Polyurethane Adhesives and Sealants Market size is forecast to reach $22.5 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026. Globally, the increasing usage of toluene diisocyanate (TDI) and diphenylmethane isocyanate (MDI) for the production of polyurethane adhesives and sealants applications has uplifted the growth of the market. Rising demand of polyurethane adhesives &sealants owing to its adhesion strength, thixotropy, hardness, and flexibility, in the building and construction sector will drive the growth of the market. Furthermore, rapid adoption of thermoset polyurethane adhesives &sealants due to its alluring properties in the footwear, furniture, and other end use industries will further raise the demand for polyurethane adhesives and sealants in the forecast period. However, the volatility in the price of raw materials is expected to restrict the polyurethane adhesives and sealants industry growth.
Impact of Covid-19
Globally, the COVID-19 epidemic had put a halt to manufacturing activities all around the world, limiting demand for polyurethane adhesives and sealants as well as their manufacture and processing. Owing to the import and export disruptions the transportation, building and construction, and packaging were some of the most severely hit end-use segments of the polyurethane adhesives and sealants industry in the year 2020.
Polyurethane Adhesives and Sealants Market Segment Analysis- By Formulation
Solvent based adhesives and sealants held the largest share in the polyurethane adhesives and sealants market in 2020. Aromatic polyisocyanates, such as toluene diisocyanate (TDI) and diphenylmethane isocyanate (MDI) are the most widely used isocyanates in polyurethane adhesives, and they contribute to the adhesive’s discoloration and degradation of mechanical properties. Solvent-borne PU adhesives are primarily available in 1-component and 2-component grades. To achieve good heat and plasticizer resistances, the adhesive is usually mixed with 3 – 7 % cross linking agent before processing. Also, they can be seen in a variety of automotive and building applications.
Polyurethane Adhesives and Sealants Market Segment Analysis- By Type
Thermoset polyurethane adhesives and sealants held the largest share in the polyurethane adhesives and sealants market in 2020.Owing to its excellent versatility, excellent resistance to heat, water, and chemicals, and easy application, the demand for thermoset PU adhesives and sealants is estimated to rise. Thermoset PU adhesives are typically two-component formulations including higher-functional isocyanates that crosslink at higher temperatures. Increasing use of thermoset PU adhesives in packaging, lamination, footwear, and many other applications has raised the growth of the market. Thus, with an increase in the demand for thermoset polyurethane adhesives and sealants in several applications the market is anticipated to rise in the forecast period.
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Polyurethane Adhesives and Sealants Market Segment Analysis- By End Use Industry
Building and construction sector held the largest share the polyurethane adhesives and sealants market in 2020 and is projected to grow at a CAGR of 3.9% during the forecast period 2021-2026. PU adhesives and sealants cure quickly and have a low strength, making them ideal for woodworking and other construction applications. They offer the necessary strength to keep construction components together. Also, PU adhesives and sealants are versatile, when it comes to product assembly adhesives. It is widely used on glass, plastics, aluminum, PVFs, stainless steel, and other metals, regardless of bond substrate toughness. As a result, rising construction and building activities in emerging countries have increased demand for adhesives and sealants, supporting the market growth for PU adhesives and sealants.
Polyurethane Adhesives and Sealants Market Segment Analysis- Geography
The Asia Pacific region held the largest share with 42% in the polyurethane adhesives and sealants market in 2020.In the APAC region, the demand for polyurethane additives and sealants is majorly driven from various end use industries such as building and construction, transportation, and packaging. As per the ‘Pradhan Mantri Awas Yojana – Gramin (PMAY-G)’, a rural housing scheme by the Indian government, around 1.07 crore (US$ 10.7 Million) houses have been constructed as of 2018. Aside from that, the PMAY-G programme is scheduled to build roughly 2.95 crore (US$ 29.5Million) new dwellings by 2022. Thus, the demand for polyurethane adhesives and sealants market is therefore anticipated to increase in the APAC region over the forecast period.
Polyurethane Adhesives and Sealants Market Drivers
Increasing Demand for PU Adhesives and Sealants in the Automotive Industry
PU adhesives are used extensively in this application for improving performance, developing lightweight designs, and fabricating structure using multi-materials, such as glass fiber-reinforced composite, carbon fiber composites, and aluminium. Headliners, door panels, interior pillars, instrument panels, seating, and package trays are among the other significant components of automotive interiors that utilize PU adhesives and sealants. Furthermore, PU adhesives and sealants can also easily join dissimilar substrates. PU-based elastic adhesives are also used for a variety of applications, including tail molding, interior trimmings, front molding, and deck assembly, in addition to window glass. Vehicle manufacturers have been able to use a variety of lightweight materials without sacrificing safety, functionality, or comfort as a result of this. Globally, the rising production of automotive is estimated to raise the growth of the PU adhesives and sealants market. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA) the motor vehicle production increased by 0.3% in Africa in the year 2019. Moreover, adhesives are still a viable alternative to traditional fastening solutions for achieving reliable assembly. As a result of the rising need for PU adhesives and sealants in the automotive industry, the market is expected to grow over the forecast period.
Rising Production of Eco-Friendly Polyurethane Adhesives and Sealants
Bio-renewable sources used during manufacturing of polyurethane adhesives and sealants has been utilized extensively and replace chemical based PU adhesive due to their lower environmental impact, low cost, easy availability, and biodegradability. Vegetable oils (palm oil, castor oil, jatropha oil, and soybean oil), lactic acid, potato starch, and other bio-renewable sources provide a rich source of polyol synthesis that is considered for the manufacturing of “eco-friendly” polyurethane adhesives and sealants. Also, The USEPA (United States Environmental Protection Agency), Europe’s Registration, Evaluation, Authorization and Restrictions of Chemicals (REACH), Leadership in Energy and Environmental Design (LEED), and other regional regulatory bodies have all pushed adhesive and sealant producers to create eco-friendly products with zero or low VOC levels. Thus, the shift towards more sustainable and eco-friendly products is anticipated to raise the demand for bio-based polyurethane adhesives and sealants during the forecast period.
Polyurethane Adhesives and Sealants Market Challenges
Volatility in the price of raw materials
The rise in prices of raw materials used in the production of polyurethane adhesives and sealants, such as succinic acid, toluene diisocyanate, and polyols, combined with the instability of crude oil prices, has hindered the market’s overall development. Also, polyurethane sealants often have a poor shelf life due to hydroscopic (water absorption) characteristics and longer cure times. As a result, polyurethane adhesives and sealants need more complicated handling and curing processes, which acts as a constraint for the growth of the polyurethane adhesives and sealants market during the forecast period.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyurethane adhesives and sealants market. Major players in the polyurethane adhesives and sealants market are H.B. Fuller Company, 3M Company, Arkema S.A., Henkel AG & CO. KGAA, Sika AG, Pidilite Industries Limited, Mapei S.p.A., Huntsman Chemical Corporation, KCC Corporation, Selena S.A., Chemique Adhesives and Sealants Ltd., Hodgson among others.
A. Adhesives and Sealants Market
B. Polyurethane Sealants Market
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