Polyurethane adhesives (PU adhesives) are a kind of thermoplastic glue or polymer that replicates organic chain units joined by urethane atoms. Owing to their unique features and the ability to modify them, polyurethane (PUR) systems among the most commonly used adhesives, sealants, and adhesive sealants. PUR systems are well acknowledged for the flexibility of their layers and connections. However, polyurethanes are also available in harder rigid formulations that are used largely as adhesives. They may be used manually or with the assistance of dispensing devices.
Polyurethane Adhesives
The growth of the global market can majorly be attributed to the worldwide proliferation in the footwear industry, where polyurethane adhesives are highly used in the manufacturing of shoes. For instance, the global footwear industry's total revenues in 2020 exceeded USD 105 billion with a 20% yearly growth rate, and the market expanded by about 16% in 2021, with revenues heading to approximately USD 127 billion. On the other hand, the market growth can also be attributed to significant rise in the chemical industry throughout the world, which is also projected to drive the market growth. For instance, the overall global revenue of the chemical sector exceeded its highest point in 15 years in 2021, hitting roughly USD 4 trillion.
The global market is also estimated to grow majorly on account of the following:
Polyurethane Adhesives
The cost of polyurethane is comparatively higher than the other substitutes of it and lower adoption of it among underprivileged countries which is estimated to lower its demand. Hence, this factor is expected to be the major hindrance for the growth of the global market during the forecast period.
Global Polyurethane Adhesives Market Segmentation
- By Type (Thermoset, and Thermoplastic)
The thermoplastic segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the growing use of thermoplastic polyurethane adhesive in automotive industry to produce the automotive vehicles, along with automobile parts and components, coupled with increasing production of consumer products such as sports equipment, toys, food storage containers, and others. For instance, automobile manufacturers manufactured around 93 million vehicles globally in 2019, comprising nearly 68 million cars and around 24 million commercial vehicles.
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- By Technology (Solvent-borne, Solids, Dispersion, and Others)
- By Application (Automotive & Transportation, Footwear, Building & Construction, Furniture, and Others
- By Region
The Asia Pacific market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions owing to the rising demand for adhesive in various industries such as automotive, furniture, footwear, and so on. Besides this, the escalating construction industry in the region is another key factor which is estimated to boost the market growth. Since, numerous high-performance products that are highly durable and strong are made out of polyurethane are used in construction activities. For instance, Northeast Asia's construction activity grew by around 4.5% and reached USD 4.85 trillion in 2022, up from USD 4.60 trillion in 2021.
The market research report on global also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Polyurethane Adhesives Market
Some of the key players of the global market are 3M, H.B. Fuller Company, Arkema Group, Henkel AG & Co. KGaA, Sika AG, Wacker Chemie AG, Akzo Nobel N.V., Lonza Group Ltd., TOYO INK MFG. CO., LTD., BASF SE,
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