The global specialty adhesives market is experiencing growth due to several factors such as growing demand from the construction industry and the properties of specialty adhesives such as bond load-bearing components together, providing high strength and durability.
PORTLAND, Ore., Sept. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Specialty Adhesives Market by Product (Cyanoacrylates, Polyvinyl Acetate, Polyurethanes, Acrylic, Other), by End-Use Industry (Aerospace, Automotive, Construction, Marine, Other): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global specialty adhesives market was valued at $4.7 billion in 2022, and is projected to reach $7.3 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
A specialty adhesive is a type of bonding agent specifically formulated to meet distinct and precise requirements for adhering, joining, or bonding materials in unique applications or industries. Specialty adhesives offer enhanced performance, durability, and compatibility with materials, environments, or conditions. They possess characteristics such as resistance to high temperatures, chemicals, flexibility, rapid curing, conductivity, optical clarity, biocompatibility, and more, depending on their intended use.
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Prime determinants of growth
The global specialty adhesives market is experiencing growth due to several factors such as growing demand from the construction industry and the properties of specialty adhesives such as flexibility where specialty adhesives retain flexibility after curing, allowing them to absorb vibrations, movements, and structural shifts without losing their bond integrity. However, high-cost production and limited shelf life hinder market growth to some extent. Moreover, strong emphasis on sustainable and eco-friendly adhesives offers remunerative opportunities for the expansion of the specialty adhesives market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2021 | $4.7 billion |
Market Size in 2031 | $7.3 billion |
CAGR | 4.7 % |
No. of Pages in Report | 297 |
Segments Covered | Product, End-Use Industry, and Region. |
Drivers | Advancements in medical device adhesives Increase in demand from the building and construction sector |
Opportunity | Strong emphasis on sustainable and eco-friendly adhesives |
Restraint | High-cost production and limited shelf life |
Economic crises on the Specialty Adhesives Market
- Economic disruptions cause a decrease in demand for specialty adhesive products, particularly in industries such as construction, manufacturing, and automotive. Businesses delay adhesive projects due to financial concerns and uncertainty.
- The conflict also disrupts trade routes, leading to supply chain issues, increased costs, and difficulty meeting customer needs. This can affect the profitability and competitiveness of adhesive manufacturers.
- Economic challenges lead to market consolidation, favoring larger firms, but also drive innovation in cost-effective, high-performance, and sustainable adhesive solutions. Recoveries may bring new applications and industries, creating growth opportunities for specialty adhesive companies.
The other segment is expected to grow faster throughout the forecast period
Based on product, the cyanoacrylates segments held the highest market share in 2022, accounting for nearly one-third of the global specialty adhesives market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to cyanoacrylates offer high bond strength on a wide range of substrates such as metals, plastics, rubber, ceramics, and wood
However, the other segment including epoxy adhesives, UV-curable adhesives, and others is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, as it is commonly used as UV-curable adhesives are generally solvent-free and have low or no volatile organic compounds (VOCs), making them environmentally friendly adhesive options. Epoxy adhesives are created by combining epoxy resin with a hardener.
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The construction segment is expected to lead the trail by 2032
Based on the end-use industry, the construction segment held the highest market share in 2022, accounting for around one-third of the global specialty adhesives market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that specialty adhesive is crucial for securely bonding various materials such as glass, metal, and composites in facades, leading to improved aesthetics. These adhesives also play a role in creating resilient flooring that dampens vibrations and provides comfort by enhancing sound insulation. However, the marine segment would cite the fastest CAGR of 5.4% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global specialty adhesives market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as the Asia-Pacific region seeing strong economic growth, driving higher demand for specialty adhesives due to increased consumer spending, industrial activities, and sector investments. The same region is also expected to witness the fastest CAGR of 4.9% % from 2023 to 2032. The growth is attributed to the use of specialty adhesives as advanced adhesives offer improved performance, durability, and versatility, catering to emerging industries and applications.
Leading Market Players: -
- 3M COMPANY
- ADVANCED ADHESIVE TECHNOLOGIES INC.
- BOSTIK
- HENKEL CORPORATION
- MASTER BOND INC.
- NEXUS ADHESIVES
- PERMATEX INC.
- SAVARE SPECIALTY ADHESIVES LLC
- SPECIALTY ADHESIVES AND COATINGS, INC.
- WORTHEN INDUSTRIES.
The report provides a detailed analysis of these key players in the global specialty adhesives market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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