Global Polyurethane Adhesives Market 2017-2021
About Polyurethane Adhesives
Adhesives are substances applied on one or both the surfaces to bind them together. They have replaced rivets, welded parts, and other mechanical parts in various equipment. Polyurethane adhesives reduce the overall costs of the entire manufacturing process. They exhibit superior product performance, are reliable, and increase the lifespan of the product. They are increasingly used in the automotive and transportation, furniture and woodwork, building and construction, electrical and electronics, footwear, and packaging industries. Polyurethane adhesives reduce the overall weight of the vehicle, thereby enhancing fuel efficiency.
Technavio’s analysts forecast the global polyurethane adhesives market to grow at a CAGR of 7.31% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global polyurethane adhesives market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Polyurethane Adhesives Market 2017-2021
Technavio recognizes the following companies as the key players in the global polyurethane adhesives market: Ashland, BASF, Henkel, The Dow Chemical Company, and 3M.
Other Prominent Vendors in the market are: Arkema Group, Covestro, H.B. FULLER COMPANY, Huntsman Corporation, Illinois Tool Works, and Sika.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing adoption of sustainable products. Rising emphasis on reducing VOC emissions and sustainability has led polyurethane adhesive manufacturers to develop new, environment-friendly products. These products reduce carbon footprint. Currently, the newer products must not only be of superior quality but also be sustainable and low cost. The growing demand from consumer applications is elevating the consumption of polyurethane adhesives in near future.”
According to the report, one driver in the market is increasing demand for polyurethane adhesives by footwear industry. Polyurethane adhesives exhibit excellent resistance to impacts and are thus popularly used in the footwear industry. These adhesives provide flexible, strong, and durable adhesion to a variety of substrates used by the footwear industry. The rising demand for waterborne heat-activated adhesive solutions by the footwear industry has led manufacturers to focus on high-quality polyurethane adhesives. Covestro, a leading polyurethane adhesives manufacturer, offers a range of aqueous polyurethane dispersions known as Dispercoll U.
Further, the report states that one challenge in the market is volatile prices of raw materials. Several chemicals that are used to manufacture polyurethane adhesives are derived from crude oil, such as polyols, and diisocyanates such as TDI and MDI. The oil and gas industry is one of the key suppliers of raw materials in the global polyurethane adhesives market as these adhesives are produced from petroleum fractions. Fluctuations in crude oil prices have an adverse impact on the price of raw material, thereby affecting the costs of polyurethane adhesives. Price of crude oil (per barrel) decreased at a rate of nearly 60% from 2015 to 2016.
Ashland, BASF, Henkel, The Dow Chemical Company, 3M, Arkema Group, Covestro, H.B. FULLER COMPANY, Huntsman Corporation, Illinois Tool Works, and Sika.
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