Polyurethane Adhesives Market Trends
Growth Drivers
- Increasing Application of Polyurethane Adhesives – Due to its applications in dairy goods as well as in packaging and the industrial sector, polyurethane adhesives are a product that can be utilized in a variety of products. In her packaging industry, the use of polyurethane adhesive increased from 2.2% in 2018 to 5% in 2019.
- Increasing Shift Towards Eco-Friendly Products – The need for environmentally friendly adhesives rises as people become more conscious of how chemicals affect the environment and human health. Due to their low emissions of volatile organic compounds (VOCs), polyurethane adhesives are a popular choice among consumers seeking an environmentally acceptable substitute for conventional adhesives.
- Growing Construction Industry – In the forecast period, Polyurethane Adhesives represent one of the largest applications in the vehicle and building sectors which will also have a positive impact on market growth. With regard to the construction industry, polyurethane adhesive has a wide range of characteristics that are important in terms of its performance as regards good cohesion, adhesion, flexibility, durability, and Interco ciliation; which is also beneficial for the sector.
Challenges
- Environmental Regulations in Some Regions – Due to some environmental concerns, polyurethane adhesive is subject to regulation by various bodies in Europe and North America. The growth of the market could be hampered by this factor.
- High Competition from Epoxy Adhesives
- Disrupted Supply Chain due to Covid-19 Pandemic
Polyurethane Adhesives Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.6% |
|
Base Year Market Size(2024) |
USD 10.72 billion |
|
Forecast Year Market Size(2037) |
USD 21.77 billion |
|
Regional Scope |
|
