TAGS: Polyurethane Adhesives
Research and Markets (RM) anticipates that the global polyurethane adhesives market is projected to grow from USD 8.1 billion in 2022 to USD 10.3 billion by 2027, at a CAGR of 5% between 2022-2027 forecast period. Disruption in raw material value chain due to economic recession and stringent regulations in North America and Europe has imposed potential restraints to the Polyurethane Adhesives market.
Thermoset-based Polyurethane Adhesives: Largest Market Segment
Thermoset resins are made of polymers joined together by chemical bonds, which acquire a highly crosslinked polymer structure. They solidify when cured by mixing and/or heating and cannot be remolded once cured. These resins offer excellent resistance to solvents and chemicals, can withstand high temperature, low application temperature, and high creep resistance, and are suitable for high-temperature sensitive substrates. Thermosets are widely used for load-bearing applications owing to their superior strength and resistance.
China to Gain Maximum Market Share
According to the World Bank, China is the second-largest economy in the world. According to Statista, the Chinese manufacturing purchasing managers index (PMI) was recorded as 51.9% by 31st December 2020, and it reduced by 1.8% in August 2021. This implies that the Chinese adhesives market will expand in later years. Many major players are investing in the country to build new manufacturing facilities due to cheap labor and accessible raw materials.
The construction industry in China is expected to witness increasing developments due to the implementation of industrial policies and market promotion. The polyurethane adhesives market in China is driven by the rising demand from new construction and renovation activities, government and private investment in residential and non-residential projects, and growing consumer spending power.
Increasing population, improved lifestyle, cheap labor, and restructured environmental regulations are also expected to fuel the demand for polyurethane adhesives in the country.
Source: Research and Markets