Chan Ye Xin Xi Wang·2025-06-20 01:30Core Insights - The polyurethane hot melt adhesive industry is experiencing significant growth, with sales increasing from 2.559 billion yuan in 2015 to 6.124 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 10.18% [1][10]. Industry Overview - Polyurethane hot melt adhesives are made from polyurethane resins or prepolymers, combined with various additives, and are widely used in industries such as automotive, electronics, construction, packaging, and footwear due to their high bonding strength and ease of use [2][4]. - The industry is characterized by two main types of polyurethane hot melt adhesives: thermoplastic polyurethane (TPU) and reactive polyurethane (PUR), each with distinct properties and applications [2]. Industry Chain - The polyurethane hot melt adhesive industry consists of three main segments: upstream (raw materials like polyurethane resins), midstream (production), and downstream (application in various sectors) [4]. - Key applications include automotive components, electronic devices, and construction materials, where the adhesives are used for bonding various parts [4]. Production and Supply - China's polyurethane production has been steadily increasing, reaching 17.1 million tons by 2024, driven by market demand and advancements in production technology [6]. - The growth in polyurethane production ensures a stable supply of raw materials for the hot melt adhesive industry [6]. Market Dynamics - The automotive industry is a significant driver for polyurethane hot melt adhesives, with a notable increase in vehicle production, including a 30.3% rise in new energy vehicle production in early 2025 [8]. - The demand for high-quality interior components in vehicles has led to increased use of polyurethane hot melt adhesives due to their environmental friendliness and performance [8]. Competitive Landscape - The global market for polyurethane hot melt adhesives is dominated by large companies, with Chinese firms rapidly gaining market share both domestically and internationally [14]. - Notable companies in the industry include Tianyang New Materials, Huitian New Materials, and Kangda New Materials, which are recognized for their innovative products and market presence [15]. Development Trends - The industry is moving towards environmentally friendly products, with a focus on low VOC and solvent-free adhesives to meet regulatory standards and consumer preferences [18]. - Smart manufacturing technologies are being adopted to enhance production efficiency and product quality, aligning with the trends of Industry 4.0 [19]. - There is an increasing demand for high-performance adhesives in various applications, prompting companies to invest in research and development [20]. - New application areas are emerging, including renewable energy, medical devices, and 3D printing, expanding the market for polyurethane hot melt adhesives [21].