According to the new market research report “Polyurethane Adhesives Market by Resin Type (Thermoset & Thermoplastic), Technology (Solvent-borne, 100% solids, Dispersion), End-use Industry (Automotive, Construction, Packaging, Footwear, Industrial, and Furniture), Region – Global Forecast to 2024″, MarketsandMarkets: The PU adhesives market size is projected to grow from USD 7.0 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 5.6%, during the forecast period. The growth of end-use industries, such as building & construction, industrial, automotive & transportation, and packaging is driving the PU adhesives market.
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The PU adhesives market is projected to grow from USD 7.0 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 5.6%, between 2019 and 2024. PU adhesives are used extensively in end-use applications for improving performance, developing lightweight designs in automotive; flooring, tiling, waterproofing, carpet, wall coverings, insulation, and roofing applications in the building & construction; and flexible packaging, labeling, folding cartons in the packaging end-use industry.
Based on technology, solvent-borne is projected to account for the largest share during the forecast period. Solvent-borne PU adhesives are suitable for several different industrial and construction applications. They have good adhesion to rubber, leather, textiles, metal, paper, wood, and plastics. Solvent-borne PU adhesives are also used for a wide variety of laminating applications. They have better low-temperature strength compared to other adhesives, exceptionally high strength at cryogenic temperatures, and good chemical resistance. However, urethanes do not have high temperature resistance. The maximum upper use limit is about 300°F, and most formulations are used below 212°F.
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The PU adhesives market is projected to grow from USD 7.0 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 5.6%, between 2019 and 2024. The growth of end-use industries, such as building & construction, automotive & transportation, and packaging is driving the PU adhesives market.
The key market players are Henkel AG & CO. KGAA (Germany), H.B. Fuller Company (US), 3M Company (US), Arkema S.A. (France), and Sika AG (Switzerland). These players have adopted various strategies, such as investment & expansion, new product launch, merger & acquisition, and partnership & agreement between 2015 and 2019, to enhance their market shares and expand their global presence.
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Henkel (Germany) is engaged in consumer and industrial businesses. The company operates through various segments, including adhesive technologies (adhesives, sealants, and surface treatments for consumer and industrial purposes); laundry & home care (household cleaning products, such as laundry detergent and dishwashing liquid), beauty care (beauty & oral care products, such as shampoos, toothpastes, hair colorants, and shower products), and corporate. The adhesive technologies segment of the company is a leader in the adhesives market across all the end-use industries, globally. The company manufactures polyurethane adhesives under this segment and markets them under brand Loctite, Macroplast, and Terostat. Henkel has operations in North America, Latin America, APAC, Europe, Middle East, and Africa. The company focuses on R&D and investment to maintain its leading position in the adhesives business. In September 2018, Henkel started the construction of its new state-of-the-art facility in Düsseldorf for the Adhesive Technologies business. The company planned to invest around USD 150 million for this facility. Once completed, the facility is expected to host 350 Henkel experts to develop new technologies and applications for various industries.
Arkema S.A. (France) is a global player in specialty chemicals and advanced materials market. Arkema is among the top four adhesives & sealants producers in the world. It operates through three business segments, namely, High Performance Materials, Industrial Specialties, and Coating Solutions. It has 137 production sites across 50 countries. The company operates three R&D centers (France, China, and the US) and 11 technical centers. It has over 400 researchers that work on new generation adhesives. Arkema markets its PU adhesives offering under its brands, such as Supergrip and Marocol. In February 2015, Arkema acquired Bostik (France). This acquisition was reportedly consistent with the groups strategy to expand in the specialty chemicals segment and continue developing its high performance materials segment.
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