Polyurethane Adhesives Market Analysis Highlights the Impact of COVID-19 2020-2024 | Increasing Demand from Footwear Industry to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalPolyurethaneAdhesivesMarket–The polyurethane adhesives market is expected to grow by USD 2.25 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Polyurethane adhesives are flexible, strong, and exhibit excellent resistance to impact, and hence find many applications in the footwear industry. The global footwear market was valued at USD 203.5 billion in 2016 and is expected to reach USD 225.6 billion by 2021, growing at a CAGR of more than 2%. This growth can be attributed to the expanding population and the rise in disposable incomes which has increased the average spending on footwear. The increasing sales of footwear will drive the demand for polyurethane adhesives in the footwear industry.
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As per Technavio, the rising demand for polyurethane adhesives from the flexible packaging industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyurethane Adhesives Market: Rising Demand for Polyurethane Adhesives from Flexible Packaging Industry
Liquid polyurethane adhesives are gaining popularity as substitutes for solvent-based adhesives in the flexible packaging industry. This is because liquid polyurethane adhesives are cost-effective and do not emit VOCs. Also, polyurethane adhesives help achieve superior film clarity and print. These factors have increased the use of polyurethane adhesives for laminating flexible films, paper, and foils in the flexible packaging industry, which is fueling the market growth.
“Growing demand for fuel-efficient automobiles and increasing demand for reactive solvent-less adhesives will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Polyurethane Adhesives Market: Segmentation Analysis
This market research report segments the polyurethane adhesives market by technology (Solvent-borne, Reactive, Dispersion, Hot-melt, and Others), geography (APAC, Europe, MEA, North America, and South America), and end-user (Building and construction, Furniture and woodwork, Automotive and transportation, and Others).
The APAC region led the polyurethane adhesives market in 2019, followed by Europe, MEA, North America, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising demand from end-user industries such as electronics, footwear, packaging, and automobiles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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