Increasing construction and infrastructure spending, particularly in emerging markets of BRIC nations is expected to drive the global urethane adhesives market over the next six years. Urethane adhesives have a competitive edge over other adhesives in terms of their properties such as flexibility, elasticity and compatibility with various substrates such as concrete, glass, wood, and paper. Increasing market penetration of urethane adhesives in household, commercial, and industrial applications is also expected to have a positive influence on market growth. Technological advancements in this segment are expected to increase the scope for the overall urethane adhesives market. Manufacturers have been investing in R&D to come up with new technologies and bio-based urethanes to avoid hazardous content, which is expected to further develop its market. Urethane adhesives are one of the fastest growing product segments in the overall adhesives market primarily due to the rapid innovation and newer technologies witnessed in this market for the last few years.
Wide application scope footwear, industrial applications, mining, personal & home care, construction, and others is expected to drive the overall urethane adhesives market. Low maintenance and high quality of urethane adhesives is expected to drive the market in the coming future. Volatile prices of key feedstock such as MDI/TDI coupled with growing environmental concerns are expected to pose a serious threat to market participants over the next six years. In order to overcome such challenges, the industry has shifted its focus towards development of adhesives using bio-based urethanes.
Asia Pacific was the leading regional urethane adhesives market followed by Europe and North America. Growth of major end-use applications such as construction, furnishing and transportation in emerging markets of China and India is expected to drive its demand in Asia Pacific. Huge consumer demand for urethane adhesives is expected to come from China owing to the growing demand for high-quality carpentry and continuous growth of the construction applications in both residential and commercial applications.
Some of the major urethane adhesives companies operating in the global market include The Dow Chemicals, 3M Company, E. I. du Pont de Nemours and Company, BASF, H.B Fuller Company, Lord Corporation, Henkel AG & Co. KGaA, and RPM International, Inc.
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