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PUR Hot-Melt Adhesives Market 2024-2033 - Size, Trends, Growth & Key Players
PUR Hot-Melt Adhesives Market
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According to The Business Research Company's, The PUR hot-melt adhesives market size has grown strongly in recent years. It will grow from $5.04 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to growth in the packaging industry, increasing demand for durable and high-performance adhesives, growth in the consumer goods sector, increasing investment in research and development, and growth in e-commerce.
The PUR hot-melt adhesives market size is expected to see strong growth in the next few years. It will grow to $7.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to the growing demand for environment-friendly adhesives, increasing demand for PUR holt-melt adhesives in the automotive, increasing demand for PUR holt-melt adhesives in the automotive, increasing demand for PUR holt-melt adhesives in the automotive, and increasing use of solvent-based adhesives. Major trends in the forecast period include technological advancements, eco-friendly adhesives, multi-functional adhesives, smart technologies, and water-based adhesives.
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Market Drivers and Trends:
The rising construction activities are expected to propel the growth of the PUR hot-melt adhesives market going forward. The construction industry encompasses a wide range of activities related to the planning, design, construction, maintenance, and operation of physical structures and infrastructure. The increasing demand from the construction industry is due to several factors, such as urbanization and infrastructure development, sustainability and green construction, reconstruction, and renovation projects. PUR hot melt adhesives are used in construction for their strong, durable bonds that withstand structural stress and environmental conditions, ensuring long-lasting performance. For instance, in September 2024, according to the US Census Bureau, a US-based government agency, construction spending was estimated at a seasonally adjusted annual rate of $2,162.7 billion in July 2024, representing a 6.7% increase (±1.8%) from the $2,027.4 billion spent in July 2023. Therefore, the rising construction activities are driving the growth of the PUR hot-melt adhesives market.
Major companies operating in the PUR hot-melt adhesives market are developing technologically advanced solutions, such as woodworking adhesive solutions, to offer strong, durable bonds that enhance the structural integrity and longevity of wood products. Woodworking adhesive solutions are specialized bonding agents designed to securely join wood and wood-based materials in furniture, cabinetry, and other woodcraft applications. For instance, in May 2022, Bostik, a France-based adhesive manufacturing company, launched the SG6518 and SG6520 as part of its Supergrip adhesive solutions line. Supergrip SG6518 and SG6520 are advanced hot melt polyurethane reactive (HMPUR) adhesives created for edge banding in woodworking. These innovative adhesives provide exceptional bonding strength and sealing performance, ensuring superior durability for finished products. Their water resistance and ability to adhere to various substrates make them suitable for use in high-moisture environments, improving the quality and longevity of woodworking applications.
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Major Key Players of the Market:
The Dow Chemical Company, 3M Company, Henkel AG & Co. KGaA, Covestro AG, Evonik Industries AG, Sika AG, DIC Corporation, Wacker Chemie AG, H.B. Fuller Company, Bostik SA, Pidilite Industries Limited, R.S. Hughes Company Inc., Franklin International Inc., Huntsman Corporation, Kleiberit Klebstoffe GmbH & Co. KG, Beardow Adams Ltd., Daubert Chemical Company Inc., Infinity Bond, Jowat SE, Titebond, SABA Adhesives & Sealants, TEX Year Fine Chemicals Co. Ltd.
PUR Hot-Melt Adhesives Market 2024 Key Insights:
• The PUR hot-melt adhesives market size is expected to see strong growth in the next few years. It will grow to $7.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising Construction Industry Drives Growth Of PUR Hot-Melt Adhesives Market
• Innovative PUR Hot-Melt Adhesives Enhancing Woodworking Durability And Performance
• Asia-Pacific was the largest region in the PUR hot-melt adhesives market in 2023 and it is expected to be the fastest-growing region in the forecast period
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