The polyurethane (PU) hot-melt adhesive market is expected to witness a CAGR of around 8% during the forecast period. Major factors driving the market studied are rising environmental awareness, increasing demand from the Asia-Pacific packaging and electronics industry.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyurethane (PU) Hot-melt Adhesive Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106009/?utm_source=GNW
However, volatility in the availability and price of raw materials is expected to hinder the growth of the market studied.
- Furniture industry dominated the market and is expected to grow during the forecast period, due to increasing residential and commercial construction activities, globally.
- Rising demand for bio-based PU hot melt adhesives is likely to provide various opportunities for the growth of the market in the future.
- Asia-Pacific region dominated the polyurethane (PU) hot-melt adhesive market across the world, with the largest consumption from the countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from Furniture Industry
PU hot-melt adhesives have versatile applications in the woodworking industry. They can be used in making architectural and aesthetic elements, for profile wrapping, post-forming, and soft forming, among others. The need for different kinds of furniture is driving the woodworking industry, and thus the demand for PU hot-melt adhesives in this industry.
The furniture industry derives its demand mainly from two sectors: domestic or home market and commercial or office market.
The increasing per capita income of the middle classes in developing countries has created a demand for furniture from these markets. Increasing industrialization is also driving the commercial furniture market.
The rapid growth in the building & construction segment in the Middle-East & Africa, Asia- Pacific, etc. is likely to contribute to the growth of the PU hot-melt adhesives.
One of the reasons being increasing furniture demand due to rising construction activities and other being increasing furniture exports from some of these nations is fueling the adhesives demand in the region.
For instance, rising construction projects in Saud Arabia such as Junail II, The Kingdom Tower, Jeddah etc., is likely to have a positive impact on the PU hot-melt adhesives market for furniture applications.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. Asia-Pacific is also projected to register the highest growth during the forecast period, driven by strong growth of end-user industries, such as packaging, electronics, and automotive, through different countries, such as China, India, Malaysia, Thailand, and Indonesia.
- China dominated the market for polyurethane hot-melt adhesives in the region, followed by Japan and South Korea. However, the countries, such as India and South Korea, are expected to witness the highest CAGR, during the forecast period.
- The Indian government has been taking initiatives to attract FDI’s in the manufacturing sector, to make India a manufacturing hub. In this regards, the country has been witnessing investments into the end-user industries, such as automotive, electronics, textile, healthcare, etc.
- Besides, ASEAN countries, like Vietnam, Thailand, Indonesia, Philippines, and Malaysia, are also witnessing numerous investment opportunities. With the growth in income and rising population, the demand for electronic products, vehicles, etc. has been increasing.
- With this, investments and production in such industries have also been witnessing growth, which is further expected to create demand for the polyurethane hot-melt adhesives market.
The global polyurethane (PU) hot-melt adhesive market is consolidated, where major players account for a significant portion of the market demand. Some of the major players include 3M, H.B. Fuller, Henkel AG & Company KGaA, Arkema Group (Bostik AG), and Sika AG, amongst others.
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