Specialty adhesives are materials that are used to bind together surfaces or materials. They offer strong adhesion to different substrates like plastics, metals, and composite materials. Some key advantages of specialty adhesives include excellent bonding capabilities, versatility, durability, and cost-effectiveness. The construction industry extensively uses specialty adhesives for bonding tiles, drywalls, flooring materials, and other construction elements.
The global Specialty Adhesives Market is estimated to be valued at US$ 3.95 Billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from the construction industry is a major driver propelling the growth of the specialty adhesives market. Specialty adhesives find wide usage for bonding roofing underlayments, flooring, tiles, drywalls, and other construction materials and components. According to statistics, the global construction industry grew by over 3% in 2021 compared to the previous year. The rapid urbanization and industrialization along with increasing infrastructure development activities are fueling the demand for commercial and residential construction projects globally. This in turn is increasing the consumption of specialty adhesives in the construction sector. The expansion of the global construction industry is anticipated to augment the specialty adhesives market expansion over the forecast period.
Strength: Specialty adhesives have unique properties such as biocompatibility, temperature resistance and chemical resistance that make them suitable for various applications. This wide range of properties increases their usage.
Weakness: Specialty adhesives have high production costs compared to conventional adhesives. The R&D required to develop new specialty adhesives further increases expenses.
Opportunity: Growing demand from end-use industries such as electronics, medical devices and automotive presents an opportunity for specialty adhesive manufacturers. Emerging applications in wearable devices and electric vehicles will drive future market growth.
Threats: Stringent environmental regulations around the world discourage the use of volatile organic compound (VOC)-emitting adhesives. New product launches with low-VOC formulations are challenging established market players.
The global specialty adhesives market demand is expected to witness high growth.
Regional analysis: Specialty Adhesives Market- Industry Insights, Trends,
Specialty Adhesives Market,, India, and Japan dominate the regional market due to presence of large electronics and automotive industries. North America currently holds the largest share and is expected to maintain its leading position with presence of major specialty adhesive manufactures in the US.
Key players operating in the specialty adhesives market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. These players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it