Polyurethane Adhesives Market Size, Share, Growth Analysis, By Application(Transportation, construction, woodworking, footwear), By type(Solvent based, 100% solid, water-based and others), By Resin type(Thermoset, Thermoplastic and others), By Technology(Reactive technology, hotmelt technology and others), By Region - Industry Forecast 2024-2031

Polyurethane Adhesives Market size was valued at USD 9.23 billion in 2021 and is poised to grow from USD 9.63 billion in 2022 to USD 16.98 billion by 2030, growing at a CAGR of 6.1% in the forecast period (2023-2030).

The market for polyurethane adhesives is a highly competitive industry with numerous players operating in it. There is a diverse range of products, applications, and end-users in this market, and it includes major multinational corporations as well as smaller regional players offering niche products and services. Various factors such as product quality, pricing, innovation, customer service, and brand reputation shape the competitive landscape in the polyurethane adhesives market. Companies that can offer high-quality products at competitive prices while delivering excellent customer service are more likely to succeed in the market. Innovation is another critical factor in the polyurethane adhesives market, as companies that invest in research and development to create new and improved products that meet the changing needs of customers are more likely to gain a competitive advantage. '3M Company', 'Henkel AG & Co. KGaA', 'H.B. Fuller Company', 'Sika AG', 'Illinois Tool Works Inc.', 'Arkema S.A.', 'Ashland Holdings Inc.', 'Jowat SE', 'Huntsman Corporation', 'Mapei SpA', 'Pidilite Industries Limited', 'BASF SE', 'Dow Chemical Company', 'Avery Dennison Corporation', 'LORD Corporation', 'Franklin International', 'Wacker Chemie AG', 'Bostik SA', 'Permabond LLC', 'ThreeBond Holdings Co., Ltd.'

The growing concerns regarding the environment have led to a greater demand for adhesives that have low VOC emissions and are more eco-friendly. Governments and regulatory bodies around the world are enforcing stringent environmental regulations, which have led to the adoption of adhesives that have reduced VOC emissions and are less harmful to the environment. Polyurethane adhesives, which can be formulated with low VOC emissions, have become a popular choice for industries looking to meet these regulatory requirements. In addition to their low VOC emissions, they are also recyclable, which makes them an even more attractive choice for businesses that prioritize sustainability. As industries continue to face pressure to reduce their carbon footprint, the demand for environmentally friendly adhesives is expected to increase. Polyurethane adhesives offer an effective solution for industries that are looking to reduce their impact on the environment without compromising on the quality and performance of their products.

There is a trend towards the use of bio-based polyurethane adhesives in response to the increasing concern about environmental issues. These adhesives are manufactured using renewable sources such as vegetable oils or cornstarch. This shift towards bio-based polyurethane adhesives is driven by the need to reduce carbon footprint, minimize dependence on non-renewable resources, and meet the growing demand for eco-friendly products. Additionally, the development of bio-based polyurethane adhesives is supported by government initiatives promoting sustainability and the circular economy. Manufacturers are investing in research and development to improve the performance of bio-based adhesives, making them more competitive with conventional polyurethane adhesives in terms of strength, durability, and versatility. The increasing availability and affordability of bio-based raw materials are also contributing to the growth of this trend. As a result, the market for bio-based polyurethane adhesives is expected to grow significantly in the coming years.

The market for polyurethane adhesives is dominated by North America, followed by Europe and Asia Pacific. North America's leadership in the market can be attributed to the increasing demand for high-performance and eco-friendly adhesives in the construction and automotive industries. Europe also holds a significant share of the market, driven by the increasing demand for sustainable and low VOC-emitting adhesives.