Polyurethane Adhesives Market

Polyurethane Adhesives Market

The global polyurethane adhesives market was valued at USD 8.1 billion in 2022 and is projected to reach USD 10.3 billion by 2027, growing at a cagr 5.0% from 2022 to 2027. Dispersions, by technology segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for Polyurethane Adhesives.

Attractive Opportunities in the Polyurethane Adhesives Market

Note: e – estimated, p - projected

Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

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Polyurethane Adhesives Market Dynamics

Drivers: Versatility of Polyurethane Adhesives

Polyurethane adhesives are used in many products such as daily supplies, and many researches have been released stating the importance of polyurethane adhesives for industrial applications. They can be fabricated using various types of isocyanates and various average functionalities of alcohols. The isocyanates consist of monomeric MDI (methylene diphenyl diisocyanate), modified MDI including carbodiimide, or uretonimine linkage, polymeric MDI, and TDI (toluene diisocyanate). The alcohol functionalities are varied by mixing low molecular weight di-ols with high molecular weight tri-ols. The properties of these adhesives are strongly dependent on the function of alcohol and uretonimine contents in the isocyanate. As uretonimine contents increase, the chance of forming internal hydrogen bonding increases due to the carbonyl groups and nitrogen atoms in uretonimine linkages. Thus, the peel strength of the material increases with the increasing cohesive forces of polyurethane adhesives. With the liberty to change the concentration of all mentioned constituents, the versatility of polyurethane adhesives increases for use in different end-use industries.

Restraints: Environmental regulations in North America and Europe

The chemical industry is regulated by authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA). Manufacturers in Europe and North America need to comply with regulations regarding the production and use of plastic adhesives in various applications to reduce VOC emissions. They have to bear an additional burden of labeling, paperwork, and extra cost for external testing to demonstrate compliance. Plastic adhesive manufacturers have to abide by the rules and changing standards for commercializing their products. This acts as a restraint for these manufacturers.

Opportunities: Greater opportunities in Asia Pacific and Middle East

The construction industry in Asia Pacific and the Middle East has growth potential, depending on the commitment to improve infrastructure, tourism, and general economic health. For instance, China, which was the epicenter of the COVID-19 pandemic, has shown signs of recovery recently, supported by investment in infrastructure. According to the National Development and Reform Commission (NDRC), China has resumed construction on under 90% of key projects. All major railway projects have started operations, with 97% of major highway and waterway projects and 87% of airport projects beginning construction again.

Challenges: Application dependency on various external factors

Polyurethane adhesives of both classifications (1K and 2K) have their share of some advantages and limitations. The advantages include the cure time, and the pot life can be varied through formulation changes, as well as good resistance to solvents when cured. Depending on the formulation, polyurethane adhesives also have a moderate cost and can be applied using multiple methods such as roller, brush, spray, and these can either be manual or automatic. Despite these advantages polyurethane-based adhesives also have some limitations. These include the uncured material being sensitive to moisture, as well as having a shorter shelf life – generally 3-12 months for both 1K and 2K adhesives. Although they adhere to most substrates, some substrates may also require a primer for the polyurethane-based adhesive to adhere. Due to the formation of carbon dioxide, which can cause foaming, assemblies made using polyurethane adhesives may also need to be held in a press under sufficient pressure while the adhesive cures to stop this from occurring. 2K polyurethane-based adhesives include the correct ratio of components required to properly cure the adhesive, as well as sufficient mixing of the two components before application.

100% solids accounted for the largest and fastest growing segment of the Polyurethane Adhesives market between 2022 and 2027.

100% solids technology exhibit high bond strength and long-term durability under severe environmental conditions. They display excellent resistance to solvents & chemical products and have a low application temperature, which makes them suitable for heat-sensitive substrates. They generally have working temperatures between -86°F and +300°F.

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Asia Pacific is the fastest-growing Polyurethane Adhesives market.

Asia Pacific is the fastest Polyurethane Adhesives market in terms of value and volume during the forecast period. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across different manufacturing industries.

Key Market Players

Henkel AG & Co. KGAA (Germany), H.B. Fuller Company (US), Dow Inc. (US), Sika AG (Switzerland), and 3M Company (US)  are the key players in the global Polyurethane Adhesives market.

H.B. Fuller Company is a global adhesive manufacturer, formulator, and marketer. The company has five operating segments, namely, Americas; Europe, India, Middle East, and Africa; and Asia Pacific. It is active in the field of adhesives for various applications such as the assembly of electronic devices, vehicle assembly, packaging, and flexible packaging.

The company has a strong customer base and operates in several countries across Europe, North America, and Asia Pacific, among other regions. With 55 manufacturing sites in 42 countries, H.B. Fuller has the power of becoming a global adhesive supplier who also understands local challenges and priorities.

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Scope of the Report

This research report categorizes the Polyurethane Adhesives market based on resin type, film material, application, end-use industry, and region.

By Type:

• Thermoset
• Thermoplastic

By Technology:

• Solvent-borne
• 100% solids
• Dispersion

By End-use Industry:

• Automotive
• Building & Construction
• Packaging
• Leather & Footwear
• General Industrial
• Furniture & Decoration
• Others

By Region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

In January 2022, H.B. Fuller Company announced its purchase of apollo, the uK’s largest independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets. Apollo is expected to operate within H.B. Fuller’s existing construction adhesives and engineering adhesives business units and is expected to enhance H.B. Fuller’s position in key high-value, high-margin markets in the UK and Europe.

In July 2021, H.B. Fuller, a leading global adhesives provider, announced a strategic partnership with Covestro, one of the world’s largest polymer suppliers, to deliver an adhesive with a reduced climate impact for the woodworking, composites, textiles, and automotive industries.

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