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Polyurethane Adhesives Market Report 2024-2033 - Size, Growth, Trends & Forecast Analysis
Polyurethane Adhesives Market Report
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According to The Business Research Company's, The polyurethane adhesives market size has grown strongly in recent years. It will grow from $9.64 billion in 2023 to $10.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth in automotive production, expansion in the construction industry, advancements in packaging, increased demand for consumer electronics, increased demand for consumer electronics, and rising furniture production.
The polyurethane adhesives market size is expected to see strong growth in the next few years. It will grow to $13.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growth in electric vehicles, rising use of eco-friendly adhesives in green building projects, expansion of renewable energy projects, rising demand for smart devices, and increased adoption in the aerospace industry. Major trends in the forecast period include rising adoption of solvent-free formulations, increased use in lightweight materials, advancements in fast-curing adhesives, expansion in 3d printing applications, and increasing need for customized polyurethane adhesive solutions.
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Market Drivers and Trends:
The growth in the construction industry is expected to propel the growth of the polyurethane adhesives market going forward. The construction industry refers to the sector responsible for the planning, designing, and building infrastructure and residential, commercial, and industrial structures. The growth in the construction industry refers to increasing demand for infrastructure development, urbanization, and investments in residential, commercial, and industrial projects. Polyurethane adhesives in the construction industry are used for their strong bonding, flexibility, and resistance to moisture, making them ideal for sealing, joining, and bonding materials such as wood, concrete, and metal. For instance, in August 2024, according to the Australian Bureau of Statistics, an Australia-based government agency, in June 2024, building work reached $33,815.0 million, up from $32,443.2 million in June 2022. Therefore, the growth in the construction industry is driving the development of the polyurethane adhesives market.
Major companies operating in the polyurethane adhesives market are focusing on developing innovative solutions, such as elastic adhesives, to meet recent automotive performance requirements. Elastic adhesives refer to flexible bonding agents that can stretch and return to their original shape without losing adhesion, making them ideal for applications requiring movement and impact resistance. For instance, in November 2022, Henkel AG & Co. KGaA, a Germany-based chemical company, launched the elastic adhesive Loctite UK 2073-2173. Loctite UK 2073-2173 features high flexibility and exceptional impact resistance, making it ideal for dynamic and challenging bonding applications. It offers strong adhesion to various substrates while maintaining its performance under stress and movement.
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Major Key Players of the Market:
BASF SE, Dow Inc., 3M Company, Henkel AG & Co. KGaA, Covestro AG, ITW Performance Polymers, Parker Hannifin, Arkema S.A., Sika AG, Eastman Chemical Company, Wacker Chemie AG, Avery Dennison Corporation, RPM International Inc., H.B. Fuller Company, Mapei S.p.A., Huntsman Corporation, Pidilite Industries Limited, Shawcor Ltd., FLEXcon Company Inc., Delo Industrial Adhesives GmbH & Co.KG, Franklin International, Soudal N.V., Permabond LLC
Polyurethane Adhesives Market 2024 Key Insights:
• The polyurethane adhesives market size is expected to see strong growth in the next few years. It will grow to $13.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Construction Industry Growth Driving Demand For Polyurethane Adhesives
• Innovations In Elastic Polyurethane Adhesives Enhance Automotive Performance
• North America was the largest region in the polyurethane adhesives market in 2023
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