Polyurethane Adhesives Market Outlook
According to the report by Expert Market Research (EMR), the global polyurethane adhesives market share reached a value of approximately USD 3.15 billion in 2022. Aided by the rising demand for durable and flexible bonding solutions across various industries and the expanding applications of polyurethane adhesives, the market is projected to further grow at a CAGR of 6.3% between 2023 and 2028 to reach a value of USD 4.54 billion by 2028.
Polyurethane adhesives are a type of synthetic adhesive primarily composed of organic units joined by carbamate links. They are renowned for their high flexibility, durability, and strong bonding capabilities. Polyurethane adhesives find extensive use in various applications such as construction, automotive, packaging, furniture, footwear, and electronics, among others.
The increasing demand for efficient bonding solutions is driving the global polyurethane adhesives market growth. With the continual advancements in industrial manufacturing processes, there has been a notable shift towards high-performance adhesives, resulting in a surge in demand for polyurethane adhesive solutions. The high durability and superior bonding strength of polyurethane adhesives make them suitable for a range of applications, leading to their increased adoption.
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Furthermore, the booming construction and automotive industries have also contributed to the polyurethane adhesives market expansion. In the construction industry, polyurethane adhesives are used for bonding building components, floor coverings, tiles, panels, insulation materials, and prefabricated elements. In the automotive sector, they are utilised for vehicle assembly, manufacturing of interior and exterior components, and windshield bonding, among other applications.
The broadening applications of polyurethane adhesives in various sectors also significantly contribute to the polyurethane adhesives market development. In the electronics industry, these adhesives are used in bonding and potting electronic components due to their excellent insulating properties. The packaging industry employs polyurethane adhesives for case and carton sealing, tray forming, and closure of folding boxes.
Moreover, polyurethane adhesives’ unique properties make them a critical element in the production of footwear. They are used for sole attaching, shoe upper reinforcement, and insole binding due to their high elasticity and resilience. Further, the growing demand for high-quality furniture has led to an increased focus on polyurethane adhesives as an essential element for joining wood, plastic, and metal components.
The rise of sustainable and eco-friendly manufacturing practices has also had a significant impact on the polyurethane adhesives market. Manufacturers are increasingly focusing on developing water-based and solvent-free polyurethane adhesives to reduce environmental impact, thus fostering polyurethane adhesives market growth.
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Polyurethane Adhesives Market Segmentation
The market can be divided based on technology, type, application, and region.
Market Breakup by Technology
- Solvent Borne
- Reactive
- Dispersion Hot Melt
- Others
Market Breakup by Type
- Thermoset
- Thermoplastic
Market Breakup by Application
- Packaging
- Building and Construction
- Automotive
- Footwear
- Electrical and Electronics
- Furniture
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global polyurethane adhesives companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Akzo Nobel N.V.
- PPG Industries, Inc.
- Wacker Chemie AG
- Dow Inc.
- 3M Co.
- Sika AG
- H.B. Fuller Company
- WEICON GmbH & Co. KG
- Huntsman International LLC
- Parson Adhesives India Pvt. Ltd.
- Others
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