Polyurethane Adhesives Market Was Valued at USD 6,867.9 million in 2021, Owing to Increasing Demand in End-User Industries
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Thermoplastic segment Dominates the Polyurethane Adhesives Market:
The thermoplastic Resin Type segment is growing at x% CAGR and is expected to reach USD x Mn by 2028. This is due to the increasing demand for thermoplastic polyurethane adhesives for its ideal applications and can be tailored according to the required application. Other major factors driving the market are increasing applications in the medical industry and environment-friendly and recyclable products. Oil and grease resistance, abrasion resistance, and solid mechanical properties characterize thermoplastic polyurethane adhesives, making them useful in a variety of industrial applications will create a massive opportunity for the market players during the forecast period.
Asia Pacific Leads Polyurethane Adhesives Market:
The Asia-Pacific region owned most of the worldwide market share. China's packaging sector is the world's second largest. The country is expected to rise steadily over the projection period due to the advent of customised packaging and increased demand for packaged consumer goods in the food segment, such as snack foods, microwave food, and frozen foods. Europe will also be the second-largest shareholder. The size of the polyurethane adhesives market in Europe will grow because of rapid industrialization and urbanisation, as well as rigorous regulatory regulations.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Polyurethane Adhesives Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In Jan 2021, Avery Dennison recently announced that it has acquired the business of Ohio-based ACPO Ltd. for the purchase price of $87.6 million, subject to certain post-closing adjustments. With approximately 170 employees, ACPO produces pressure-sensitive overlaminate products for the label and flexible packaging markets. In Feb 2021, Arkema announced the planned acquisition of Chinese company PMP (Shanghai Zhiguan Polymer Materials), which specialises in reactive hot-melt polyurethane (HMPUR) adhesives and generates over €1 million in annual sales. These adhesives are mainly dedicated to the consumer electronics market and are used in the bonding of mobile phones, tablets, laptops and connected objects.
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The polyurethane adhesives market is segmented based on resin type, technology, end user, and geography.
Based on the Resin type, the market is segmented into the following:
Based on the Technology, the market is segmented into the following:
• Hot Melt
• Water Borne
Based on the End user, the market is segmented into the following:
• Building & Construction
• Electrical & Electronics
Based on the geography, the market is segmented into the following:
• North America
• Asia Pacific
• Latin America
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