Global Polyurethane Adhesives Market Report and Forecast 2023-2028

Global Polyurethane Adhesives Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global polyurethane adhesives market reached a value of USD 3.15 billion in 2022. Aided by the growing applications of polyurethane adhesives in various industries, including construction, automotive, and packaging, 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 market growth is being driven by the unique in their bonding ability of these adhesives with a plethora of materials, from porous ones like wood and foam to non-porous substances such as metal and plastics. Their durability, superior bond strength, resistance to weathering, and abrasion have made them a staple in a multitude of environments and applications. Moreover, these adhesives are known for their resistance to chemical exposure, which further enhances their applicability in industries dealing with harsh operating conditions.

A major driver for the polyurethane adhesives market growth has been the escalating demand for lightweight materials across various industries, especially in the construction, automotive, and aerospace sectors. These industries are persistently seeking methods to reduce product weight, as it directly impacts the overall efficiency and energy consumption. Polyurethane adhesives, being lightweight yet robust, fit perfectly into this requirement, leading to a surge in their demand.

Simultaneously, the global packaging industry's expansion, propelled by increasing consumer demand and an emerging focus on sustainable solutions, also presents a significant growth avenue for polyurethane adhesives. As industries gravitate towards more environmentally friendly packaging solutions, the use of polyurethane adhesives is likely to rise due to their bonding versatility and durability.

The polyurethane adhesives market expansion has been bolstered by an uptick in DIY activities and home renovation projects. The convenience and effectiveness of polyurethane adhesives have not only been recognised by large industries but also by everyday consumers, who increasingly rely on these products for their adhesion needs.

Furthermore, there is an increasing focus on sustainability in the adhesives industry, and polyurethane adhesives are no exception. Manufacturers are investing in the development of bio-based and waterborne polyurethane adhesives as an alternative to solvent-based products, driven by stringent environmental regulations and growing consumer awareness regarding sustainable products. Innovations in the formulation of polyurethane adhesives are also prominent, with companies striving to produce products with faster curing times, better bonding capabilities, and enhanced environmental resistance, thus aiding the polyurethane adhesives market growth.

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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.