Polyurethane Adhesives Market

The global market for polyurethane adhesives reached a value of USD 8.1 billion in 2022 and is anticipated to achieve USD 10.3 billion by 2030, with a compound annual growth rate (CAGR) of 5.0% during the forecast period from 2023 to 2030. The Asia Pacific region, particularly in the technology segment of dispersions, is expected to experience significant growth, leading to an increased demand for polyurethane adhesives.

Polyurethane Adhesives Market Dynamics

Drivers: Versatility of Polyurethane Adhesives

Polyurethane adhesives play a crucial role in various products, including daily supplies, and they are highly regarded in industrial applications. These adhesives can be formulated using different types of isocyanates and alcohols with varying functionalities. Isocyanates include monomeric MDI, modified MDI with carbodiimide or uretonimine linkage, polymeric MDI, and TDI. The alcohol functionalities are adjusted by combining low molecular weight di-ols with high molecular weight tri-ols. The properties of polyurethane adhesives are influenced by the alcohol and uretonimine contents in the isocyanate. Increased uretonimine content enhances the cohesive forces and peel strength of the adhesive, as hydrogen bonding is promoted. The ability to adjust the concentration of these constituents provides polyurethane adhesives with versatility for diverse end-use industries.

Restraints: Environmental regulations in North America and Europe

The chemical industry is subject to regulations imposed by authorities such as COSHH, the EU's REACH, GHS, and the EPA. Manufacturers in North America and Europe face compliance requirements related to the production and use of plastic adhesives, aimed at reducing VOC emissions. They must fulfill additional obligations, including labeling, paperwork, and external testing, to demonstrate compliance. Adhering to rules and evolving standards for commercializing their products poses a challenge for plastic adhesive manufacturers.

Opportunities: Greater opportunities in Asia Pacific and Middle East

The construction industry in Asia Pacific and the Middle East presents substantial opportunities, driven by initiatives to enhance infrastructure, boost tourism, and improve the overall economic condition. For example, China, which was greatly affected by the COVID-19 pandemic, has shown signs of recovery with investments in infrastructure. The National Development and Reform Commission (NDRC) reports that China has resumed construction on nearly 90% of key projects. Major railway projects are operational, and construction has restarted for 97% of major highway and waterway projects, along with 87% of airport projects.

Challenges: Application Dependency on External Factors

Both 1K and 2K polyurethane adhesives have their advantages and limitations. They offer advantages such as adjustable cure time and pot life through formulation adjustments, as well as good solvent resistance when cured. Polyurethane adhesives also have a moderate cost and can be applied using various methods, including roller, brush, spray, manual, or automatic. However, there are limitations to consider. Uncured polyurethane adhesives are sensitive to moisture, and their shelf life is relatively short, usually ranging from 3 to 12 months for both 1K and 2K adhesives. Some substrates may require a primer for proper adhesion, and assemblies using polyurethane adhesives may need to be held under sufficient pressure during curing to prevent foaming caused by carbon dioxide formation. Additionally, 2K polyurethane adhesives require the correct ratio of components and thorough mixing before application to ensure proper curing.

100% solids accounted for the largest and fastest growing segment of the Polyurethane Adhesives market between 2022 and 2027.

Polyurethane adhesives utilizing 100% solids technology offer exceptional bond strength and long-term durability even in harsh environmental conditions. They exhibit excellent resistance to solvents and chemicals and can be applied at low temperatures, making them suitable for heat-sensitive substrates. Their working temperatures generally range from -86°F to +300°F.

Asia Pacific is the fastest-growing Polyurethane Adhesives market.

Asia Pacific is projected to experience significant growth in both value and volume for Polyurethane Adhesives during the forecast period. The market's development is primarily driven by the region's high economic growth rate, accompanied by substantial investments across various manufacturing industries.

Key Market Players

The global Polyurethane Adhesives market is dominated by key players such as Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US).

H.B. Fuller Company is a renowned manufacturer, formulator, and marketer of adhesives on a global scale. The company operates through five segments: Americas, Europe, India, Middle East, Africa, and Asia Pacific. It offers adhesive solutions for a wide range of applications, including electronic device assembly, vehicle assembly, packaging, and flexible packaging.

With a strong customer base and operations in multiple countries across Europe, North America, Asia Pacific, and other regions, H.B. Fuller has positioned itself as a global adhesive supplier with a deep understanding of local challenges and priorities. It operates 55 manufacturing sites in 42 countries, further enhancing its capabilities as a leading adhesive provider.

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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

H.B. Fuller Company made notable advancements in its operations:

• In January 2022, H.B. Fuller Company acquired apollo, the largest independent manufacturer of liquid adhesives, coatings, and primers in the UK. This strategic move enables apollo to integrate into H.B. Fuller's existing construction adhesives and engineering adhesives business units. The acquisition is expected to strengthen H.B. Fuller's presence in key high-value and high-margin markets in the UK and Europe.
• In July 2021, H.B. Fuller formed a strategic partnership with Covestro, a leading polymer supplier globally. Together, they aim to develop an adhesive solution with reduced climate impact for industries such as woodworking, composites, textiles, and automotive. This collaboration showcases H.B. Fuller's commitment to sustainable and environmentally-friendly adhesive solutions.