The specialty adhesives market comprises of adhesives such as silicone, polyurethane, acrylic and others being used in medical devices, tapes and labels, films packing and other applications. Specialty adhesives are engineered to possess tailored mechanical and thermal properties along with resistance to environmental factors. They provide strong bonding capabilities between a variety of dissimilar substrates which has augmented their use in various industries.
The Global specialty adhesives market is estimated to be valued at US$ 4.56 Billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Key Takeaways
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. Specialty adhesives find widespread application in the medical devices industry owing to their biocompatibility and ability to bond a variety of substrates like metals, glass and plastics securely. The global medical devices market is witnessing over 6% annual growth which is fueling demand for specialty adhesives. Various regulatory approvals for specialty adhesives has propelled their use in novel medical applications.
The Specialty Adhesives Market Demand is expanding globally due to increasing demand from key regional markets in Asia Pacific, North America, Europe and Middle East countries. Market players are investing in product development and facility expansion to cater to the growing requirements of regional end-use industries. Ongoing innovations in material chemistry has led to specialty adhesives with advanced properties like heat resistance, durability and recyclability.
Market key trends
One key trend gaining prominence in the specialty adhesives market is the rising preference for sustainable bio-based products. Material researchers are engaged in developing specialty adhesives from renewable plant oils and resins. These are environmental-friendly alternatives to petroleum-derived variants. Their increasing adoption especially in packaging and non-woven hygiene products is stimulating research. Specialty adhesive formulators are focusing on reducing volatile organic compound emissions and designing solvent-free systems to meet stringent regulations.
Porter’s Analysis
Threat of new entrants: Specialty adhesives require significant investments in R&D to develop innovative adhesive formulations for specific applications as well as considerable branding and promotion that creates entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have a reasonable choice of adhesive suppliers but demand specialized solutions tailored for their applications.
Bargaining power of suppliers: The specialty chemicals industry is highly fragmented with a large number of suppliers producing core raw materials like epoxies and acrylics, reducing their individual bargaining power.
Threat of new substitutes: There is a low threat of substitutes as specialty adhesives often enable product design and performance benefits over alternative joining technologies like thermal bonding, riveting, stapling.
Competitive rivalry: The market is consolidated with top players differentiating through customized adhesive systems and technologies for niche end-use segments.
Geographical Regions
North America accounts for the largest share of the global specialty adhesives market in terms value due to substantial demand from various end-use industries like transportation, construction and electronics manufacturing.
The Asia Pacific region is projected to be the fastest growing market during the forecast period driven by increasing infrastructure spending, industrialization and growing middle-class population in countries such as China, India leading to higher consumption of specialty adhesives in transportation, building & construction and other applications.