Polyurethane Adhesives Market Size Expected to Reach $9.4 Billion by 2027
Properties of Polyurethane Adhesives Such as Chemical and Corrosion Resistance, High Mechanical Strength, Temperature Flexibility, Suitable Curing Rates, and Improved Adhesion Is Also Contributing to the Growth of the Polyurethane Adhesives Market.
(EMAILWIRE.COM, March 14, 2022 ) 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.
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.
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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.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=502850
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.
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.
Relevant Report:
Roofing Adhesives Market
https://www.industryarc.com/Report/16430/roofing-adhesives-market.html
For more Chemicals and Materials related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
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.
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.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=502850
Report Price: $ 4500 (Single User License)
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.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=502850
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.
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.
Relevant Report:
Roofing Adhesives Market
https://www.industryarc.com/Report/16430/roofing-adhesives-market.html
For more Chemicals and Materials related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Contact Information:
IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results