Polyurethane Adhesives And Sealants Market - Forecast(2023 - 2028)

Report Code: CMR 28659 Report Format: PDF + Excel

Polyurethane Adhesives and Sealants Market Overview

Polyurethane Adhesives and Sealants Market size is forecast to reach $22.5 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026. Globally, the increasing usage of toluene diisocyanate (TDI) and diphenylmethane isocyanate (MDI) for the production of polyurethane adhesives and sealants applications has uplifted the growth of the market. Rising demand of polyurethane adhesives &sealants owing to its adhesion strength, thixotropy, hardness, and flexibility, in the building and construction sector will drive the growth of the market. Furthermore, rapid adoption of thermoset polyurethane adhesives &sealants due to its alluring properties in the footwear, furniture, and other end use industries will further raise the demand for polyurethane adhesives and sealants in the forecast period. However, the volatility in the price of raw materials is expected to restrict the polyurethane adhesives and sealants industry growth.

Impact of Covid-19

Globally, the COVID-19 epidemic had put a halt to manufacturing activities all around the world, limiting demand for polyurethane adhesives and sealants as well as their manufacture and processing. Owing to the import and export disruptions the transportation, building and construction, and packaging were some of the most severely hit end-use segments of the polyurethane adhesives and sealants industry in the year 2020.

Report Coverage

The report: “Polyurethane Adhesives and Sealants Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the polyurethane adhesives and sealants market.
By Formulation: Water based adhesives, Solvent based adhesives, Hot Melt adhesives, and Others
By Type: Thermoset and Thermoplastic
By End Use Industry: Transportation, Building and Construction, Packaging, Footwear, Electrical & Electronics, Healthcare,  Furniture, Industrial, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America(Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

  • The Asia Pacific region dominated the polyurethane adhesives and sealants market due to the growing demand from packaging and automotive & transportation industries, in countries such as India, Japan, China, and South Korea.
  • Increasing use of polyurethane sealants in the building and home improvement projects to cover cracks and secure surfaces would drive up demand for PU adhesives and sealants in the forecast period.
  • Rising adoption of advanced polyurethane adhesives and sealants in car assembly successfully and safely to provide modern automobiles more design freedom has uplifted the growth of the market.

Figure: Asia Pacific Polyurethane Adhesives and Sealants Market Revenue, 2020-2026 (US$ Billion)
 Polyurethane Adhesives and Sealants Market

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Polyurethane Adhesives and Sealants Market Segment Analysis- By Formulation

Solvent based adhesives and sealants held the largest share in the polyurethane adhesives and sealants market in 2020. Aromatic polyisocyanates, such as toluene diisocyanate (TDI) and diphenylmethane isocyanate (MDI) are the most widely used isocyanates in polyurethane adhesives, and they contribute to the adhesive's discoloration and degradation of mechanical properties. Solvent-borne PU adhesives are primarily available in 1-component and 2-component grades. To achieve good heat and plasticizer resistances, the adhesive is usually mixed with 3 – 7 % cross linking agent before processing. Also, they can be seen in a variety of automotive and building applications.

Polyurethane Adhesives and Sealants Market Segment Analysis- By Type

Thermoset polyurethane adhesives and sealants held the largest share in the polyurethane adhesives and sealants market in 2020.Owing to its excellent versatility, excellent resistance to heat, water, and chemicals, and easy application, the demand for thermoset PU adhesives and sealants is estimated to rise. Thermoset PU adhesives are typically two-component formulations including higher-functional isocyanates that crosslink at higher temperatures. Increasing use of thermoset PU adhesives in packaging, lamination, footwear, and many other applications has raised the growth of the market. Thus, with an increase in the demand for thermoset polyurethane adhesives and sealants in several applications the market is anticipated to rise in the forecast period.

Polyurethane Adhesives and Sealants Market Segment Analysis- By End Use Industry

Building and construction sector held the largest share the polyurethane adhesives and sealants market in 2020 and is projected to grow at a CAGR of 3.9% during the forecast period 2021-2026. PU adhesives and sealants cure quickly and have a low strength, making them ideal for woodworking and other construction applications. They offer the necessary strength to keep construction components together. Also, PU adhesives and sealants are versatile, when it comes to product assembly adhesives. It is widely used on glass, plastics, aluminum, PVFs, stainless steel, and other metals, regardless of bond substrate toughness. As a result, rising construction and building activities in emerging countries have increased demand for adhesives and sealants, supporting the market growth for PU adhesives and sealants.

Polyurethane Adhesives and Sealants Market Segment Analysis- Geography

The Asia Pacific region held the largest share with 42% in the polyurethane adhesives and sealants market in 2020.In the APAC region, the demand for polyurethane additives and sealants is majorly driven from various end use industries such as building and construction, transportation, and packaging. As per the ‘Pradhan Mantri Awas Yojana – Gramin (PMAY-G)’, a rural housing scheme by the Indian government, around 1.07 crore (US$ 10.7 Million) houses have been constructed as of 2018. Aside from that, the PMAY-G programme is scheduled to build roughly 2.95 crore (US$ 29.5Million) new dwellings by 2022. Thus, the demand for polyurethane adhesives and sealants market is therefore anticipated to increase in the APAC region over the forecast period.

