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Polyurethane Adhesives Market

Market Insights on Polyurethane Adhesives covering sales outlook, demand forecast & up-to-date key trends

Polyurethane Adhesives Market By Product Type, Technology, Applications & Region - Forecast 2022-2032

Polyurethane (PU) Adhesives Market Snapshot (2022-2032)

According to Future Market Insights research, during the projected period, the global polyurethane (PU) adhesives market is set to top a valuation of US$ 9.63 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032. The sales of polyurethane (PU) adhesives are estimated to propel with the top 3 countries projected to hold approximately 30-35% of the market by the end of 2022.

Market Size 2022

US$ 9.63 Bn

Market Size 2032

US$ 17.45 Bn

Value CAGR (2022-2032)

6.1%

Collective Value Share: Top 3 Countries (2022E)

30-35%

Collective Value Share: Top 3 Companies (2022E)

20-25%

The global polyurethane (PU) adhesives market forms around 14.6% of the global adhesives and sealants market worth US$ 62.3 Bn in 2021.

According to the FMI analysis, the polyurethane (PU) adhesives market reached over US$ 9.07 Bn in 2021. The global polyurethane (PU) adhesives market is anticipated to register a CAGR of 6.1% during 2022-2032. The demand for the thermoplastics segment by the product type is estimated to boost with the top 5 key players holding 55-60% of the global polyurethane (PU) adhesives market by the end of 2022.

The polyurethane (PU) adhesives market is projected to bolster with the rapidly growing end-use industries such as footwear, automotive, building & construction, packaging, and electronics. A new forecast by FMI analysis estimates that polyurethane (PU) adhesives sales will augment during 2022-2032 and is anticipated to create a growth opportunity of US$ 17.45 Bn.

The significant growth in the building & construction industry of India, China, and Brazil, increasing government expenditure on construction, and renovation activities, and a growing economy are anticipated to boost the demand for Polyurethane adhesive market over the next few years in these countries.

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Historic market outlook for Polyurethane (PU) adhesives

The global polyurethane (PU) adhesives market witnessed a CAGR of 5.1% during the historic period of 2017-2021 with a market value of US$ 9.07 Bn in 2021.

Manufacturers have been using polyurethane adhesives due to their superior performance, improved product life, and reliability. Polyurethane adhesives are used in multiple industries such as construction, electronics, footwear, furniture, automotive, packaging, and so on. Growth of these end-use industries has supported the demand for polyurethane adhesives across the world.

The rapid growth of the automotive industry due to the rise in the production of passenger and commercial vehicles with increasing demand for lightweight components has impelled the demand for polyurethane adhesives. In the Asia-Pacific region, significant automotive growth is observed in the past few years due to economic growth and a rise in disposable income. The demand for automotive is likely to continue in the coming years and thus drive the demand for polyurethane adhesives over the forecast period.

Further, increased disposable income, changes in lifestyle, consumer preference, and improving the standard of living have also fuelled the demand for electronic appliances, which in turn boosts the demand for the polyurethane adhesives market. Significant innovations and development of new products with superior solutions and enhanced performance have also propelled the demand for polyurethane adhesives in the historical period.

How is the growth of the automotive industry driving the Polyurethane (PU) adhesives market?

The market for polyurethane adhesives is expected to expand due to the rising consumer demand for lightweight, fuel-efficient cars, and the growing implementation of governmental norms and requirements for safety, carbon emissions, and lightweight automobiles. The majority of OEMs are now using materials that will effectively help reduce vehicle weight. Owing to various features such as protection, comfort, and energy conservation, polyurethanes are widely used in the automotive industry.

Due to their strength and lightweight, polyurethanes is being increasingly utilized in the automotive industry to reduce the overall vehicle weight to boost their performance in terms of both environmental sustainability and fuel economy. For instance, it is employed in the bonding of stationary glass such as quarter glass, quarter windows, and backlights in automobiles. The significant growth automotive industry is expected to open new avenues in the polyurethane adhesives market.

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How does the trend of sustainability create a growth opportunity for the Polyurethane (PU) adhesives market?

Polyurethane can be an excellent substitute for plastic and other materials because of its many advantages and customizability. Resulting in the increasing adoption of polyurethane among industrial sectors across the globe. The majority of end-use industries such as building & construction, automotive, packaging, electrical, and electronics, among others, are opting for eco-friendly and sustainable products and solutions, owing to growing environmental concerns across the globe.

Isocyanates and polyols react to create polyurethane and give it the potential to be sturdy, mouldable, rigid, and may be tailored to meet certain requirements like abrasion-resistant or high tolerance.

Further, polyurethane contains no harmful chemicals that can harm human health and causes no change in the pH of soil and water. Therefore, it is thought to be environmentally beneficial and to have no adverse effects on the environment. Polyurethane can also be recycled and reused because it melts down easily and can be used as a mould for leftover components to make new products.

Category-wise Insights

Which technology type offers a lucrative growth opportunity for the global Polyurethane (PU) adhesives market?

