“The Polyurethane Adhesives Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of USD 2.25 billion and CAGR of 9% by segment Technology, End-user and Geography during the forecast period 2019 to 2024”
Furthermore, this report extensively covers the smart home appliances market segmentation by technology (solvent-borne, reactive, dispersion, hot-melt, and others), end-user (building and construction, furniture and woodwork, automotive and transportation, and others), and geography (APAC, Europe, MEA, North America, and South America). The market report also offers information on several market vendors, including 3M Co., Ashland Global Holdings Inc., Avery Dennison Corp., BASF SE, Dow Inc., Eastman Chemical Co., H.B. Fuller Co., Henkel AG & Co. KGaA, Huntsman Corp., and Momentive Performance Materials Inc.
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Parent Market Analysis
Technavio categorizes the Polyurethane Adhesives Market as a part of the Materials industry within the Chemicals industry. Our Technavio research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.
Polyurethane Adhesives Market: Key Drivers, Trends, and Challenges
Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the polyurethane adhesives industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Polyurethane Adhesives Market Driver
One of the key factors driving growth in the market is the increasing demand for polyurethane adhesives by the footwear industry. Polyurethane adhesives exhibit excellent resistance to impacts and are thus popularly used in the footwear industry. These adhesives provide flexible, strong, and durable adhesion to a variety of substrates used by the footwear industry. The rising demand for waterborne heat-activated adhesive solutions by the footwear industry has led manufacturers to focus on high-quality polyurethane adhesives. The global footwear market was valued at USD 203.5 billion in 2016 and is expected to reach USD 225.6 billion by 2021, growing at a CAGR of 2.08%. The market in APAC is expected to grow at a fast rate during the forecast period and is estimated to account for 0.79% of the market share by the end of the forecast period. Factors such as the ever-rising population and high birth rate are some of the key market drivers. In addition, the rise in disposable income has increased the average spending on footwear. There has been an increase in awareness about unhealthy footwear that can cause ankle problems and inflammation of the connecting tissues at the bottom of the foot. The rising demand for footwear will drive the demand for polyurethane adhesives as they exhibit superior quality and durability.
Key Polyurethane Adhesives Market Challenge
The volatile prices of raw materials will be a major challenge for the market during the forecast period. Several chemicals that are used to manufacture polyurethane adhesives are derived from crude oil, such as polyols, and diisocyanates such as TDI and MDI. The oil and gas industry is one of the key suppliers of raw materials in the global market as these adhesives are produced from petroleum fractions. Fluctuations in crude oil prices have an adverse impact on the price of raw materials, thereby affecting the costs of polyurethane adhesives. The price of crude oil (per barrel) decreased at a rate of nearly 60% from 2015 to 2016. In 2016, Dow Polyurethanes Europe, India, the Middle East, and Africa announced an increase in the price of raw materials such as polyols, TDI, and MDI products from May 1, 2016. Acute shortage and/or unavailability of raw materials and price fluctuations can adversely affect operational efficiency and the cost of polyurethane adhesives.
Polyurethane Adhesives Market Value Chain Analysis
Our In-house experts produce extensive information on the value chain, and parent market of the polyurethane adhesives market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
Who are the Major Polyurethane Adhesives Market Vendors?
3M Co. - The company offers polyurethane adhesive for sealing, waterproofing, bonding, and filling applications. Through the Safety and Industrial segment, the company serve the global industrial, electrical, and safety markets.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- 3M Co.
- Ashland Global Holdings Inc.
- Avery Dennison Corp.
- BASF SE
- Dow Inc.
- Eastman Chemical Co.
- H.B. Fuller Co.
- Henkel AG & Co. KGaA
- Huntsman Corp.
- Momentive Performance Materials Inc.
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Which are the Key Regions for Polyurethane Adhesives Market?
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46% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for polyurethane adhesives in APAC. Market growth in this region will be faster than the growth of the market in other regions.
China exhibits the highest consumption of polyurethane adhesives products because of their high demand by the manufacturing industry. Growth in the end-user industries (i.e., electronics, footwear, packaging, and automobiles) is estimated to increase the demand for hot-melt adhesives during the forecast period. China, India, Vietnam, Thailand, and Indonesia are expected to register a high demand for polyurethane adhesives during the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In APAC, the rising number of COVID-19 cases has hampered the operations of various production units. Many automotive companies in APAC halted their production during the lockdowns in countries such as India and China. Companies such as Nissan, Honda Motor, PSA Peugeot Citroen, and Tesla have postponed the production of new models in their new facilities. As the supply chain is greatly integrated, disruptions in any part of the supply chain can impact the regional market. In addition, Volkswagen and Nissan have started resuming partial production in manufacturing facilities and are still struggling to regain full capacity. Furthermore, India implemented measures such as social distancing and lockdowns to contain the spread of the disease. Such factors are expected to impact the growth of the market in focus in the region.
What are the Revenue-generating Technology Segments in the Polyurethane Adhesives Market?
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The market share growth by the solvent-borne segment will be significant during the forecast period. Solvent-borne polyurethane adhesives are primarily used in automotive, building and construction, industrial assembly, and transportation applications. These adhesives are mixtures of thermoplastic and solvents or lightly crosslinked polymers such as polyurethane, silicone, polychloroprene, acrylic, and natural and synthetic rubbers such as elastomers. Solvent-borne polyurethane adhesives can be classified as wet or dry bonding. These adhesives contain large amounts of VOCs that are harmful to humans and the environment, and thus they are subjected to regulations in the US, Europe, and other parts of the world.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
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Polyurethane Adhesives Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
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Market growth 2020-2024 |
$ 2.25 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.40 |
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Regional analysis |
APAC, Europe, MEA, North America, and South America |
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Performing market contribution |
APAC at 46% |
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Key consumer countries |
China, US, Germany, India, and Saudi Arabia |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
3M Co., Ashland Global Holdings Inc., Avery Dennison Corp., BASF SE, Dow Inc., Eastman Chemical Co., H.B. Fuller Co., Henkel AG & Co. KGaA, Huntsman Corp., and Momentive Performance Materials Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Polyurethane Adhesives Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- The growth of the polyurethane adhesives industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
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