Polyurethane Adhesives Market by Resin Type (Thermoset, Thermoplastic), Technology (Solvent-borne, 100% solids, Dispersion), End-use Industry (Automotive, Construction, Packaging, Footwear, Industrial, and Furniture), Region - Global Forecast to 2027
Polyurethane Adhesives Market
The global polyurethane adhesives market was valued at USD 8.1 billion in 2022 and is projected to reach USD 10.3 billion by 2027, growing at a cagr 5.0% from 2022 to 2027. Dispersions, by technology segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for Polyurethane Adhesives.
Attractive Opportunities in the Polyurethane Adhesives Market
Note: e – estimated, p - projected
Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis
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Polyurethane Adhesives Market Dynamics
Drivers: Versatility of Polyurethane Adhesives
Polyurethane adhesives are used in many products such as daily supplies, and many researches have been released stating the importance of polyurethane adhesives for industrial applications. They can be fabricated using various types of isocyanates and various average functionalities of alcohols. The isocyanates consist of monomeric MDI (methylene diphenyl diisocyanate), modified MDI including carbodiimide, or uretonimine linkage, polymeric MDI, and TDI (toluene diisocyanate). The alcohol functionalities are varied by mixing low molecular weight di-ols with high molecular weight tri-ols. The properties of these adhesives are strongly dependent on the function of alcohol and uretonimine contents in the isocyanate. As uretonimine contents increase, the chance of forming internal hydrogen bonding increases due to the carbonyl groups and nitrogen atoms in uretonimine linkages. Thus, the peel strength of the material increases with the increasing cohesive forces of polyurethane adhesives. With the liberty to change the concentration of all mentioned constituents, the versatility of polyurethane adhesives increases for use in different end-use industries.
Restraints: Environmental regulations in North America and Europe
The chemical industry is regulated by authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA). Manufacturers in Europe and North America need to comply with regulations regarding the production and use of plastic adhesives in various applications to reduce VOC emissions. They have to bear an additional burden of labeling, paperwork, and extra cost for external testing to demonstrate compliance. Plastic adhesive manufacturers have to abide by the rules and changing standards for commercializing their products. This acts as a restraint for these manufacturers.
Opportunities: Greater opportunities in Asia Pacific and Middle East
The construction industry in Asia Pacific and the Middle East has growth potential, depending on the commitment to improve infrastructure, tourism, and general economic health. For instance, China, which was the epicenter of the COVID-19 pandemic, has shown signs of recovery recently, supported by investment in infrastructure. According to the National Development and Reform Commission (NDRC), China has resumed construction on under 90% of key projects. All major railway projects have started operations, with 97% of major highway and waterway projects and 87% of airport projects beginning construction again.
Challenges: Application dependency on various external factors
Polyurethane adhesives of both classifications (1K and 2K) have their share of some advantages and limitations. The advantages include the cure time, and the pot life can be varied through formulation changes, as well as good resistance to solvents when cured. Depending on the formulation, polyurethane adhesives also have a moderate cost and can be applied using multiple methods such as roller, brush, spray, and these can either be manual or automatic. Despite these advantages polyurethane-based adhesives also have some limitations. These include the uncured material being sensitive to moisture, as well as having a shorter shelf life – generally 3-12 months for both 1K and 2K adhesives. Although they adhere to most substrates, some substrates may also require a primer for the polyurethane-based adhesive to adhere. Due to the formation of carbon dioxide, which can cause foaming, assemblies made using polyurethane adhesives may also need to be held in a press under sufficient pressure while the adhesive cures to stop this from occurring. 2K polyurethane-based adhesives include the correct ratio of components required to properly cure the adhesive, as well as sufficient mixing of the two components before application.
100% solids accounted for the largest and fastest growing segment of the Polyurethane Adhesives market between 2022 and 2027.
100% solids technology exhibit high bond strength and long-term durability under severe environmental conditions. They display excellent resistance to solvents & chemical products and have a low application temperature, which makes them suitable for heat-sensitive substrates. They generally have working temperatures between -86°F and +300°F.
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Asia Pacific is the fastest-growing Polyurethane Adhesives market.