The solvent borne segment is projected to offer a lucrative growth opportunity for the global polyurethane (PU) adhesives market during the forecast period. The solvent borne segment is projected to grow with a growth rate of 6.2% during 2022-2032. This growth is primarily attributable to their excellent adhesion to metal, plastics, leather, rubber, textiles, paper, and wood and their high utilization for a numerous variety of laminating applications.

Which application segment is majorly preferred by the Polyurethane (PU) adhesives manufacturers?

The automotive segment by the application is majorly preferred by the polyurethane (PU) adhesive manufacturers as it is widely used in the automotive industry to fabricate structures made of many materials, including glass fibre-reinforced composite, carbon fibre composites, and aluminium. They are used to join rubber, plastics, glass, metal, and several other materials in the production of automobiles.

Further, the building & construction segment is expected to witness a significant growth rate and is anticipated to create opportunities during the forecast period. Rising demand for housing and increasing government spending on infrastructure is anticipated to increase the demand for polyurethane adhesives market in this application.

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Country-wise insights

Why is the U.S. projected to augment the sales of Polyurethane (PU) Adhesives?

In the U.S., the significant growth of various end use industries, especially the expansion of the building & construction industry is expected to boost the consumption of polyurethane adhesives in the coming years.

According to the United States Census Bureau, the number of housing units in the U.S. has witnessed a growth rate of 6.7% over the decade and is expected to witness significant growth in the coming years. Thus, the above-mentioned factors are projected to augment the sales of polyurethane (PU) adhesives in the U.S.

How Asia Pacific is anticipated to drive the demand for Polyurethane (PU) Adhesives?

China is expected to be on the higher side in the global polyurethane adhesives market in 2022 and is expected to continue this trend during the forecast period. The rapid growth of various end-use industries, such as construction, electronics, footwear, furniture, automotive, packaging, and so on is one of the prominent factors bolstering the demand for polyurethane adhesives in the country.

Further, the Indian polyurethane (PU) adhesives market is projected to register a significant growth rate during the forecast period, owing to rapid industrialization and urbanization. The rapid population growth, rising consumer disposable income, and increasing spending on consumer products are anticipated to boost the growth of the polyurethane adhesives market in the country.

Further, the expansion of the building and construction industry, and increasing production and sales of automotive vehicles are expected to increase the consumption of polyurethane adhesives among these industries during the forecast period.

Competitive Landscape

The key players operating in the polyurethane (PU) adhesives market are focusing on expanding their production capacities and resources to meet the growing demand for polyurethane (PU) adhesives by establishing the new plant. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–

  • In March 2022, Arkema S.A. acquired Ashland’s Performance Adhesives business in the U.S. to strengthen its position in the adhesive solution market.
  • In July 2021, Bostik, the Adhesive Solutions division of Arkema S.A. announced the launch of a new range of polyurethane (PU) sealants to meet the growing requirements advanced and sustainable products such as low isocyanates and solvent-free formulations, and bubble-free, especially for the construction industry.
  • In April 2021, Sika AG, a leading specialty chemical company acquired Hamatite, a Japan-based adhesives and sealants manufacturer to expand its presence in Japan.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 6.1% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Units and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Product Type
  • Technology
  • Applications
  • Region

Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Middle East and Africa
  • Oceania

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • India
  • GCC Countries
  • Australia

Key Companies Profiled

  • The 3M Company
  • Dow Chemical Company
  • BASF
  • 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.
  • Ninghai Dingcheng Adhesive Co Ltd.
  • Sika AG

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Polyurethane (PU) Adhesives Market by Category

By Product Type, Polyurethane (PU) Adhesives Market is segmented as:

  • Thermoset
  • Thermoplastic

By Technology, Polyurethane (PU) Adhesives Market is segmented as:

  • Solvent-borne
  • Dispersion
  • Hot-melt
  • Reactive
  • Others

By Applications, Polyurethane (PU) Adhesives Market is segmented as:

  • Footwear
  • Automotive
  • Building & Construction
  • Packaging
  • Electrical & Electronics
  • Furniture
  • Others

By Region, Polyurethane (PU) Adhesives Market is segmented as:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa
  • Oceania

Frequently Asked Questions

In 2021, the value of the global polyurethane (PU) adhesives market reached over US$ 9.07 Bn.

During the forecast period, the global polyurethane (PU) adhesives market is estimated to expand at a CAGR of 6.1% during 2022-2032.

The global polyurethane (PU) adhesives market is projected to reach US$ 17.45 Bn by the end of 2032.

The increasing demand for cost effective, sustainable, and lightweight materials with low environmental impact in various applications industries is driving the demand for polyurethane (PU) adhesives.

The key players operating in the polyurethane (PU) adhesives market are 3M, BASF, Arkema S.A., Ashland Inc., Henkel AG & Co., Huntsman Corporation, Pidilite Inc., and others.

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Nikhil Kaitwade
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Polyurethane Adhesives Market