The global polyurethane hot-melt adhesive market is expected to register a compound annual growth rate (CAGR) of 7.83% during the forecast period of 2018 to 2023. This growth is primarily driven by rapidly growing demand from woodworking and automotive industries, and growing environmental awareness.
Environmental awareness is reportedly one of the key factors driving the market. Volatile organic compounds (VOCs) emission in adhesives is a factor of concern. Constant push from regulatory authorities, such as Environmental Protection Agency and REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals), is likely to limit the use of solvent-borne adhesives.
Major adhesive manufacturers have been forming joint ventures, and are collaborating with top biotechnology firms to gain competitive advantage and further sustainability. Manufacturers are reportedly increasingly investing in manufacturing and product development programs to engineer eco-friendly adhesives based on vegetable oils, organic starch, soy, and water.
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