Polyurethane Adhesives and Sealants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Volatility in availability and price of raw material is likely to hinder the markets growth.
• Rising demand for bio-based PU hot-melt adhesives is likely to act as an opportunity for the market studied.

Polyurethane Adhesives & Sealants Market Trends

Building and Construction to Dominate the Market

• PU adhesives and sealants have rapid curing and low strength properties, making it an excellent choice for woodworking and other construction applications. They provide high strength required to hold construction materials together. For example, the use of PU adhesives to assemble wood furniture, eliminates the need for screws and nails. This means the overall aesthetic contour of the wood furniture is preserved, while the time and effort required to drill holes for the nails are eliminated.
• This material is versatile, when it comes to product assembly adhesives. It suits plastics, glass, PVFs, aluminums, stainless steel, and other metals, regardless of the toughness of bond substrates.
• Hot-melt technology excels, when it comes to window sealants, gaskets, fabrics, and light metal applications. The ease of use and quick curing time of PU hot-melt adhesives have found applications in flooring, countertops, and shower walls.
  • Plastic-based design floors are the latest drift in floorings. They can be laminated with transparent foils. PU hot-melt adhesives play a key role in the manufacturing of design floors by its application on the reverse side of foils.
  • The high strength and durability for kitchens and bathroom cabinets, such as for floor walls and for shower walls, can be achieved with the moisture resistant PU hot-melt adhesives.
  
  
• Increasing building and construction activities in developing nations, specially in Asia-Pacific, have increased the demand for furniture, which eventually is boosting the demand for PU adhesives and sealants market, during the forecast period.

Asia-Pacific to Dominate the Market

• The Asia-Pacific region dominated the global market share. China has the second largest packaging industry in the world. The country is expected to witness a consistent growth during the forecast period, owing to the rise of customized packaging, increased demand for packaged consumerist goods, in the food segment, like microwave food, snack foods, and frozen foods, etc.
• Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) sector during 2018-2019. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by the middle-class consumers in the country.
• During 2018-2019, express delivery companies delivered around 49 billion parcels in the country, which reflects about a 23% increase from that of the last year. With such growth in industrial and FMCG products, the packaging demand has been increasing in the country.
• Furthermore, India is expected to be the third-largest construction market across the globe by 2030, with its contribution to the GDP increased to around 15% by 2030. Also, the size of the construction market in India is likely to reach USD 1 trillion by 2025.
  • Under the ‘Pradhan Mantri Awas Yojana - Gramin (PMAY-G)’, a rural housing scheme by the Indian government, around 1.07 crore houses have been constructed as of 2018. Apart from this, around 2.95 crore new houses are expected to be constructed under the PMAY-G scheme by 2022.
  
  
• The implementation of Real Estate Regulation and Development Act and the reduction in the GST taxes for housing from 12% to 5% are likely to boost the residential sector in the country which in turn is also expected to drive the wood working and joinery industry in India.
• The aforementioned factors are likely to drive the polyurethane adhesives and sealants market in India, during the forecast period.

Polyurethane Adhesives & Sealants Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support