Polyurethane Adhesives Market - Forecast(2024 - 2030)
Polyurethane Adhesives Market Overview
Polyurethane
Adhesives Market size is expected to be valued at US $9.4 billion by the end of
the year 2027 and is set to grow at a CAGR
of 6.1% during the forecast period from 2022-2027. The increase in demand for polyurethane
adhesives from various key industries like building & construction,
electrical & electronics, and automobile industry around the globe is majorly
driving the polyurethane adhesives market. The properties of polyurethane
adhesives such as chemical resistance, corrosion resistance, high mechanical
strength, temperature flexibility, suitable curing rates, chemical structure
versatility and improved adhesion is also contributing to the growth of the
polyurethane adhesives market. Polyurethane adhesives are also known as elastic glue as they offer excellent adhesive strength and can be
used in bonding automobile parts, sealing electronic equipment and
sealing/bonding a wide variety of metals, plastics and rubbers. Polyurethane sealants are also used in building and construction industry in
various repair and maintenance activities. These factors are driving the growth
of the polyurethane adhesives market.
COVID-19 impact
Amid the Covid-19
pandemic, the polyurethane adhesives market was affected in terms of
production, operations, sales, marketing and distribution across the globe. The
economic closedown led to the complete shutdown of polyurethane adhesives
industry. The various restrictions in the inter-country business, imports and
exports lead to the slide of growth in the polyurethane adhesives market. The polyurethane
adhesives market top 10 companies also incurred huge losses due to the economic
shutdown. This caused massive consequences in the industry such as
unemployment, crash of markets, insolvencies and others. However, the
polyurethane adhesives market is witnessed a gradual growth by the end of the
year 2020 and is expected to continue.
Report Coverage
The report: “Polyurethane Adhesives Market – Forecast
(2022-2027)”, by IndustryARC, covers an in-depth analysis of the following
segments of the Polyurethane Adhesives Industry.
Key Takeaways
- Asia-Pacific market held the largest share in the polyurethane adhesives market due to the increase middle class population coupled with the urbanization which is increasing the standard of living of the population which in turn is driving the construction industry, electronic industry and automobile industry.
- The increase in construction activities and other repair and maintenance activities in the construction sector is driving the demand for polyurethane adhesives market.
- Increasing demand for bio-based PU hot-melt adhesives is contributing to the growth of the polyurethane adhesives market.
- Amid the Covid-19 pandemic, the polyurethane adhesives market witnessed a lot of setbacks in terms of production, supply and distribution. It is however set to improve in the coming months of 2021.
FIGURE: Polyurethane Adhesives Market Revenue, 2021-2027 (US$ Billion)
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Polyurethane Adhesives Market Segment Analysis – By Product Type
Thermoplastic held the largest share in the polyurethane adhesives market in the
year 2021. Thermoplastics are widely used in structural and load bearing
applications in the building and construction industry. The properties of
thermoplastic such as adjustable sealing temperature, high tackiness, excellent
adherence to different surfaces such as rubber, wood, metals and others, is
further driving the use of thermoplastic in the polyurethane adhesives market.
Thermoplastic is extensively used in the construction and automobile
industries which is one of the main driving factors of the thermoplastics segment
in the polyurethane adhesives market.
Polyurethane Adhesives Market Segment Analysis – By Curing Type
Moisture-Curing held the largest share in the polyurethane adhesives market in the year 2021. Moisture curing polyurethanes are isocyanates terminated polymers which is used for curing with water. Isocyanates are low molecular weight chemicals which is advantageous since it makes the polyurethane adhesives less slimy and provides better tackiness. These are solvent based adhesives which cures with the evaporation of water and also by reacting with the moisture in the air. This has huge advantages over other types of curing adhesives, since it requires minimal efforts and protection which helps in saving time and costs. Moisture-curing polyurethane adhesives have improved bonding, sealing, fixation and adhesive properties. It is also easy to handle and reduces the step of process for mixing and applying.
Polyurethane Adhesives Market Segment Analysis – By Technology
Hot-melt
technology held the largest share in the polyurethane adhesives market in the
year 2021. Hot melt can be used in various applications such as window
sealants, gaskets, fabrics and light metal applications. The biggest advantage
of hot-melt adhesives is that they have a faster curing period. This makes it the
most used adhesive in applications such as floorings, countertops in
residential buildings, commercials buildings and shower walls, as they are
water resistant. It also acts as an excellent sealant, which
makes it suitable for heavy applications. For instance, the flooring industry
recorded a revenue of US $ 23 billion in the year 2019. This is driving the hot
melt adhesives segment in the polyurethane adhesives market.
