Specialty Adhesives Market is Anticipated to Witness High Growth Owing to Increasing Demand from Automotive Industry
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| Specialty Adhesives Market |
Specialty adhesives, being used
across various industries, have seen rapid advancements and wider application
scope over recent years. Specialty adhesives offer superior bonding
capabilities and reliably join dissimilar materials together, and find applications
in construction, medical devices, automotive, aerospace, consumer, and other
industries. Key advantages of specialty adhesives include flexibility in
bonding different materials, improved strength and durability of bonds over
other joining methods.
The Global Specialty Adhesives
Market is estimated to be valued at US$
4.56 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the Global
Specialty Adhesives Market Share are PerkinElmer, Cardinal Health,
Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope,
ANSTO, Nordion, Curium Pharma, IRE. The companies are focusing on launching new
and innovative adhesive products and expanding their production capacities to
meet the growing demand from end-use industries.
The growing demand from the
construction and automotive industries is expected to drive the growth of the
specialty adhesives market. Rapid urbanization and infrastructure development
activities in emerging nations are augmenting the adoption of specialty
adhesives in construction applications. Also, the increasing production of
vehicles globally is propelling the utilization of specialty adhesives used in
vehicle manufacturing.
Geographically, the specialty
adhesives market is witnessing high growth opportunities in the Asia Pacific
region on account of rapid industrialization, growing construction activities,
and expansion of the automotive industry in the region. The key players are
investing heavily in expanding their presence across Asia Pacific to leverage
the high growth prospects.
Market Drivers
One of the key drivers for the
growth of the specialty adhesives market is the expanding applications of
specialty adhesives across a wide range of industries including automotive,
aerospace, electronics, construction and healthcare. Specialty adhesives are
increasingly replacing other joining methods such as welding and mechanical
fasteners due to their advantages such as reduced weight, improved strength and
durability of bonds. This is positively impacting the growth of the specialty
adhesives market.
The current global geopolitical
uncertainties are impacting the growth of the specialty adhesives market. With
rising political tensions and trade wars between major economies, manufacturers
are facing disruptions in sourcing raw materials and challenges in
international trade. This is hampering the easy availability of specialty resin
and adhesive formulations in different parts of the world.
Going forward, adhesive
formulators will need to focus on strategically localizing production and
increasing sourcing from regional suppliers to mitigate geopolitical risks.
Companies may also consider alternative material formulations that rely less on
imported ingredients. Collaboration with local research institutions can help
foster innovation in adhesive chemistry suited for local/regional requirements.
Ensuring business continuity also
demands greater emphasis on inventory management and flexibility in global
supply chains. Adhesive makers must investigate opportunities to bank materials
during political calms and evaluate multiple sourcing routes. Additionally,
leveraging free trade agreements and exploring new emerging markets can offset
slowing demand in certain territories due to unfavorable policies or sanctions.
The North American region
currently accounts for the largest share of the global specialty adhesives
market in terms of value. This is attributed to strong demand from various
end-use industries like automotive, construction and electronics manufacturing.
Asia Pacific is also a major regional market fueled by the rapid industrial and
infrastructure growth in China, India and Southeast Asian countries.
Among countries, China holds the
highest consumption of specialty adhesives owing to its dominance in
manufacturing activities. The specialty adhesives demand in China is projected
to increase at an accelerated pace during the forecast period on the back of
supportive government policies promoting domestic adhesive production as well
as adoption of advanced adhesive technologies.
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Adhesives Market
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