Polyurethane Adhesives and Sealants Market Drivers

Increasing Demand for PU Adhesives and Sealants in the Automotive Industry

PU adhesives are used extensively in this application for improving performance, developing lightweight designs, and fabricating structure using multi-materials, such as glass fiber-reinforced composite, carbon fiber composites, and aluminium. Headliners, door panels, interior pillars, instrument panels, seating, and package trays are among the other significant components of automotive interiors that utilize PU adhesives and sealants. Furthermore, PU adhesives and sealants can also easily join dissimilar substrates. PU-based elastic adhesives are also used for a variety of applications, including tail molding, interior trimmings, front molding, and deck assembly, in addition to window glass. Vehicle manufacturers have been able to use a variety of lightweight materials without sacrificing safety, functionality, or comfort as a result of this. Globally, the rising production of automotive is estimated to raise the growth of the PU adhesives and sealants market. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA) the motor vehicle production increased by 0.3% in Africa in the year 2019. Moreover, adhesives are still a viable alternative to traditional fastening solutions for achieving reliable assembly. As a result of the rising need for PU adhesives and sealants in the automotive industry, the market is expected to grow over the forecast period.

Rising Production of Eco-Friendly Polyurethane Adhesives and Sealants

Bio-renewable sources used during manufacturing of polyurethane adhesives and sealants has been utilized extensively and replace chemical based PU adhesive due to their lower environmental impact, low cost, easy availability, and biodegradability. Vegetable oils (palm oil, castor oil, jatropha oil, and soybean oil), lactic acid, potato starch, and other bio-renewable sources provide a rich source of polyol synthesis that is considered for the manufacturing of “eco-friendly” polyurethane adhesives and sealants. Also, The USEPA (United States Environmental Protection Agency), Europe's Registration, Evaluation, Authorization and Restrictions of Chemicals (REACH), Leadership in Energy and Environmental Design (LEED), and other regional regulatory bodies have all pushed adhesive and sealant producers to create eco-friendly products with zero or low VOC levels. Thus, the shift towards more sustainable and eco-friendly products is anticipated to raise the demand for bio-based polyurethane adhesives and sealants during the forecast period.

Polyurethane Adhesives and Sealants Market Challenges

Volatility in the price of raw materials

The rise in prices of raw materials used in the production of polyurethane adhesives and sealants, such as succinic acid, toluene diisocyanate, and polyols, combined with the instability of crude oil prices, has hindered the market's overall development. Also, polyurethane sealants often have a poor shelf life due to hydroscopic (water absorption) characteristics and longer cure times. As a result, polyurethane adhesives and sealants need more complicated handling and curing processes, which acts as a constraint for the growth of the polyurethane adhesives and sealants market during the forecast period.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyurethane adhesives and sealants market. Major players in the polyurethane adhesives and sealants market are H.B. Fuller Company, 3M Company, Arkema S.A., Henkel AG & CO. KGAA, Sika AG, Pidilite Industries Limited, Mapei S.p.A., Huntsman Chemical Corporation, KCC Corporation, Selena S.A., Chemique Adhesives and Sealants Ltd., Hodgson among others.

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1. Polyurethane Adhesives and Sealants Market- Market Overview
    1.1 Definitions and Scope
2. Polyurethane Adhesives and Sealants Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Formulation
    2.3 Key Trends by Type
    2.4 Key Trends by End Use Industry
    2.5 Key Trends by Geography
3. Polyurethane Adhesives and Sealants Market-Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Polyurethane Adhesives and Sealants Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Polyurethane Adhesives and Sealants Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Polyurethane Adhesives and Sealants Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Polyurethane Adhesives and Sealants Market-Strategic analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Polyurethane Adhesives and Sealants Market– By Formulation(Market Size -US$ Million)
    8.1 Water Based Adhesives
    8.2 Solvent Based Adhesives
    8.3 Hot Melt Adhesives
    8.4 Others
9. Polyurethane Adhesives and Sealants Market – By Type(Market Size - US$ Million)
    9.1 Thermoset
    9.2 Thermoplastic
10. Polyurethane Adhesives and Sealants Market – By End Use Industry(Market Size -US$ Million)
    10.1 Transportation
        10.1.1 Automotive
        10.1.1.1Passenger Cars
        10.1.1.2Light Commercial Vehicles
        10.1.1.3Heavy Commercial Vehicles
        10.1.2 Aerospace
        10.1.3 Marine
        10.1.4 Locomotive
    10.2 Building and Construction
        10.2.1 Residential Construction
        10.2.2 Commercial Construction
        10.2.3 Industrial Construction
        10.2.4 Infrastructure
    10.3 Packaging
    10.4 Footwear
    10.5 Electrical & Electronics
    10.6 Healthcare
    10.7 Furniture
    10.8 Industrial
    10.9 Others
11. Polyurethane Adhesives and Sealants Market- By Geography (Market Size -$Million)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7  Russia
        11.2.8  Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of South Africa
12. Polyurethane Adhesives and Sealants Market- Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Polyurethane Adhesives and Sealants Market- Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category- Major companies
    13.6 Company Benchmarking Matrix - Major companies
14. Polyurethane Adhesives and Sealants Market- Key Company List by Country Premium Premium 
15. Polyurethane Adhesives and Sealants Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
    "*Financials would be provided on a best efforts basis for private companies"