The polyurethane adhesives market has seen strong growth, anticipated to rise from $9.64 billion in 2023 to $10.33 billion in 2024, with a CAGR of 7.1%. Factors contributing to this growth include automotive production, construction industry expansion, packaging advancements, consumer electronics demand, and furniture production.
The polyurethane adhesives market is projected to reach $13.67 billion by 2028, growing at a CAGR of 7.3%. This market expansion is driven by the growth of electric vehicles, increasing demand for eco-friendly adhesives in green buildings, the rise of renewable energy projects, growing smart device adoption, and aerospace industry expansion. Key trends include the use of solvent-free formulations, lightweight material adoption, fast-curing adhesives, 3D printing applications, and the demand for customized adhesive solutions.
Major Driver In The Polyurethane Adhesives Market
The growth of the construction industry is expected to boost the polyurethane adhesives market. This sector focuses on infrastructure and building projects, reflecting increasing urbanization and investment. Polyurethane adhesives provide strong bonding and moisture resistance, making them ideal for various materials. In June 2024, building work in Australia reached $33,815.0 million, up from $32,443.2 million in June 2022. Thus, the construction industry's growth is fueling the polyurethane adhesives market, with a projected market size of USD 5,703.11 million in 2028, compared to USD 4,328.78 million in 2023 and USD 4,759.85 million in 2024.
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Polyurethane Adhesives Market Competitive Landscape
BASF SE, Dow Inc., 3M Company, Henkel AG & Co. KGaA, Covestro AG, ITW Performance Polymers, Parker Hannifin, Arkema S.A., Sika AG, Eastman Chemical Company, Wacker Chemie AG, Avery Dennison Corporation, RPM International Inc., H.B. Fuller Company, Mapei S.p.A., Huntsman Corporation, Pidilite Industries Limited, Shawcor Ltd., FLEXcon Company Inc., Delo Industrial Adhesives GmbH & Co.KG, Franklin International, Soudal N.V., Permabond LLC
Key Polyurethane Adhesives Market Trend
Companies in the polyurethane adhesives market are focusing on developing innovative solutions like elastic adhesives to meet automotive performance requirements. Elastic adhesives are flexible bonding agents that can stretch and return to their original shape without losing adhesion, making them suitable for applications requiring movement and impact resistance. In November 2022, Henkel AG & Co. KGaA launched the Loctite UK 2073-2173 elastic adhesive, known for its high flexibility and exceptional impact resistance. It is designed for dynamic bonding applications, offering strong adhesion to various substrates while maintaining performance under stress.
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Global Polyurethane Adhesives Market Segmentation
The polyurethane adhesives market covered in this report is segmented –
1) By Product Type: Thermoset, Thermoplastic
2) By Technology: Solvent-Borne, Dispersion, Hot-Melt, Reactive, Other Technologies
3) By Applications: Footwear, Automotive, Building And Construction, Packaging, Electrical And Electronics, Furniture, Other Applications
By Geography:The regions covered in the polyurethane adhesives market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the polyurethane adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Polyurethane Adhesives Global Market Report 2024 furnishes information about the global polyurethane adhesives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
