GLOBAL POLYURETHANE ADHESIVES MARKET FORECAST AT $9.1 BILLION BY 2024

- Nov 25, 2019-

 Chicago, IL - According to the market research report, "Polyurethane Adhesives Market by Resin Type (Thermoset and Thermoplastic), Technology (Solvent-Borne, 100 Percent Solids, Dispersion), End-Use Industry (Automotive, Construction, Packaging, Footwear, Industrial, and Furniture), Region Global Forecast to 2024," published by MarketsandMarkets, the polyurethane adhesives market size is projected to grow from $7.0 billion in 2019 to $9.1 billion by 2024, at a CAGR of 5.6 percent. The market for dispersion is projected to grow at the highest CAGR, aided by the stringent environmental regulations. These regulations prohibit the use of highly toxic solvents, which have VOC emissions. PU adhesives exhibit high bond strength and long-term durability under severe environmental conditions. The resulting adhesive has excellent temperature and environmental resistance, while maintaining high bond strength. They display excellent resistance to solvents and chemical products, and have a low application temperature, which makes them suitable for heat-sensitive substrates. They generally have working temperatures between -86°F and +300°F. Sika AG (Switzerland), Jowat SE (Germany), Arkema S.A. (France), Ashland Inc. (U.S.), Lord Corporation (U.S.), DowDuPont Inc. (U.S.) and Franklin International (U.S.), and others have introduced various new products in the past five years to meet the emerging demand from end-users. Polyurethane adhesives can easily join dissimilar substrates. They are being used in many other key components of automobile interiors, including headliners, door panels, interior pillars, instrument panels, seating and package trays. Moreover, PU elastic adhesives cater to glazing applications for automotive, rail and marine industries, among others. Along with the window glass, PU-based elastic adhesives cover a long list of applications, such as tail molding, interior trims, roof panels, luggage compartment floor, front molding, sidewall assembly and deck assembly. This has aided vehicle manufacturers to use all types of lightweight materials without compromising on safety, functionality or comfort. Adhesives continue to be an alternative to conventional fastening technologies to achieve robust assembly. The APAC polyurethane adhesives market is segmented into China, Japan, India, South Korea, Thailand, Malaysia, and Rest of APAC. APAC is an emerging and lucrative market for PU adhesives, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the global population, resulting in the growth of the manufacturing and processing sectors.