Polyurethane (PU) Adhesives Market: Future Demand, Analysis & Outlook to 2017 – 2024

Polyurethane adhesives are also known as an elastic glue, is a polymer formed by the reaction of polyol and isocyanates and is composed of units of linear polymeric chains connected by carbamate or urethane links. PU adhesives are weather resistant and generally suitable for outdoor projects. These are available as sealants which provides high strength and long-lasting bond thereby catering to various end-use industries.

Polyurethane Adhesives Market size is likely to witness steady gains over the foreseeable timeframe owing to its increasing demand from various building & construction, packaging, electronic & electrical, automotive, furniture, and footwear industries. PU adhesives are capable of binding various porous and non-porous materials such as rubber, wood, metals, glass and plastics.

Positive indicator in construction spending in the U.S., China, India, Germany, and Brazil owing to rise in expansion of various green building technologies along with commercial and residential building infrastructure should drive polyurethane adhesives market size. Global construction market size was valued at over USD 8 trillion in 2016 and may exceed USD 10 trillion by 2024 owing to increasing government investments in various infrastructure facilities. Polyurethane adhesives are high-performance construction grade glue which are used for gluing various construction materials providing excellent durability and low shrinkage thereby fuelling product demand.

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PU adhesives market size from thermoplastic segment may witness an uptrend over the forecast timeframe. Increasing benefits of thermoplastics in adhesion to various difficult substrates such as rubber, wood and plastics along with their adjustive sealing temperatures, hot tack, and formation versatility will drive polyurethane adhesives market demand. Thermoplastic are hot melt adhesives providing strong bond between surfaces and gains strength on cooling.

Strong application outlook in electrical & electronics industry is likely to stimulate polyurethane adhesives market size. It is used in the packaging of electronic devices thereby ensuring long term reliability and potting sensitive electronic components. Moreover, PU adhesives are highly elastic and stable against humidity and temperature coupled with excellent dielectric characteristics. Global consumer electronics industry was valued at over USD 1.5 trillion in 2016 and is expected to surpass USD 3 trillion by 2024. Increasing internet penetration, improving standard of living and rising disposable income may lead for technically advanced smartphones, laptops, tablets, personal care devices, digital cameras and audio players demand, thereby boosting industry growth.

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Common resin technologies used in polyurethane adhesives includes reactive, dispersion, hotmelt, and solventborne. Reactive adhesive technology is widely used by construction sectors since it provides long-term durability due to its strong bonding under harsh environmental conditions.

PU adhesives based hot melt are non-toxic, and offers great weather resistance, which have no VOCs and do not require drying ovens. Global hot melt adhesives market size was over USD 5.5 billion in 2016 and may register gains at over 6%. Positive application scope in automotive, footwear, packaging, and disposable industries may fuel product demand. Favorable regulations by REACH and EPA regarding usage of eco-friendly products may boost industry growth.

Polyurethane adhesives market size from packaging applications may witness significant gains over the forecast timeframe. It is widely used as tubes, squeeze package and single usage packages owing to good UV resistance and ability to set in high moisture conditions is likely to stimulate industry growth. Global packaging market size may register gains at over 5% by 2024 due to increasing consumer demand in the sector. North America driven by Canada, and the U.S polyurethane adhesives market should register significant gains owing to increase in automotive and construction sectors. Increasing infrastructure spending accompanied with favourable government schemes should drive industry growth in the region. Stringent government regulations related to vehicle efficiency in order to curb carbon emission should propel regional industry growth.

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Asia-Pacific led by China, Thailand, Malaysia, South Korea, Japan and India polyurethane adhesives market size may grow significantly over the foreseeable timeframe. Increasing application scope in footwear, construction, transportation and packaging may drive regional growth. Global transportation market size was valued at over USD 4.5 trillion in 2016 owing to government spending in road infrastructure along with rapid urbanization may stimulate industry growth. Indonesia and Thailand are the major automobile manufacturing hub which has create new opportunities for various manufacturers and may excel PU adhesives market demand in the region.

Europe polyurethane adhesives market size, led by UK, France, and Germany may register significant gains over the forecast period. Major automobile companies such as Mercedes, BMW and Audi are based in Europe which is likely to have a positive affect the regional product demand. Rapid industrialization and urbanization coupled with stringent government regulations will fuel the PU adhesives market size.

Polyurethane adhesives cost is higher than other counterpart which may challenge industry growth. Volatility in petrochemical based raw material costs along with stagnant production may hinder industry profitability and affect PU adhesives market price trend. However, development and introduction of new technologies accompanied by availability of customized glues to cater various end-use industries may fuel polyurethane adhesives market demand. Increasing R&D spending mainly in construction and manufacturing sectors may stimulate industry growth. Shift in consumer trend towards bio-based polyols may create new avenues in the market.

Global polyurethane adhesives market share is moderately consolidated and competitive with major companies including H.B. Fuller, Huntsman Corporation, Ashland, The Dow Chemical Company, 3M, Sika AG, Arkema, Scott Bader Company, Henkel AG & Company and Illinois Tool Works. Most of the manufacturers are supplying raw materials and forming partnerships in order to enhance product portfolio and expand business.

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