Polyurethane Adhesives Market

Global Polyurethane Adhesives Market Size (2024 to 2032)

The global Polyurethane Adhesives market size was at USD 8.71 billion in 2023, and the global market size is expected to reach USD 14.97 billion by 2032 from USD 9.25 billion in 2024. The market’s promising CAGR for the predicted period is 6.2%.

MARKET OVERVIEW

Polyurethane adhesives are also known as elastic glue, it is a polymer formed by the reaction of polyol and isocyanates and it is made up of linear polymer chain units connected by carbamate or urethane bonds. PU adhesives are weather resistant and are generally suitable for outdoor projects. These are available as sealants that provide high strength and durable bonds, thus serving various end-use industries. Polyurethane adhesives offer flexible curing time at ambient and extreme temperatures. This is the main advantage of polyurethane adhesives. They can be applied manually or using a dispensing kit. Polyurethane adhesives are widely used in applications where higher efficiency is required for lower operating costs. The fast curing time, excellent strength, good abrasion and chemical resistance, good optical clarity, and good strength and impact resistance are some of the main characteristics of polyurethane adhesives.

Strong application prospects in the electrical and electronic industry are likely to boost the polyurethane adhesives market size. It is used in the packaging of electronic devices, which guarantees long-term reliability and encapsulates sensitive electronic components. In addition, PU adhesives are very elastic and moisture and temperature stable, as well as excellent dielectric characteristics. The global consumer electronics industry was valued at over $ 2.8 trillion in 2021 and is expected to exceed $ 4 trillion in 2026. Increasing Internet penetration, improving living standards and increasing Disposable income may lead to technically advanced smartphones, laptops, tablets, personal care devices, digital cameras, and audio players, thus driving the growth of the industry.

MARKET DRIVERS

The demand for polyurethane adhesives from end-use industries such as footwear, automotive, building, construction, packaging, and electronics, has increased dramatically in recent years. The main driver of the polyurethane adhesives market is the rapid growth of construction and renovation activities. The building and construction industry is experiencing significant growth in India, China, and Brazil, resulting in an increase in demand for polyurethane adhesives. Increased public spending on construction and economic growth is expected to drive the market demand for polyurethane adhesives in the coming years in these countries. The growth of the automotive industry due to the increased production of commercial and passenger vehicles with increasing demand for lightweight components has boosted the demand for polyurethane adhesives. In the Asia-Pacific region, significant automobile growth has been observed in recent years due to economic growth and increased disposable income. Increasing income, changing lifestyles, consumer preferences, and improving the standard of living are fueling the demand for electronic gadgets which in turn drives the market demand for polyurethane adhesives. New products with superior solutions and ecological characteristics are the main drivers of market demand for polyurethane adhesives.

MARKET RESTRAINTS

The cost of polyurethane adhesives is higher than that of other counterparts, which can challenge the growth of the industry. The volatility of the costs of petrochemical-based raw materials coupled with the stagnation of production can adversely affect the profitability of the industry and affect the price development of the polyurethane adhesives market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Polyurethane Adhesives Market By Type

Among type segments, the thermoplastics segment is expected to experience a moderate revenue share of the global polyurethane adhesives market. The revenue of the thermoplastics segment is expected to register the highest CAGR.

Global Polyurethane Adhesives Market By Technology

Among the technology segments, it is estimated that the solvent-based segment will register a high revenue share in the global polyurethane adhesives market, due to its ability to immediately bond substrates with its adhesion properties. The solvent segment revenues are expected to post the fastest CAGR in the coming years.

Global Polyurethane Adhesives Market By Application

Footwear was the main application segment for polyurethane adhesives and accounted for over a quarter of the total market volume in 2015. The increasing demand for innovative shoe designs is expected to have a positive influence on the overall market. Southeast Asian countries like Indonesia and Vietnam are the main shoe exporters in the world. In addition, the Vietnamese footwear industry also enjoys the benefits of the Generalized System of Preferences (GSP) offered by the EU. The Trans-Pacific Partnership (TPP) is expected to provide the Southeast Asian footwear industry with many opportunities to access markets like the United States and Japan. Other applications of PU adhesives include automotive, construction, and packaging. The auto industry is expected to experience the highest growth rate during the forecast period. The presence of major automakers such as Toyota Motor, Honda, and Nissan in Thailand and Indonesia, as well as favorable government regulations in the form of financial subsidies, are expected to remain a key market driver during the forecast period.

REGIONAL ANALYSIS

The size of the European polyurethane adhesives market, dominated by the UK, France, and Germany, could register significant gains during the forecast period. Major automakers such as Mercedes, BMW, and Audi are based in Europe, which is likely to have a positive effect on regional demand for products. Rapid industrialization and urbanization coupled with strict government regulations will boost the size of the PU adhesives market.

KEY PLAYERS IN THE GLOBAL POLYURETHANE ADHESIVES MARKET

The major key players in the global Polyurethane Adhesives Market are ADCO Global Inc., Avery Dennison Corp, Arkema S.A., Ashland Inc., H.B. Fuller, Henkel AG & Co, Huntsman Corporation, Illinois Tool Works Inc., Pidilite Industries, American Biltrite Inc., Adhesives Research Inc., Chemence, Ellsworth, RPM International Inc., Beardow & Adams (Adhesives) Ltd., Scott Bader Company Ltd, and others.

RECENT HAPPENINGS IN THE MARKET

• In March 2020, 3M nearly doubled its global production of N95 respirator masks, previously used for industrial purposes, to nearly 100 million per month, an annual rate of 1.1 billion per year.  3M has increased its investments to expand its global capacity by more than 30% in the near future. This increase in production is intended to help both public health authorities and the government. In addition to its presence in the United States, the company also manufactures respiratory masks at its sites in Europe, APAC, and Latin America. The company is also in the process of maximizing the production of several other medical products that will be used to fight COVID-19.
• In September 2020, Toyochem is launching a new biodegradable polyurethane adhesive.
• In December 2020, Sika is launching a new polyurethane technology. This innovation brings significant benefits to customers: the products have an improved performance profile, are even more durable, and have a strong sustainability profile. Investments have recently been made in associated production facilities at its site in Düdingen, Switzerland.

DETAILED SEGMENTATION OF THE GLOBAL POLYURETHANE ADHESIVES MARKET INCLUDED IN THIS REPORT

This research report on the global Polyurethane Adhesives market has been segmented and sub-segmented based on type, technology, application, and region.

By Type

• Thermoset
• Thermoplastic

By Technology

• Solvent-borne
• 100% solids
• Dispersion

By Application

• Automotive & Transportation
• Building & Construction
• Packaging
• Footwear
• Industrial
• Furniture & Decoration

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa