TAGS: Polyurethane Adhesives Hot-melt Adhesives
Research and Markets (RM) anticipates that the global polyurethane adhesives market forecast which was valued at USD 8167.25 million in 2021, is projected to reach USD 11674.54 million by 2027, growing at a CAGR of 6.1% from 2021 to 2027 forecast period.
The major end-user industries for the global polyurethane adhesives market include building and construction, packaging, automotive, footwear, DIY, Wind Turbine, and Aerospace. The global polyurethane adhesives market is set to experience significant growth during the forecast period.
Adoption PU Adhesives in Multiple Applications
The market's growth can be amplified by increasing the adoption of polyurethane adhesives in multiple applications like building and construction, packaging and automobile, and multiple geographies like APAC and Europe. As the industry is capital intensive and fragmented with less product differentiation, the competitive rivalry is high with respect to the distribution channel and raw material sourcing. Availability and price of products are the focus areas of manufacturers.
Polyurethane adhesives are better than epoxy-based adhesives due to their good processing time and less dependency on mixing equipment in circuit application.
Polyurethane adhesives derived from castor oil have higher thermal stability than conventional polyurethane adhesives. As a result of its widespread availability, possible biodegradability, and low cost, castor oil-based adhesives are made of polyurethane.
The following factors are likely to contribute to the growth of the polyurethane adhesives market:
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Increasing relevance of electrically conductive polyurethane adhesive
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Bio-based polyols in polyurethane adhesive
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Polyurethane adhesive derived from castor oil
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Suitable for pressure-sensitive adhesives
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Increasing use of hot melt adhesives
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Increasing use of polyurethane adhesives in the packaging industry
Highest Growth in APAC Region
One-part polyurethane adhesive has wide application in the construction and automotive sector. These adhesives offer better flexibility, impact resistance, adhesion properties, and high abrasion resistance. They have a higher market share than two-part adhesives in the polyurethane resins market.
Polyurethane thermoset adhesive provides several advantages that make it suitable for a wide variety of substrates. They possess strong impact resistance and strong adhesive properties for bonding composite structures and metallic components in the aerospace sector. They are also waterproof, making them ideal for a variety of outdoor applications such as building and construction.
APAC: Growing population and disposable income in China, India, and Indonesia have fuelled residential housing growth in the APAC region. Because of its enormous population and quick migration to online shopping, Asia-Pacific (APAC) has had the highest stake in the retail e-commerce packaging industry till now. Thus, the market demand will propel as online sales mean more packaging. APAC has emerged as the leading consumer of adhesives and sealants market owing to the rising population, developing economies, and increasing pace of urbanization.
Source: Research and Markets