Adhesive is the substance applied on to different surfaces to bind them together. Use of adhesives has eliminated the demand for welded parts, rivets, and other mechanical parts in many equipment. The incorporation of polyurethane adhesives helps to reduce the overall manufacturing cost.
Manufacturers have been using polyurethane adhesives due to superior product performance, improved product life, and reliability. Polyurethane adhesives are used in multiple industries such as construction, electronics, footwear, furniture, automotive, packaging, and so on.
Nowadays, vehicles contain more of plastic parts over mechanical fasteners. Use of polyurethane adhesive makes vehicle parts light in weight and thus enhances the fuel efficiency. In automotive arena, the consumption of polyurethane based adhesives is significantly growing.
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Polyurethane adhesives are well accepted in many end-use applications, since they provide excellent adhesion to different substrates and binds them immediately. Polyurethane based adhesives are preferred over other adhesives due to fast curing.
The demand for polyurethane adhesives is driven by growth in automotive and building & construction industry. Thermoplastic polyurethane adhesives are widely used for different applications as it offers enhanced flexibility and improved adhesion.
However, thermoplastic polyurethane based adhesives are costlier. Rising demand for housing and government spending on infrastructure in China and India boosts the demand for Polyurethane adhesives. Industrial development and growing demand of customers for packaging, automotive, and electronics in terms of adhesives is expected to drive polyurethane adhesives market over the forecast period of 2016-2026.
Polyurethane Adhesives Market: Market Dynamics
Demand for polyurethane adhesives from end-use industries such as footwear, automotive, building & construction, packaging, and electronics has significantly increased over the past few years. The key driver of polyurethane adhesives market is the rapidly growing construction and renovation activities.
There is significant growth in the building & construction industry of India, China, and Brazil, which results in propelling the demand for polyurethane adhesives. Increasing government expenditure on construction and growing economy are anticipated to boost the demand for Polyurethane adhesive market over the next few years in these countries.
Growth of automotive industry due to rise in production of passenger and commercial vehicles with increasing demand for light weight components has impelled the demand for polyurethane adhesives. In Asia-Pacific region, significant automotive growth is observed in the past few years due to economic growth and rise in disposable income.
The demand for automotive is likely to continue in next few decades in this region and thus drive the demand for polyurethane adhesives over the forecast period.
Rising income, change in life style, consumer preference, and improving standard of living fuels the demand for electronics appliances, which in turn boosts the demand for polyurethane adhesives market. Asia-Pacific is the rapidly growing region for automotive and electronics segments of the polyurethane adhesives market.
Growth in other end-use industries such as footwear, furniture, and packaging is supporting the demand for polyurethane adhesives across the world. The product development and innovation will be the keys to increase the customer base and market share of polyurethane adhesives market. New products with superior solutions and eco-friendly features are the major demand drivers of polyurethane adhesive market.
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Polyurethane Adhesives Market: Market Participants
Examples of some of the market participants in the Global Polyurethane Adhesives Market identified across the value chain include, 3M, BASF, ADCO Global Inc., Avery Dennison Corp, Arkema S.A., Ashland Inc., H.B. Fuller, Henkel AG & Co, Huntsman Corporation, Illinois Tool Works Inc., Pidilite Industries, American Biltrite Inc., Adhesives Research Inc., Chemence, Ellsworth, RPM International Inc., Beardow & Adams (Adhesives) Ltd., Scott Bader Company Ltd., Ninghai Dingcheng Adhesive Co Ltd., Sika AG, and Dow Chemical Company among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Polyurethane Adhesives Market: Market Segmentation
On the basis of technology, Global Polyurethane Adhesives Marketcan be segmented as:
- Solvent-borne
- Dispersion
- Hot-melt
- Reactive
- Others
On the basis of product type, Global Polyurethane Adhesives Market can be segmented into:
- Thermoset
- Thermoplastic
On the basis of applications, Global Polyurethane AdhesivesMarket can be segmented as:
- Footwear
- Automotive
- Building & Construction
- Packaging
- Electrical & Electronics
- Furniture
- Others
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