How Has the Polyurethane Adhesives Market Size Evolved in Recent Years?
The polyurethane adhesives market has seen considerable growth due to a variety of factors.
• There has been a substantial expansion in the market size of polyurethane adhesives in the last few years. The market value is expected to soar from $10.33 billion in 2024 to $11.11 billion in 2025, recording a compound annual growth rate (CAGR) of 7.5%.
The significant growth during the historic period is attributed to factors such as the surge in automotive production, growth in the construction sector, evolution in packaging techniques, growing demand for consumer electronics, and an increase in furniture production.
What are the Market Size and Expected Growth Rates for the Polyurethane Adhesives Market?
The polyurethane adhesives market is expected to maintain its strong growth trajectory in upcoming years.
• The market for polyurethane adhesives is forecasted to experience a significant rise in the coming years, accelerating to a worth of $14.64 billion in 2029, with a compound annual growth rate (CAGR) of 7.2%.
The growth expected in the forecast period could be due to increased popularity of electric vehicles, the surge in the employment of eco-friendly glues in sustainable construction projects, the enlarging scope of renewable energy schemes, a growing demand for smart devices, and further uptake in the aerospace sector. Key trends for the predicted period include a growing acceptance of solvent-free mixtures, enhanced usage in lightweight materials, developments in rapid-hardening glues, proliferation in 3D printing usage, and a rising requirement for tailor-made polyurethane adhesive solutions.
Which Key Drivers Are Propelling The Polyurethane Adhesives Market's Growth?
The expected surge in the construction industry is projected to stimulate the expansion of the polyurethane adhesives market. The realm of the construction industry encompasses aspects like planning, designing, and constructing infrastructure and structures for residential, commercial, and industrial usage. The surge in this sector is attributed to the rising demand for infrastructure development, urbanization, and investments in various projects of residential, commercial, and industrial nature. Polyurethane adhesives find their utility in the construction sector due to their superior bonding capacity, flexibility, and resistance to moisture, hence making them the perfect match for sealing, joining, and bonding materials such as wood, concrete, and metal. For example, data from Australian Bureau of Statistics, a government agency in Australia, show that in June 2024, the construction work had escalated to $33,815.0 million, marking a hike from the $32,443.2 million recorded in June 2022. Therefore, the rise in the construction industry is a significant force propelling the growth of the polyurethane adhesives market.
What Are The Key Segments Within The Global Polyurethane Adhesives Market?
The polyurethane adhesivesmarket 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
Subsegments:
1) By Thermoset: Moisture-Cured Polyurethane Adhesives, Two-Component Polyurethane Adhesives, One-Component Polyurethane Adhesives
2) By Thermoplastic: Hot Melt Polyurethane Adhesives, Solvent-Based Polyurethane Adhesives, Water-Based Polyurethane Adhesives
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How Are New Trends Impacting The Size Of The Polyurethane Adhesives Market?
Key players in the polyurethane adhesives market are shifting their focus to new creative solutions, such as elastic adhesives, that satisfy the evolving demands of the automotive industry. Elastic adhesives are flexible binding substances, capable of extending and reverting to their initial form without losing their adhesive properties, making them a pertinent choice for uses needing mobility and impact resistance. For example, in November 2022, Henkel AG & Co. KGaA, a chemical business based in Germany, introduced the elastic adhesive Loctite UK 2073-2173. This adhesive has high flexibility and remarkable impact resistance, making it suitable for bonding applications that are dynamic and demanding. Loctite UK 2073-2173 provides a robust bond to various substrates while consistently performing under strain and motion.
Who Are the Key Players In The Polyurethane Adhesives Market?
Major companies operating in the polyurethane adhesives market are:
• 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
What Are The Regional Insights Into The Polyurethane Adhesives Market?
North America was the largest region in the polyurethane adhesives market in 2024. 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.
