South East Asia Polyurethane Adhesives Market To Reach $586.8 Million By 2030

South East Asia Polyurethane Adhesives Market Growth & Trends

The South East Asia polyurethane adhesives market size is anticipated to reach USD 586.8 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 8.6% from 2024 to 2030. The emergence of South East Asia as a major automobile manufacturing hub on account of proximity to demand centers and low manufacturing cost is expected to drive the regional PU adhesives demand. Increasing construction spending on account of growing urbanization rates across major countries has also contributed to market growth. Government support for the strong inflow of FDI in Indonesia and Vietnam is expected to have a positive influence on the overall market. Volatile raw material prices may emerge as a major challenge over the next six years.

Footwear emerged as the leading application segment and accounted for 25.5% of the total market volume in 2013. The emergence of Vietnam as a major footwear manufacturing hub is expected to remain a key driving factor for this segment. Vietnam is the second-largest footwear manufacturing nation in the world. Automotive is expected to witness the highest growth rate over the forecast period. The segment is expected to grow at an estimated CAGR of 7.0% from 2014 to 2020. A positive outlook on Thailand’s automotive industry is expected to remain a key driving factor for this segment.

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South East Asia Polyurethane Adhesives Market Report Highlights

• The footwear application dominated the market with 25.3% share in 2023 owing to the rise in consumer demand for premium and customized footwear coupled with the increasing disposable incomes.

• The automotive segment is expected to grow at the fastest CAGR during the forecast period owing to the robust growth in the automotive industry.

• The Indonesia polyurethane adhesives market held a dominant market share in 2023 as the country witnessed a surge in residential, commercial, and infrastructure projects, fueled by rapid urbanization and population growth.

South East Asia Polyurethane Adhesives Market Segmentation

Grand View Research has segmented the South East Asia polyurethane adhesives market report based on application and country.  

South East Asia Polyurethane Adhesives Application Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Footwear

• Automotive

• Construction

• Packaging

• Others

South East Asia Polyurethane Adhesives Country Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Indonesia

• Thailand

• Malaysia

• Rest of South East Asia

List Of Key Players in the South East Asia Polyurethane Adhesives Market

• Ashland

• 3M

• Avery Dennison Corporation

• BASF SE

• Beardow Adams

• Bostik

• Dow

• Honeywell International, LLC

• Eastman Chemical Company

• Ellsworth Adhesives

• H.B. Fuller Company

• Henkel AG & Co. KGaA

• Momentive Performance Materials

• ND Industries Inc.

• Sika AG

• Uniseal Inc.