The Global Specialty Adhesives Market size was valued at USD 3.73 Billion in 2022 and is expected to surpass USD 6.25 Billion by 2031, expanding at a CAGR of 5.9% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for various kinds of flooring, facades, and lamination. Moreover, growing demand from the medical and automotive industries is driving the market growth.
Adhesives can be defined as a mixture in a liquid or semi-liquid state, capable to adhere two surfaces permanently. Specialty adhesives exhibit strong bonds and are resistant to water and temperature. Traditional adhesives are inexpensive than specialty adhesives; however, provide average performance.
Specialty adhesives are majorly used in assembling the product and is a replacement for mechanical fasteners. The aircraft sector is increasingly adopting specialty adhesives owing to switch to lightweight materials. These adhesives are designed for specific applications. Besides their role in the adhesion process, they can be used for other purposes, such as sealing agents, in order to eliminate the effect of self-loosening caused by dynamic loads, sealing of areas to prevent oxidation and corrosion, and waterproofing.
Market Trends, Drivers, Restraints, and Opportunities:
Rising infrastructural development in emerging economies is one of the major drivers that is contributing to the growth of the global specialty adhesives market.
The swift shift from mechanical fastener to specialty adhesives is expected to augment the specialty adhesives market growth.
Harmful emission of volatile organic compounds can restrain the market growth.
Stringent regulations can hinder the market growth.
The outbreak of COVID-19 has negatively impacted the specialty adhesives market. However, the market is anticipated to recover soon.
Rapid urbanization owing to increasing construction activities in low and middle-level countries is expected to create lucrative opportunities during the forecast period.
Scope of Specialty Adhesives Market Report
The report on the global specialty adhesives market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Specialty Adhesives- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Cyanoacrylates, Polyvinyl Acetate, Polyurethanes, and Acrylic) and End-user Industries (Aerospace, Automotive, Construction, Marine, Medical, Military, and Other End-user Industries)
North America, Latin America, Europe, Asia Pacific and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
3M, Arkema Group (Bostik SA), Henkel AG & Co. KGaA, Master Bond Inc., Permatex, Savar Specialty Adhesives, Specialty Adhesives, Inc., and Specialty Adhesives & Coatings Ltd
Specialty adhesives Market Segment Insights
Acrylic segment to grow at a rapid pace
Based on products, the market is divided into cyanoacrylates, polyvinyl acetate, polyurethanes, and acrylic. The acrylic segment is anticipated to account for a key share and is anticipated to grow at a steady rate during the forecast period. Acrylic is most commonly used adhesive across various industries. However, the cyanoacrylates segment is expected to grow at a substantial rate in the projected timeline.
Construction segment to account a major market share
Based on end-user industries, the market is divided into aerospace, automotive, construction, marine, medical, military, and others. The construction segment is anticipated to account for a major share due to the rapid urbanization which has led to the development of high-rise living vertical towers. However, the medical segment is expected to expand at substantial rate due to rising demand for medical devices. specialty adhesives are largely used in dentistry devices.
The market in Asia Pacific to exhibit a high CAGR
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific is anticipated to exhibit a high CAGR during the forecast period.
The disruptive innovation and international exposure to latest technologies in countries such as India and China are driving the regional market growth. North America is expected to account for a considerable market share owing to increasing use of specialty adhesives in the furniture and footwear industries.
The global specialty adhesives have been segmented on the basis of
- Polyvinyl Acetate
- Other End-user Industries
- Arkema Group (Bostik SA)
- Henkel AG & Co. KGaA
- Master Bond Inc.
- Savar Specialty Adhesives
- Specialty Adhesives, Inc.
- Specialty Adhesives & Coatings Ltd
The major players of the market are 3M, Arkema Group (Bostik SA), Henkel AG & Co. KGaA, Master Bond Inc., Permatex, Savar Specialty Adhesives, Specialty Adhesives, Inc., and Specialty Adhesives & Coatings Ltd.
Companies are focusing on innovations and acquisitions to expand their market share.