Burlingame, June 20, 2023 (GLOBE NEWSWIRE) -- The specialty adhesives market size is estimated to reach USD 5.92 billion by 2030, expanding at a CAGR of 5.9% from 2023 to 2030, according to the recent reports of Coherent Market Insights, Inc
Analysts’ Views on Global Specialty Adhesives Market
The speciality adhesive market is gaining traction with the growing construction activities worldwide owing to the growing population which is creating demand for more residential infrastructure. Also, growing focus of government on developing green building due to rising environmental concerns is again expected to propel market growth. Moreover, strong growth of electronic industry is further expected to uplift the market growth over the forecast period.
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Key Trends and Analysis of the Global Specialty Adhesives Market: Global Specialty Adhesives Market - Drivers
Rapid growth of packaging industry to propel speciality adhesives market growth
Specialty adhesives are widely used for sealing, bonding, insulating, and protecting various products from damage. They provide high durability, strong peel strength, and excellent water and temperature resistance properties. This make them ideal materials for packaging application. Moreover, it is a important component for sealing and bonding various types of materials. From plastic and glass to corrugated cardboard boxes, these adhesives can ensure that the packaging remains intact throughout transportation. Thus, growing packaging industry is boosting speciality adhesive market growth.
Growing demand from aerospace and medical sector to foster market growth
Due to their high durability, toughness, and waterproofing properties, speciality adhesive are gaining acceptance in medical and aerospace industry. In aerospace industry these adhesives are used to bond composite materials as these bond can resist water, solvent, and temperature changes. In medical industry, these adhesives are used in robes, tapes, and other medical devices to minimize weight and incraese their versatility.
Specialty Adhesives Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 3.73 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 5.9% | 2030 Value Projection: | US$ 5.92 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Specialty Adhesives Market - Restrain
Declining automobile production and low stability at high temperature is expected to hamper the market growth
Recently, automotive industry witnessed a sharp decline production of automobile due to various economic factors. According to the world association OICA, Europe as a whole saw a drop of more than 21% on average. All major producing countries had sharp declines, ranging from 11% to almost 40%. Europe showed an almost 22% share of the global production. In America, the 2020 production of 15,7 million units represented a 20% share of the global production. The NAFTA region saw production declining by more than 20%, with U.S. manufacturing declining by 19%. South America dropped by more than 30%, with Brazil down by almost 32%.
Other factor such as low stability at high temperatures is further expected to restrict the market growth.
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Global Specialty Adhesives Market – Opportunities
Growing application of water-based adhesives is expected to provide significant market growth opportunities
Growing popularity of water based adhesives is expected offer lucrative opportunities for key palyers in the market over the forecast period. This is owing to its low cost and superior water and temperature resistance properties. Additionally, it can be used in various applications such as packaging, paper lamination, envelopes, furniture, textiles, and vehicles.
Global Specialty Adhesives Market - Key Developments
In March 2020, Spinnaker Coating introduced new specialty adhesives: GripTight and SureLock. They are aggressive hot melt, rubber-based adhesives that work for a variety of difficult-to-stick-to applications.
In March 2023, Arkema launched a new integrated product range that combines the company’s technological expertise in the adhesives market, strengthened by the recent acquisition of Ashland performance adhesives, and acrylic value chain solutions.
In March 2022, Bostik has concluded a distribution agreement with DGE for Europe, Middle East and Africa for Adhesives and Sealants Distribution
Key Market Takeaways:
Global speciality adhesives market is expected to exhibit a CAGR of 5.9% during the forecast period owing to the increasing demand for electric vehicles, growing building & construction activities, rising preference for ready-to-eat food products, and strong growth of packaging industry. Moreover, growing demand from medical industry is further projected to fuel market growth.
On the basis of Resin Type, polyurathane segment is expected to hold a dominant position owing to the growing demand from aerospace, automotive, packaging, and healthcare industry.
On the basis of End User, aerospace segment is expected to hold a dominant position due to the increasing use of speciality adhesives in bonding aircraft structure such as fuselage, control surfaces in wing flaps and tips, composite fairings, landing gear doors, empennage components, cargo liners, and floors.
On the basis of region, North America is expected to hold a dominant position over the forecast period owing to the increasing automobile production coupled with the rise in construction activities in the region.
Key players operating in the global specialty adhesives market include Arkema Group (Bostik SA), 3M,H.B. Fuller Company, Master Bond Inc., Henkel AG & Co. KGaA, Nexus Adhesives, Pidilite Industries Ltd, Permabond LLC, Sika AG, and Threebond International Inc.
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Detailed Segmentation:
Global Specialty Adhesives Market, By Resin Type
- Polyurethane
- Epoxy
- Radiation- Curable
- Cyanoacrylate
- Anaerobic
Global Specialty Adhesives Market, By End user Industry
- Aerospace
- Automotive
- Building & Construction
- Healthcare
- Packaging
- Industrial Assembly
- Others (Energy, Electronics, Under Water Bonding, Cosmetics, Military)
Global Specialty Adhesives Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Reports:
Industrial Adhesives Market, By Composition (Polyurethane, Epoxy, Vinyl, Acrylic, Others), By Type (Water-based Adhesives, Solvent-based Adhesives, Hot-melt Adhesives, Others), By End Use Industry (Packaging Industry, Construction Industry, Automotive Industry, Electrical & Electronics, Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
Oleochemicals Market, By Product (Specialty Esters, Fatty Acid Methyl Esters, Glycerol Esters, Alkoxylates, Fatty Amines, Others), By Application (Personal Care & Cosmetics, Consumer Goods, Food Processing, Textiles, Paints & Inks, Industrial, Healthcare & Pharmaceutical, Polymer & Plastic Additives, Other), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
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