What Is The Overview Of The Global Polyurethane Adhesives Market?
Polyurethane adhesives are a type of synthetic adhesive known for their strong bonding capabilities and flexibility. They are formed by the chemical reaction between a polyol and an isocyanate, producing a highly durable adhesive. Polyurethane adhesives also offer excellent elasticity and impact resistance, making them suitable for both structural and non-structural applications.
Polyurethane Adhesives Global Market Report 2024 provides data on the global polyurethane adhesives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The polyurethane adhesives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Polyurethane Adhesives Market?
The polyurethane adhesives market has seen strong growth in recent years, projected to rise from $9.64 billion in 2023 to $10.33 billion in 2024, at a compound annual growth rate (CAGR) of 7.1%. This growth is attributed to the expansion of automotive production, growth in the construction industry, advancements in packaging, and increased demand for consumer electronics and furniture production. The market is expected to grow to $13.67 billion by 2028, with a CAGR of 7.3%. The forecasted growth is driven by the rise of electric vehicles, the increasing use of eco-friendly adhesives in green building projects, the expansion of renewable energy projects, the demand for smart devices, and increased adoption in the aerospace sector. Key trends include the rising adoption of solvent-free formulations, greater use in lightweight materials, innovations in fast-curing adhesives, growth in 3D printing applications, and an increasing need for customized polyurethane adhesive solutions.
What Are The Core Factors Supporting Growth In The Polyurethane Adhesives Market?
The growth of the construction industry is expected to support the expansion of the polyurethane adhesives market. The increasing demand for infrastructure and urbanization is driving the use of polyurethane adhesives in construction. These adhesives are known for their strong bonding properties and resistance to moisture, making them ideal for materials like wood, concrete, and metal. In 2024, the Australian Bureau of Statistics reported growth in building work, further supporting the demand for polyurethane adhesives.
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What Are The Major Segments Within The Global Polyurethane Adhesives Market?
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
Which Trends Are Expected To Transform The Polyurethane Adhesives Market?
In the polyurethane adhesives sector, companies are innovating with flexible bonding agents like elastic adhesives to meet automotive performance demands. Elastic adhesives stretch and return to their original shape, providing movement and impact resistance. In November 2022, Henkel AG & Co. KGaA, a German chemical company, launched Loctite UK 2073-2173, a highly flexible and impact-resistant adhesive suitable for dynamic bonding applications across various substrates.
What Is The Fastest Growing Region In The Polyurethane Adhesives Market?
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 regions covered in the polyurethane adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
