According to a new study from market research firm MarketsandMarkets, the global polyurethane adhesives market is projected to reach USD 9.38 billion by 2021, registering a CAGR of 6.8 % between 2016 and 2021. Increasing building and construction activities and growth in production of the automotive industry are increasing the demand for PU adhesives. The emerging middle-class population in developing countries such as China, India, and Brazil have also triggered the growth of the PU adhesives market.
In 2015, the building and construction application segment accounted for the largest market share, in terms of volume, followed by packaging, automotive and transportation, footwear, furniture and woodwork, and electrical and electronics applications. The demand for better infrastructure is increasing in China and India because of increasing disposable income and growth in middle-class population in these countries, which drive the PU adhesives market in Asia-Pacific.
Solvent-borne is currently the dominant technology used in the PU adhesives market. Solvent-borne PU adhesives are selected by many major end-use industries for different applications, as they provide immediate bonding of substrates with good adhesion properties.
Asia-Pacific is expected to witness the highest growth rate in the PU adhesives market, in terms of value and volume, between 2016 and 2021. In recent years, enormous increase in the building and construction activities has been witnessed in the region. The demand for automotive have also increased in the region over the past few years. These factors increase the demand for technologically advanced services, thus driving the need for PU adhesives in the region.
Although the PU adhesives segment is a developed market, volatility in raw material prices may affect the growth of PU adhesives in the global market. This is because its raw materials are directly related to crude oil, the prices of which are always fluctuating.
According to MarketsandMarkets, companies such as 3M (USA), Arkema (France), Ashland(USA), H.B. Fuller (USA), Henkel (Germany), Huntsman (USA), Illinois Tool Works (USA), Scott Bader (UK), Sika (Switzerland), and Dow (USA) are key players in the global PU adhesives market.
The new study is titled “Polyurethane Adhesives Market by Technology (Solventborne, Reactive, Dispersion, and Hot Melt), Type (Thermoset & Thermoplastic), Application (Building & Construction, Packaging, Automotive, Footwear, Electrical & Electronics, and Furniture) – Global Forecast to 2021”.