The 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 5.0% between 2022-2027. Asia Pacific is estimated to be the largest consumer of Polyurethane Adhesives. The global Polyurethane Adhesives major players have opportunities by growing urbanization and construction industry. Crucial information accessible in the research report includes polyurethane adhesives market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details.
Polyurethane Adhesives Companies
The key players operating in the market Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US).
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Henkel AG & Co. KGaA operates globally with a well-balanced and diversified portfolio. It manufactures and distributes homecare, laundry, cosmetics, and adhesive products, globally. The company operates through four main business segments, namely, Adhesive Technologies, Laundry & Home Care, Beauty Care, and Corporate. Adhesives & sealants are produced under the Adhesive Technologies segment. Henkel offers products for multitude applications to cater to the needs of different target groups: consumers, craftsmen, and industrial businesses. Henkel Adhesive Technologies is the global leader in adhesives, sealants, and functional coatings worldwide. Henkel has operations in Europe, the Middle East & Africa, North America, Latin America, and the Asia Pacific. It operates 138 production sites in 58 countries. The company has many international and regional competitors; however, its main competitors are Sika AG (Switzerland), Arkema (France), and H.B. Fuller (US).
Dow Inc. serves as the holding company for The Dow Chemical Company (TDCC) and its consolidated subsidiaries. On April 1, 2019, DowDuPont Inc. completed the separation of its Material Science business, and Dow Inc. became the direct parent company of TDCC and its consolidated subsidiaries, owning all of the outstanding common shares of TDCC. Dow Inc. operates through four main business segments; Packaging & Specialty Plastics; Industrial Intermediates & Infrastructure; Performance Materials & Coatings; and Corporate. It manufactures a wide range of adhesives under all of its business segments. The company’s adhesives mainly cater to automotive, appliances, aerospace, and other industrial applications such as wind turbines, gaskets, and bonding.
Drivers: Versatility of Polyurethane Adhesives
Polyurethane adhesives are used in many products such as daily supplies, and many researches have been released stating the importance of polyurethane adhesives for industrial applications. They can be fabricated using various types of isocyanates and various average functionalities of alcohols. The isocyanates consist of monomeric MDI (methylene diphenyl diisocyanate), modified MDI including carbodiimide, or uretonimine linkage, polymeric MDI, and TDI (toluene diisocyanate). The alcohol functionalities are varied by mixing low molecular weight di-ols with high molecular weight tri-ols. The properties of these adhesives are strongly dependent on the function of alcohol and uretonimine contents in the isocyanate. As uretonimine contents increase, the chance of forming internal hydrogen bonding increases due to the carbonyl groups and nitrogen atoms in uretonimine linkages. Thus, the peel strength of the material increases with the increasing cohesive forces of polyurethane adhesives. With the liberty to change the concentration of all mentioned constituents, the versatility of polyurethane adhesives increases for use in different end-use industries.
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Restraints: Environmental regulations in North America and Europe
The chemical industry is regulated by authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA). Manufacturers in Europe and North America need to comply with regulations regarding the production and use of plastic adhesives in various applications to reduce VOC emissions. They have to bear an additional burden of labeling, paperwork, and extra cost for external testing to demonstrate compliance. Plastic adhesive manufacturers have to abide by the rules and changing standards for commercializing their products. This acts as a restraint for these manufacturers.
Polyurethane Adhesives Market Dynamics
Polyurethane Adhesives Market Segmentation
By Type:
- Thermoset
- Thermoplastic
By Technology:
- Solvent-borne
- 100% solids
- Dispersion
By End-use Industry:
- Automotive
- Building & Construction
- Packaging
- Leather & Footwear
- General Industrial
- Furniture & Decoration
- Others
Automotive is the fastest-growing segment of the overall Polyurethane Adhesives market.
Adhesives are used mainly in the automotive industry for bonding different automotive components, trucks, and buses. Polyurethane adhesives are used extensively in this end-use industry for improving performance, developing lightweight designs, and fabricating structures using multi-materials such as glass fiber-reinforced composite, carbon fiber composites, aluminum, and others. The growing importance of composites as materials for automotive applications and the need for adhesives that are able to withstand higher service temperatures have created growth potential for new high-temperature-resistant adhesives.
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By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
India is the fastest growing segment in Polyurethane Adhesives market during the forecast period.
The major industries in India include automobiles, aerospace, railway, chemical, defense, manufacturing, and packaging. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian chemical industry will witness exponential growth of 9% by 2025. The Indian automotive industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth, infrastructural development, increased spending capacity of individuals, and low labor costs. Global automotive companies see India as a global sourcing hub and are keen to exploit its potential.
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