Polyurethane (Pu) Hot-Melt Adhesive Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Polyurethane (Pu) Hot-Melt Adhesive Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global polyurethane (PU) hot-melt adhesives market was valued at around USD 1,00 million in 2021. The polyurethane (PU) hot-melt adhesive market is expected to witness a CAGR greater than 7% during the forecast period.

Major factors driving the market studied are rising environmental awareness, increasing demand from the Asia-Pacific packaging and electronics industry. However, volatility in the availability and price of raw materials is expected to hinder the growth of the market studied.

Key Highlights

• Furniture industry dominated the market and is expected to grow during the forecast period, due to increasing residential and commercial construction activities, globally.
• Rising demand for bio-based PU hot melt adhesives is likely to provide various opportunities for the growth of the market in the future.
• Asia-Pacific region dominated the polyurethane (PU) hot-melt adhesive market across the world, with the largest consumption from the countries, such as China, India, and Japan.

Polyurethane Hot Melt Adhesive Market TrendsIncreasing Demand from the Packaging and Electronics Industries

• An extremely high proportion of industrial products are sold in packaging, either due to requirements demanded storage and transport or for aesthetic reasons. PU hot-melt adhesives are mainstream adhesives in the packaging industry.
• They are most widely used for carton closing, sealing, etc. The packaging industry represents one of the largest end-user industries in the PU hot-melt adhesives market.
• PU hot-melt adhesives draw moisture from the substrates and the atmosphere and cure to form a stronger bond compared to other adhesives, including water-based adhesives and other hot-melt adhesive formulations.
• Moreover, polyurethane hot melt offers a stronger adhesion and cures better than traditional hot-melts, which makes it a prudent choice in the growing industrial packaging industry.
• Perfumes, cosmetics, and beauty products are customarily packaged in transparent cases. These hot-melt adhesives are used to seal those packages that ensure a clear application and help in dispensing a perfect end product.​
• Due to all the above mentioned factors the Packaging and Electrnincs industry are expected to drive the market studied in the upcoming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region dominated the global market share. Asia-Pacific is also projected to register the highest growth during the forecast period, driven by strong growth of end-user industries, such as packaging, electronics, and automotive, through different countries, such as China, India, Malaysia, Thailand, and Indonesia.
• Polyurethane hot melt adhesives are used in wide range of applications ranging from automotive plastic components fixing, foam fixing, wire fixing, and other non-woven material fixing, corrugated boxes and paperboard cartons in the packaging industry, product assembly and laminating applications in the woodworking, Spine gluing in the bookbinding, footwear gluing, and various others.
• The Chinese automotive manufacturing industry is the largest in the world with over 26,082,220 units produced in 2021.
• The Chinese government has been planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. With the government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied during the forecast period.
• In India the total automotive production was around 43,99,112 units in 2021 witnessing a 30% increase compared to last year. In recent times the demand for electric vehicles have been increasing which in turn is expected to boost the demand for the market in the country.
• Due to all the aforementioned factors the market is expected to see substantial growth in the upcoming years.

Polyurethane Hot Melt Adhesive Market Competitive Analysis

The global polyurethane (PU) hot-melt adhesive market is consolidated, where major players account for a significant portion of the market demand. Some of the major players (Not in any particular order) include 3M, H.B. Fuller, Henkel AG & Company KGaA, Arkema Group (Bostik AG), and Sika AG, amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.