The polyurethane adhesives market is valued at approximately USD 6,867.9 million in 2021 and is predicted to exceed at a significant CAGR of 7.1 percent between 2022 and 2028 owing to increasing demand for polyurethane adhesives from various industries/end-users such as construction, aerospace, packaging, electrical and electronics, etc. for their unique applications. The inclination toward the adoption of developing sustainable raw materials and manufacturing bio-degradable polyurethane adhesives to mitigate global warming by using these products to sequester carbon dioxide is the primary factor expected to create a lucrative opportunity for the market players during the forecast period. The rising demand for bio-based PU hot-melt adhesives is likely to be an opportunity for the market. According to the FICCI (Federation of Indian Chambers of Commerce and Industry), India’s chemical industry was worth 163 billion dollars in 2019 and contributed 3.4 percent to the global chemical industry. It is the sixth-largest producer of chemicals in the world. This figure demonstrates the profitable prospect for corporate investment in Asia Pacific countries in the coming years. In 2021, the Thermoset resin segment accounted for a larger revenue share in the polyurethane adhesives market and was projected to grow with a CAGR of 6.8% from 2022-2028, owing to the regular launch of newer products to gain the traction of various customers across the globe. Based on technology, the Solvent-Borne segment is expected to witness the highest market share owing to increasing growth in the light-weighted automobile manufacturing industry during the forecast period. Also, other significant factors such as resistance to plasticizers, good adhesion to the most different materials (except bare metal) & high demand for bonding soft PVC to each other as well as to many other materials are expected to drive the Solvent-Borne segment growth during the forecast period.
Recent Market Developments:
In Feb 2022, H.B. Fuller Company announced that it has acquired the Belgium-based company Fourny nv, a well-respected provider of construction adhesives with more than 70 years of experience in technologies focused on commercial roofing, construction, and other private label industrial specialties.
In March 2020, Huntsman Corporation announces its agreement to acquire CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets. CVC Thermoset Specialties is part of Emerald Performance Materials LLC which is majority owned by affiliates of American Securities LLC.