The global Specialty Adhesives Market is estimated to be valued at US$ 3.95 Bn or Million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Specialty adhesives include high-performance adhesives used in applications requiring high strength, temperature and chemical resistance. They find applications in construction, packaging, transportation, medical and other industries. Compared to commodity adhesives, specialty adhesives offer superior performance characteristics tailored to meet the growing demands from different end-use industries.
Market key trends:
One of the key trends in the specialty adhesives market is the growing demand from the packaging industry. Packaging applications require adhesives that can withstand varying temperature, humidity and other environmental conditions during transit. Specialty adhesives such as UV curable adhesives are increasingly being used for packaging flexible materials like pouches and bags. They offer benefits such as short curing time and solventless processing. Additionally, specialty hot melts are finding widespread usage in case and carton sealing applications owing to their high speed processing capabilities. The rapid growth of the e-commerce industry has also propelled the demand for specialty adhesives in packaging.
SWOT Analysis
Strength: Specialty adhesives have applications in niche industries that require high-performance bonding. They provide strong bonds that can withstand extreme environmental conditions.
Weakness: Specialty adhesives require specialized application techniques and surfaces. Improper usage can compromise bonding strength.
Opportunity: Increasing demand from end-use industries like electronics, automotive, healthcare etc. owing to their performance benefits over conventional adhesives.
Threats: Availability of alternatives like mechanical fasteners, welding can limit the market growth. Stringent environmental regulations around VOCs emissions.
Key Takeaways
The global specialty adhesives market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the automotive industry. Strong and durable bonds provided by specialty adhesives makes them suitable for various interior and exterior automotive applications.
Regional analysis The Asia Pacific region dominated the specialty adhesives market in 2023 and is expected to grow at the fastest pace during the forecast period. Countries like China, India offer lucrative growth opportunities owing to the rapid industrialization and developing end-use industries.
Key players operating in the specialty adhesives are 3M, Arkema Group (Bostik SA), H.B. Fuller Company, Henkel AG & Co. KGaA, Master Bond Inc., Nexus Adhesives, Permabond LLC, Pidilite Industries Ltd, Sika AG, and Threebond International Inc. Continuous investments in R&D help these players to strengthen their product portfolio and cater to diverse bonding requirements across various applications.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
