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. 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.
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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.
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