June 25, 2024
Specialty Adhesives Market

Specialty Adhesives Market to Grow on Account of Rising Demand from Medical Devices Industry

Specialty adhesives find applications in various end-use industries including medical devices, automotive, aerospace, electronics, and construction. They provide high bonding strength, temperature resistance, UV resistance, and chemical resistance properties to materials. Specialty adhesives are used in several medical devices for manufacturing implants, wound care products, surgical drapes, wound closure products, dental bonding materials and more.

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 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. These companies are focusing on innovations to develop advanced adhesive solutions for medical device manufacturers.

The Specialty Adhesives Market Demand provides numerous opportunities for manufacturers in the form of rising demand from medical devices, automotive, electronics and construction industries. Additionally, increasing adoption of lightweight and miniaturized devices is estimated to propel the demand for specialty adhesives.

Globally, the specialty adhesives market is anticipated to witness strong growth owing to increasing applications in developed markets of North America and Europe. Moreover, emerging economies of Asia Pacific offer lucrative opportunities for manufacturers owing to rising spending on healthcare and infrastructure development. Manufacturers are also exploring opportunities in Latin America and Middle East & Africa markets.

Market Drivers

The increasing demand from the medical devices industry is one of the key drivers for the specialty adhesives market. Specialty adhesives are extensively used in medical devices for assembly, binding, sealing, coating and other applications. They provide high biocompatibility and adhesion strength to medical devices while being non-toxic for the human body. Rising healthcare spending, growing medical devices industry and increasing number of surgeries are fueling the demand for specialty adhesives.

PEST Analysis

Political: Specialty adhesives manufacturers are subject to government regulations regarding use and formulations. Regulations regarding global trade and environmental protection also impact the market.

Economic: The global economy and industrial output influence demand for specialty adhesives across different end-use industries like automotive, construction and electronics. Adhesive prices are dependent on raw material costs as oil is a major feedstock.

Social: Consumer and industrial preferences drive innovations in specialty adhesive formulations for applications requiring high-performance and specialty properties. Adoption of new technologies increases demand for advanced adhesives.

Technological: Technological advancements enable the development of innovative specialty adhesive chemistries for demanding applications. New bonding techniques and automated processes aid market growth. High R&D investments facilitate product and process innovations.

Geographical Concentration
North America and Europe account for over 60% of the global specialty adhesives market value owing to extensive manufacturing bases for end-use industries. The U.S., Germany, France and the U.K. are major markets. Strong economic growth has boosted industrial and infrastructural development in Asia Pacific, driving regional demand above 30%. China dominates as the largest producer and consumer of specialty adhesives globally.

Fastest Growing Region
Asia Pacific is poised to register the fastest growth during the forecast period led by China, India and Southeast Asian countries. Expanding manufacturing industries, urbanization, building and construction activities are expected to propel adhesive consumption significantly. Additionally, India and China are major outsourcing destinations, augmenting demand from electronics and automotive sectors. Rapid industrialization will continue stimulating the regional specialty adhesives market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it