Polyurethane Adhesives Market Segment Analysis – By Application
PVC segment held the largest share in the polyurethane
adhesives market in the year 2021. PVC is extensively used in the construction sector in various
applications like roofing, fencing, decking, wall-coverings, flooring, piping
etc. PVC is moisture resistant, corrosion resistant and chemical resistant,
which makes it an effective material compared to traditional products like
copper, metal etc. For instance, the total production of PVC in the European
market in the year 2019 was 5 metric tonnes. Also, the global construction industry is
estimated to reach US $ 8 trillion by the year 2030. This is set to drive the
use of PVC in the construction industry, which is set to drive the growth of
the polyurethane adhesives segment, as it is one of the most used adhesives/sealants
on PVC.
Polyurethane Adhesives Market Segment Analysis – By End-Use Industry
Building and
Construction segment held the largest share in the polyurethane adhesives market
in the year 2021. The increase in the population of middle-class coupled with urbanization
is increasing the need for infrastructure to accommodate the growing population.
The construction industry is estimated to reach a value of US $ 738.5 billion by
the year 2022, which will eventually contribute to the growth of polyurethane
adhesives since it is extensively used in various applications and activities
in the building and construction industry. This leads to the increase in the
use of polyurethane adhesives/sealants in the construction industries for various activities
including roofing, piping, insulating and in fencing and fixtures.
Polyurethane Adhesives Market Segment Analysis – By Geography
Asia-Pacific
region held the largest share in the polyurethane adhesives market in the year
2021. The growth of the construction industry and automobile industry in the
Asia-Pacific region countries like China, India, South Korea and Japan is
driving the polyurethane market. Polyurethane adhesives are used widely as sealants in the automobile sector for bonding and sealing automobile
parts. For instance, the Chinese government set a long-term development plan for
automotive industry to reach an annual sales of 2 million for their new energy
vehicles (NEV) in the year 2020. This will drive the growth of automobile
industry which will increase the demand for polyurethane adhesives market in
the region.
Polyurethane Adhesives Market Drivers
Increase in Government Initiatives Regarding Infrastructure
Polyurethane adhesives are extensively used in the construction sector as it is used as sealants in various construction activities such as repair and maintenance, plumbing, fixtures, masonry activities etc. The increase in number of construction activities in the present days is driving the demand for polyurethane adhesives. The increase in the construction activities, especially in Asia –Pacific countries such as India, China and Japan is contributing to the demand for polyurethane adhesives. For instance, the ‘New Type Urbanization Plan’ by the Chinese Government which aims at developing China’s infrastructure by the year 2020 is increasing the number of construction related activities in the country which in turn is contributing to the growth of polyurethane adhesives market.
Rising Demand from Automobile Industry
The rising demand for polyurethane adhesives and sealants from the automobile industry is driving the polyurethane adhesives market. Polyurethane adhesives and sealants are extensively used for bonding and sealing of automobile parts. Polyurethane adhesives are highly flexible to temperature changes, corrosion resistant, chemical resistant which is increasing the use of polyurethane adhesives and sealants in the automobile industry. The total production of cars and commercial vehicles amounted to 91.78 million units globally in the year 2019. The increase in the production of automobile over the years is eventually driving the use and demand of polyurethane adhesives in the automobile industry.
Polyurethane Adhesives Market Challenges
Volatility in Price of Raw Materials
The prices of raw material used for producing polyurethane
adhesives such as formaldehyde is highly volatile. The price keeps changing
within a short span of time making the market highly unpredictable. For example
the price of formaldehyde is Rs.458 per litre during the year 2020, which is
acting as one of the biggest challenge for the polyurethane adhesives market. Formaldehyde
is required in mass quantities for the preparation of polyurethane adhesives
which is a costly affair for the manufacturer as it is quite expensive and the
prices are also fluctuating.
Polyurethane Adhesives Industry Outlook
Expansion, new product launches, investments, collaborations, partnerships, acquisitions and mergers are some of the key strategies adopted by players in the Polyurethane Adhesives Market. Polyurethane Adhesives top 10 companies include:
- Avery Dennison Corporation
- Scott Bader Company Ltd.
- The Dow Company
- SIKA AG
- Ashland Inc.
- 3M
- BASF AG
- Arkema S.A.
- Illinois Tool Works Inc.
- Huntsman Corporation among others.
Acquisitions/Technology Launches
- On January 4, 2021, Avery Dennison Corporation acquired ACPO Ltd. for a US $ 87.6 million. This acquisition will help in combining the capabilities of both the companies in developing products of expertise in the adhesives and lables.
- On November 18, 2019 Avery Dennison Medical introduced MED 5710SI (right)—a soft-skin silicone adhesive nonwoven material. It consists a new five-layer foam dressing from of a soft-skin silicone wound contact layer, a polyurethane (PU) foam and super-absorbent fiber composite pad.
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