The global polyurethane (PU) adhesives market is on a trajectory of robust growth, according to research by Future Market Insights (FMI). The market, valued at US$ 9.63 Billion in 2022, is poised to expand at a steady CAGR of 6.1% between 2022 and 2032, reaching a valuation of US$ 17.45 Billion by the end of the forecast period.
The global polyurethane (PU) adhesives market is witnessing significant growth, driven by the automotive and construction industries. With increasing demand for lightweight, fuel-efficient vehicles and growing environmental concerns, PU adhesives are poised to play a vital role in various industrial applications. As manufacturers focus on innovation and sustainability, the PU adhesives market is expected to continue its upward trajectory in the coming years.
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Key Takeaways:
- Market Expansion: The global polyurethane (PU) adhesives market, constituting around 14.6% of the global adhesives and sealants market, is witnessing significant expansion, with the top three countries projected to hold approximately 30 to 35% of the market by the end of 2022.
- Industry Drivers: The surge in demand for PU adhesives is attributed to the rapid growth of end-use industries such as footwear, automotive, building & construction, packaging, and electronics. Manufacturers are increasingly utilizing PU adhesives due to their superior performance, improved product life, and reliability.
- Regional Analysis: The growth of the automotive and construction industries in regions like India, China, and Brazil is anticipated to drive the demand for PU adhesives over the coming years. In the historic period of 2017-2021, the Asia-Pacific region witnessed significant growth in the automotive sector, supported by economic expansion and rising disposable income.
Regional Analysis:
- Asia-Pacific: The Asia-Pacific region is experiencing substantial growth in the automotive industry, driven by economic expansion and rising disposable income. This growth is expected to fuel the demand for PU adhesives in the automotive sector.
- North America: Stringent government regulations regarding safety, carbon emissions, and lightweight automobiles are propelling the adoption of PU adhesives in the automotive industry in North America.
- Europe: The European market is witnessing increasing demand for eco-friendly and sustainable products, driving the adoption of PU adhesives in various industries.
Competitive Landscape
The key players operating in the polyurethane (PU) adhesives market are focusing on expanding their production capacities and resources to meet the growing demand for polyurethane (PU) adhesives by establishing the new plant.
Key Companies Profiled
- The 3M Company
- Dow Chemical Company
- BASF
- ADCO Global Inc.
- Avery Dennison Corp
- Arkema S.A.
- Ashland Inc.
- H.B. Fuller
- Henkel AG & Co.
- Huntsman Corporation
- Illinois Tool Works Inc.
- Pidilite Industries
- American Biltrite Inc.
- Adhesives Research Inc.
- Chemence
- Ellsworth
- RPM International Inc.
- Beardow & Adams (Adhesives) Ltd.
- Scott Bader Company Ltd.
- Ninghai Dingcheng Adhesive Co Ltd.
- Sika AG
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Polyurethane (PU) Adhesives Market by Category
By Product Type:
- Thermoset
- Thermoplastic
By Technology:
- Solvent-borne
- Dispersion
- Hot-melt
- Reactive
- Others
By Applications:
- Footwear
- Automotive
- Building & Construction
- Packaging
- Electrical & Electronics
- Furniture
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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