April 20, 2024

Specialty Adhesives Market is Estimated to Witness High Growth Owing to Rising Demand in Medical Devices

Specialty adhesives are adhesive formulations used in applications that require high-strength bonding and resistance to environmental conditions such as heat, water, chemical or solvents. They find wide usage in automotive & transportation, electronics, medical and other industries. The medical devices segment accounts for a major share where they are used to bond catheters, implants, wound care products and bandages. 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 2030.

Key Takeaways

Key players operating in Global Specialty Adhesives Market Share are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. The growing prevalence of chronic diseases and rising geriatric population is expected to generate strong demand for medical devices which in turn will boost the specialty adhesives market growth. Technological advancements in adhesive formulations to achieve characteristics such as high service temperature, UV & weather resistance, and quick bonding strength will fuel the market expansion over the coming years.

Market drivers

Increase in surgical procedures owing to rising healthcare expenditure and growing incidence of accidents is a key factor propelling the demand for specialty adhesives in medical devices. The specialty adhesives help in reducing post-surgical complications and healing time which is driving its increased preference over conventional sutures and staples. Moreover, the ongoing research and development activities to develop bio-based and bio-resorbable adhesives will further support the market growth during the forecast period.

Current challenges in Specialty Adhesives Market

The specialty adhesives market is facing various challenges which are hindering its growth. High cost of specialty adhesive materials is one of the major challenges as they utilize premium quality raw materials in their manufacturing. Stringent environmental regulations around the world regarding VOC emissions from adhesives is another obstacle. Adhesive bonding requires more complexity in terms of surface preparation when compared to other joining technologies which increases production costs. Lack of trained workforce for specialized adhesive application is also a challenge for manufacturers.

SWOT Analysis

Strength: Specialty adhesives offer superior bonding strength over other joining methods. They provide durable, high strength and hermetic seals required in various industries.

Weakness: High costs involved in developing new specialty adhesive formulations. Higher prices of these adhesives compared to commodity adhesives.

Opportunity: Growing end-use industries like automotive, aerospace, medical etc favors the demand for specialty adhesives. Development of bio-based and recyclable specialty adhesive technologies present new opportunities.

Threats: Stringent environmental regulations around the world. Substitution threat from alternative joining technologies in certain applications.

North America currently holds the largest share in the global specialty adhesives market both in terms of value and volume. Presence of major specialty adhesive manufacturers and strong end-use industries drive the North America market. Asia Pacific is projected to be the fastest growing region during the forecast period owing to rapid industrialization and infrastructure development activities in developing countries of the region especially China and India.

Europe is another major geographical region accounting for significant share in the global specialty adhesives market. Strong automotive industry, aerospace industry and growing electronics sector fuels the demand for specialty adhesives in Europe. Latin America and Middle East & Africa are expected to offer considerable growth opportunities for specialty adhesive manufacturers over the coming years.

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