between a polyol and an isocyanate, yielding a highly durable bonding agent. They also provide excellent elasticity and impact resistance, making them ideal for both structural and non-structural uses.
The primary categories of polyurethane adhesives include thermoset and thermoplastic types. Thermoset polyurethane adhesives change chemically when exposed to heat, creating a strong and permanent bond. Various technologies are utilized, including solvent-borne, dispersion, hot-melt, reactive, and others, which find applications in sectors such as footwear, automotive, construction, packaging, electrical and electronics, furniture, and more.
The polyurethane adhesives market research report is one of a series of new reports from The Business Research Company that provides polyurethane adhesives market statistics, including polyurethane adhesives industry global market size, regional shares, competitors with a polyurethane adhesives market share, detailed polyurethane adhesives market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane adhesives industry. This polyurethane adhesives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The polyurethane adhesives market size has grown strongly in recent years. It will grow from $9.64 billion in 2023 to $10.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed during the historical period can be linked to increased automotive production, expansion in the construction sector, innovations in packaging, heightened demand for consumer electronics, and a surge in furniture production.
The polyurethane adhesives market size is expected to see strong growth in the next few years. It will grow to $13.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. In the forecast period, growth is expected to stem from the rise of electric vehicles, greater utilization of eco-friendly adhesives in green construction projects, the expansion of renewable energy initiatives, increased demand for smart devices, and a broader adoption within the aerospace sector. Key trends anticipated during this period include a growing preference for solvent-free formulations, more widespread use of lightweight materials, advancements in fast-curing adhesives, the expansion of 3D printing applications, and an increasing requirement for tailored polyurethane adhesive solutions.
The expansion of the construction industry is anticipated to drive the growth of the polyurethane adhesives market in the coming years. This sector encompasses the planning, design, and construction of infrastructure, as well as residential, commercial, and industrial buildings. The growth in construction is fueled by rising demand for infrastructure development, urbanization, and increased investments in various projects. Polyurethane adhesives are favored in this industry for their strong bonding capabilities, flexibility, and moisture resistance, making them suitable for sealing and bonding materials such as wood, concrete, and metal. For instance, in August 2024, the Australian Bureau of Statistics reported that building work in June 2024 reached $33,815.0 million, an increase from $32,443.2 million in June 2022. Thus, the growth in the construction sector is propelling the development of the polyurethane adhesives market.
Leading companies in the polyurethane adhesives market are focusing on creating innovative solutions, such as elastic adhesives, to meet evolving automotive performance standards. Elastic adhesives are flexible bonding agents that can stretch and return to their original shape without losing adhesion, making them ideal for applications that require movement and impact resistance. For example, in November 2022, Henkel AG & Co. KGaA, a Germany-based chemical company, launched the elastic adhesive Loctite UK 2073-2173. This product offers high flexibility and exceptional impact resistance, making it suitable for dynamic bonding applications while providing strong adhesion to various substrates even under stress and movement.
In February 2022, H.B. Fuller Company, a U.S.-based adhesive manufacturer, acquired Fourny NV for an undisclosed amount. This acquisition enables H.B. Fuller to expand its product offerings in construction adhesives, particularly in roofing and waterproofing solutions. Fourny NV is a Belgium-based provider of polyurethane adhesives.
Major companies operating in the polyurethane adhesives market are BASF SE, Dow Inc., 3M Company, Henkel AG & Co. KGaA, Covestro AG, ITW Performance Polymers, Parker Hannifin, Arkema S.A., Sika AG, Eastman Chemical Company, Wacker Chemie AG, Avery Dennison Corporation, RPM International Inc., H.B. Fuller Company, Mapei S.p.A., Huntsman Corporation, Pidilite Industries Limited, Shawcor Ltd., FLEXcon Company Inc., Delo Industrial Adhesives GmbH & Co.KG, Franklin International, Soudal N.V., Permabond LLC
North America was the largest region in the polyurethane adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polyurethane adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the polyurethane adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The polyurethane adhesives market consists of sales of one-component polyurethane adhesives, two-component polyurethane adhesives, and structural polyurethane adhesives. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Polyurethane Adhesives Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on polyurethane adhesives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for polyurethane adhesives ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The polyurethane adhesives market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.