Growth in infrastructure spending, particularly in emerging BRIC markets is expected to remain a key driving force for the global urethane adhesives market. A trend shift towards adoption of urethane adhesives over acrylic and epoxy, owing its better compatibility, elasticity and flexibility with substrates such as plastics, glass, wood and concrete is also expected to complement the market growth. Urethane adhesives are expected to penetrate household, commercial and industrial markets which are expected to broaden their scope in the overall market. In addition, growth of major end-use industries such as footwear and home care particularly, in high growth markets of China and India is also expected to spur industry demand.
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High quality and minimum to zero maintenance of urethane adhesives has helped urethane adhesives to penetrate the overall adhesives industry. Volatile feedstock prices and environmental regulations on hazardous content remained a key issue for market participants. Major manufacturers have increased their R&D expenditure in order to provide sustainable solutions to urethane adhesives using bio-based routes.
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Asia Pacific emerged as the leading regional market for urethane adhesives followed by Europe and North America. Growth of construction, transportation and home furnishing industry is expected to boost the Asia Pacific urethane adhesives market over the forecast period. North America and Europe are matured markets for urethane adhesives and are driven mainly by the development of green adhesives. Adhesives manufacturers invested on the R&D to incorporate bio-based urethane adhesives to steer clear of conventional urethane hazardous contents. Some of the key market participants include BASF, 3M Company, The Dow Chemicals, Henkel AG & Co. KGaA, H.B Fuller Company, RPM International, Inc., Lord Corporation and E. I. du Pont de Nemours and Company.
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