Asia Pacific is the fastest Polyurethane Adhesives market in terms of value and volume during the forecast period. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across different manufacturing industries.
Key Market Players
Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US) are the key players in the global Polyurethane Adhesives market.
H.B. Fuller Company is a global adhesive manufacturer, formulator, and marketer. The company has five operating segments, namely, Americas; Europe, India, Middle East, and Africa; and Asia Pacific. It is active in the field of adhesives for various applications such as the assembly of electronic devices, vehicle assembly, packaging, and flexible packaging.
The company has a strong customer base and operates in several countries across Europe, North America, and Asia Pacific, among other regions. With 55 manufacturing sites in 42 countries, H.B. Fuller has the power of becoming a global adhesive supplier who also understands local challenges and priorities.
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Report Metric |
Details |
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Years Considered for the study |
2018-2027 |
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Base year |
2021 |
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Forecast period |
2022–2027 |
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Units considered |
Value (USD) and Volume (Kiloton) |
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Segments |
By Type |
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Regions covered |
Asia Pacific, Europe, North America, Middle East & Africa, South America |
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Companies profiled |
Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US). A total of 25 players have been covered. |
This research report categorizes the Polyurethane Adhesives market based on resin type, film material, application, end-use industry, and region.
By Type:
- Thermoset
- Thermoplastic
By Technology:
- Solvent-borne
- 100% solids
- Dispersion
By End-use Industry:
- Automotive
- Building & Construction
- Packaging
- Leather & Footwear
- General Industrial
- Furniture & Decoration
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
In January 2022, H.B. Fuller Company announced its purchase of apollo, the uK’s largest independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets. Apollo is expected to operate within H.B. Fuller’s existing construction adhesives and engineering adhesives business units and is expected to enhance H.B. Fuller’s position in key high-value, high-margin markets in the UK and Europe.
In July 2021, H.B. Fuller, a leading global adhesives provider, announced a strategic partnership with Covestro, one of the world’s largest polymer suppliers, to deliver an adhesive with a reduced climate impact for the woodworking, composites, textiles, and automotive industries.
Frequently Asked Questions (FAQ):
What are the factors influencing the growth of Polyurethane Adhesives?
The global Polyurethane Adhesives market is driven by growing urbanization and the construction industry.
What are the major applications for Polyurethane Adhesives?
The major applications of Polyurethane Adhesives are automotive & transportation, packaging, building & construction, and furniture & decoration.
Who are the major manufacturers?
Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US) are some of the leading players operating in the global Polyurethane Adhesives market.
Why Polyurethane Adhesives are gaining market share?
The growth of this market is attributed to the versatility of polyurethane adhesives. .
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The study involves four major activities in estimating the current market size of Polyurethane Adhesives. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methods were used to estimate the size of the segments and sub-segments of the overall market.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to for identifying and collecting information for this study. These secondary sources also included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; trade directories; and databases.
Primary Research
The Polyurethane Adhesives market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations. The demand side of this market is characterized by the development in end-use industries, such as automotive, building & construction, packaging, leather & footwear, general industrial, and furniture & decoration. The supply side is characterized by advancements in formulations. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the Polyurethane Adhesives market. These methods were also used extensively to estimate the sizes of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Polyurethane Adhesives Market Size: Top-down Approach
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To analyze and forecast the size of the Polyurethane Adhesives market, in terms of value and volume
- To define, describe, and forecast the Polyurethane Adhesives market by type, technology, end-use industry, and region
- To forecast the Polyurethane Adhesives market size with respect to five main regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America
- To provide detailed information about the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micromarkets1 with respect to individual growth trends, growth prospects, and their contribution to the overall market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
- To analyze competitive developments, such as mergers & acquisitions, new product launches, and investments & expansions, in the Polyurethane Adhesives market
- To strategically profile key players and comprehensively analyze their market shares and core competencies2
Note: 1. Micromarkets are defined as the sub-segments of the Polyurethane Adhesives market included in the report.
Note 2: Core competencies of the companies are captured in terms of their key developments and key strategies adopted to sustain their position in the market.
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the Polyurethane Adhesives market, by country
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Polyurethane Adhesives Market