WASHINGTON, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Polyurethane Adhesives Market finds that growing demand for customer-friendly packaging is expediting market growth. Primarily driven by wide usage in the healthcare industry, the total Global Polyurethane Adhesives Market is estimated to reach USD 37.62 Billion by 2028, up from USD 18.47 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 9.3%.
Furthermore, the surging demand in end-use industries is also anticipated to augment the growth of the global polyurethane adhesives market, states Vantage Market Research, in a report, titled “Polyurethane Adhesives Market by Type (Thermoset, Thermoplastic), by End User (Building & construction, Automotive & transportation, Packaging, Footwear), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Increased Usage in Vehicles Due to Properties Such as Weight Reduction and Increased Fuel Efficiency
The increasing demand for fuel efficient and light weight vehicle is anticipated to augment the growth of the Polyurethane Adhesives Market. This is attributable to the application of government norms and standards for safety, carbon emission, and lightweight vehicles. This has directed most of the OEMs to use materials that will aid to reduce the weight of the vehicle with more efficiency. Polyurethanes are extensively applied in automotive sector, providing benefits like protection, comfort, and energy conservation. Since polyurethanes are so strong and light, the overall weight of cars is reduced, which results in greater fuel efficiency and improved environmental performance. For instance, in vehicles it is used in bonding windshields, backlights, quarter glass and other stationary glass. In case of cost-sensitive automotive markets, low-cost effective material is preferred over high-cost materials. The luxury and premium car manufacturers use high-quality plastics and finishes. The variety of options made available is expected to open new avenues in the polyurethane adhesives market.
Opportunity: Growing Development of Non-Hazardous, Green, and Sustainable PU Adhesives to Stimulate Market Growth
Most of the industrial sectors like construction and automotive are moving towards using and opting eco-friendly solutions and one of the ways to obtain this is by utilizing polyurethane. Polyurethane is formed by the reaction of isocyanates and polyols. This gives it the capability to be strong, mouldable, rigid, and can be customized according to particular specifications like being abrasion-resistant or having a high tolerance. Due to the numerous benefits and customizations polyurethane can be a great alternative to plastic and other materials. Polyurethane contains no chemicals that can affect human health and it does not even add to the PH change in case of soil or water. Hence, it is considered to be environment friendly and have no negative impact on the environment. Furthermore, polyurethane can be recycled and used again since it is easy to melt down and can be used as a mold for discarded materials to create a new product.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemical industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Polyurethane Adhesives Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Polyurethane Adhesives Market?
- How will the Polyurethane Adhesives Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Polyurethane Adhesives Market?
- What are the Polyurethane Adhesives market drivers and restrictions?
- What will be the CAGR and size of the Polyurethane Adhesives Market throughout the forecast period?
Regional Analysis:
Asia Pacific dominates the Global Polyurethane Adhesives Market.
Asia Pacific has dominated the Global Polyurethane Adhesives Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in middle class population and accelerated rate of urbanization in emerging economies like India, and China, in the region. Furthermore, the increasing automotive production and sales are also expected to support the regional growth of the market.
North America is likely to witness substantial growth in the Polyurethane Adhesives Market during the forecast period. This is attributable to the increase in expansion of the building & construction industry in countries such as the U.S., and Mexico in the region. Additionally, the increasing need to reduce the overall weight of vehicles and government regulations are also expected to support the growth of the Polyurethane Adhesives Market in near future.
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List of Prominent Players in the Polyurethane Adhesives Market:
- H.B. Fuller Company (US)
- Henkel AG & CO. KGAA (Germany)
- 3M Company (US)
- Sika AG (Switzerland)
- Arkema S.A. (France)
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Recent Developments:
April, 2021: Sika announced the acquisition of Hamatite, a leading adhesives and sealants business in Japan. The acquisition will significantly strengthen Sika’s market position in Japan, increase market access to all major Japanese OEMs, and notably extend the product offering for sealing and bonding applications in the Japanese construction industry.
July, 2021: Bostik, the Adhesive Solutions division of Arkema, announced the launch of its new Polyurethane sealants line for the Sealing & Bonding construction markets. This new range of products enables Bostik to be well positioned in this business driven by new construction in emerging countries and steady demand for higher quality solutions.
This market titled “Polyurethane Adhesives Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details | |
| Market Size in 2021 | USD 18.47 Billion | |
| Projected Market Size in 2028 | USD 37.62 Billion | |
| CAGR Growth Rate | CAGR of 9.3% from 2022–2028 | |
| Base Year | 2021 | |
| Historic Years | 2016 - 2020 | |
| Forecast Years | 2022 - 2028 | |
| Segments Covered | Type:- Thermoset, Thermoplastic End User:- Building & construction, Automotive & transportation, Packaging Regions:- North America, Europe, Asia Pacific | |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 | |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others | |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Polyurethane Adhesives Market by Type (Thermoset, Thermoplastic), by End User (Building & construction, Automotive & transportation, Packaging, Footwear), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/polyurethane-adhesives-market-704044
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