URETHANE ADHESIVES MARKET ANALYSIS
Urethane Adhesives Market - Size, Share, Trends, and Forecast 2019 - 2027
The global urethane adhesives market size is expected to witness a substantial rise in the coming future, and register a significant CAGR over the forecast period (2019 - 2027).
Market Overview
Urethane adhesives are single component, moisture curing adhesives, which cure upon exposure to moisture in the atmosphere or substrate. The minimal quantity of carbon released during the process of cure has little to no effect on the process of bonding. However, under humid conditions, this can result in thick bond lines or foaming. In case of low humidity, or substrates that have very low permeability to moisture, moisture is added to trigger cure. Cured adhesives have flexibility and elasticity. However their properties can be adjusted depending on the application. For instance, they can be soft, flexible, and rigid. Urethanes can be formulated to be highly flexible, which makes them ideal for bonding elastomers, foils, and films. Furthermore, their adhesion properties have led to an extensive application in the automotive industry.
Market Dynamics
Unlike most structural adhesives, urethane adhesives perform well under low temperatures, and bond well with wooden surfaces, which has led to an increase in their demand from the wood industry. Furthermore, the demand for urethane adhesives is expected to grow significantly owing to their growing application in the construction sector. Their excellent bonding with a variety of substrates such as concrete, plastic, glass, and wood is expected to propel demand for urethane adhesives over the forecast period. With the growing expansion of the construction and building sector, demand for urethane adhesives is expected to increase significantly. Moreover, key players in the construction sector are focused on expanding their presence to untapped markets by combining innovation with business strategies such as marketing and collaborations. This, in turn, is expected to have a huge impact on the growth of the urethane adhesives market on a global scale. Manufacturers are also focusing on introducing bio-based products to address the growing concern around the environmental risks connected with urethane adhesives.
It is worth noting, however, that urethanes are not resistant to high temperature and are likely to decompose at much lower temperatures in comparison with epoxy adhesives. Furthermore, several urethane adhesives do not bond well to metals in the absence of a layer of primer that needs to be applied to the substrate prior to bonding. These factors may have some impact on the overall growth of the global urethane adhesives market.
Market Outlook
Asia Pacificn is expected to witness the largest growth over the forecast period, and is expected to emerge as the fastest growing market for urethane adhesives. Europe is projected to account for the second largest market share, followed by North America. Rapid industrialization in emerging economies such as China and India, especially in the construction and transportation sectors, is likely to propel growth of the urethane adhesives market in Asia Pacific. Growing demand for high quality products, particularly in China, is estimated to have a positive effect on the market. Increasing number of construction projects in large economies such as India, China, and Brazil, coupled with policies employed by environmental agencies in the region has led to an increase in demand for bio-based products, which in turn is driving market players to invest in introducing ecofriendly versions urethane adhesives. These factors have opened up new opportunities for market growth.
Key Players
The key market players in the global urethane adhesives market are Henkel AG & Co. KGaA, BASF, The Dow Chemical Company, 3M Company, E. I. du Pont de Nemours and Company, Lord Corporation, H.B Fuller company, and RPM International, Inc.
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