Specialty Adhesives Market - Forecast(2024 - 2030)

Report Code: CMR 13874 Report Format: PDF + Excel

Specialty Adhesives Market Overview

Specialty adhesives market size is forecast to grow at a CAGR of 5.6% during 2022-2027. Specialty adhesives are the composition of polyvinyl acetate, polyurethane, and others specially formulated to meet specific requirements. Specialty adhesives are widely used in electric insulation, synthetic turf installations, roofing, flooring, bonding & sealing, and foaming compounds owing to rapid cure and optical clarity properties in various end-use industries like automotive, marine, building & construction, medical, and others. Cyanoacrylates specialty adhesives are exhibiting robust growth due to the rising demand for polymer solutions by exhibiting high bond strength. According to Plastic Europe Association, the consumption of plastic products in the construction sector in the European Union has increased by 5.7% from the first quarter of 2021 to the third quarter of 2021 as compared to the same period of 2020. According to Invest India, the construction market of India is projected to increase by 7.1% each year by 2025. Therefore, the growing construction sector will boost the specialty adhesives market during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has been a major challenge for the specialty adhesives market owing to directly affecting the manufacturer's supply chain across the globe and shutting down the production facilities to minimize the risk of virus spread. The specialty adhesives market saw a considerable amount of growth due to the increase in the need and use of medical tapes and medical robes owing to the increase in the number of hospitals & patients around the globe. The major sectors such as automotive, building & construction, and others have been highly impacted. According to The European Automobile Manufacturers Association, European Union GDP has contracted by 6.3% in 2020 as compared to 2019. The car market has a significant decline of 20.6% in Europe, a 16.6% decline in the United States, 6.8% drop in Chinese car sales throughout 2020. Although the demand from many key-use industries decreased, the demand from the medical industry boosted the sales of specialty adhesives during the year 2020. The specialty adhesives market is also estimated to gradually increase during the forecast period.

Report Coverage

The report: “Specialty Adhesives Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the specialty adhesives industry.

By Technology: Solvent Based, Water Based and Others.
By Resins: Polyurethane, Polypropylene, Acetal, Polyesters, Elastomers, Epoxy, Methyl methacrylate, Silicone, and Others.
By Curing Process: UV Light, Heat, Pressure, and Others.
By End-Use Industry: Optical Industry (Display Assembly, Fiber Optics, LED Assembly, Photonics, Camera Module and Others), Automotive & Transportation (Body Panel, Headliner, Interior & Exterior Trim, Load Floor, Windscreen Bonding and Others), Hygiene and Personal Care (Baby Diapers, Feminine Products and Others), Packaging & Paper (Case & Carton Sealing, Bottle/Container Labeling, Laminating, Bag Manufacturing and Others), Building & Construction (Façade & Wall Panel, Doors & Windows, Flooring & Roofing, and Others), Energy & Power, Medical, Electric & Electronics, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), and Rest of the World: The Middle East(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa(South Africa, Nigeria, Rest of Africa).

Key Takeaways

  • The Asia Pacific is expected to register a CAGR of 6.3% during the forecast period (2022-2027). The increasing demand from end-use industries such as automotive, packaging, and others in Asian countries such as China, India, Japan, and South Korea is driving the market demand for Specialty Adhesives.
  • The increase in the demand from the medical industry, especially during the Covid-19 pandemic has led to a rise in the production and sales of specialty adhesives.
  • The growing demand for specialty adhesives in various applications such as packaging, personal and hygiene products, etc., is driving the specialty adhesives market.
  • The emergence of electric vehicles will eventually drive the market growth of Specialty Adhesives, as they were used in various body parts of the automobile.

Figure: Asia Pacific Specialty Adhesives Market Revenue, 2021-2027 (US$ Billion)

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Specialty Adhesives Market Segment Analysis – By Resins

The Polyurethane segments accounted for around 22% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Polyurethane offers a combination of excellent properties like water resistance, chemical resistance, and toughness, and is broadly used for wood and floor coatings, roofing, and sealant applications for various end-use industries like building & construction, furniture, and others. According to the Associated General Contractors of America (AGC), the construction sector of the US is a major contributor to the economy and creates nearly US$1.4 trillion worth of structures every year. Therefore, the use of Polyurethane specialty adhesives for construction activity will boost demand for specialty adhesives during the forecast period.

Specialty Adhesives Market Segment Analysis - By Curing Process

The UV Light segments held the largest share in 2021 and are estimated to grow at a significant CAGR during the forecast period owing to the expanded capabilities of dual-cured adhesives. The UV Light cured Specialty Adhesives are widely used in packaging owing to their excellent heat-sealing property. According to the Packaging Industry Association of India, the global packaging industry is developing & expanding, and simultaneously growing Indian packaging industry. The packaging Industry of India was valued at US$ 50.5 billion in 2019, and it is projected to reach US$204.81 billion by 2025, with a CAGR of 26.7% during the period of 2020-2025. This growth is primarily driven by pharmaceutical, food processing, manufacturing industry, FMCG, the healthcare sector in emerging economies like China, India, Brazil, Russia and a few other East European countries. Therefore, the growing Packaging Industry will boost the demand for UV Light curing process segments which in turn drive the specialty adhesives market during the forecast period.

Specialty Adhesives Market Segment Analysis – By End-Use Industry

Building and construction industry accounted for approximately 30% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The increase in construction activities across the globe is driving the demand for the specialty adhesives market. According to the construction products associations, the construction product market of the UK is having significant growth currently and is forecast to rise by 6.3% in 2022. According to Statistics Sweden, the total number of authorized building permits for residential is 1, 864, in the first quarter, 2, 520 in the second quarter, and 1,764 in the third of 2021. According to Plastic Europe, the construction industry has grown by 5.7% between the first and third quarters of 2021 as compared to 2020. This will eventually drive the need and demand for specialty adhesives in the construction industry as it is widely used as polyvinyl acetate in paintings & coatings, sealants, bonding, and adhesion in various applications in the construction industry such as joint blocking, bonding layer in flooring and roofing and many more during the forecast period.

Specialty Adhesives Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the specialty adhesives market in 2021 up to 38%, owing to the growing consumer appliances, automotive, packaging, large Infrastructure projects, in developing countries like China, India, Indonesia, and others will boost the demand for bonding & sealing, electric Insulation, paint & coatings, tapes & labels, and others. According to Invest India, the global electronic components market is expected to reach US$191.8 billion by 2022 driven by the Asia Pacific region to capture a dominant share. According to the Agriculture and Processed Food Products Exports Authority of India, exports of processed food valued US$ 4,987.76 million in 2020-21, which includes the share of products like mango pulp, processed fruits & vegetables cucumber and gherkins, Juices & nuts, and others driving packaging segment. Therefore, the growing is growing electronic components and processed food export is boosting the demand for the specialty adhesives market during the forecast period.

Specialty Adhesives Market Drivers:

The growing demand for Specialty Adhesives in the Medical sector

The growing demand for specialty adhesives from the medical industry owing to the increase in the use of medical tapes is driving the specialty adhesives market. The various medical tapes used are namely composite tapes, double-sided tapes, heat-activated-transfer tapes, and high adhesion tapes, which are contributing to the growth of the specialty adhesives market. The growing use of medical tapes can be attributed to the increase in the demand for surgical procedures owing to the increase in road mishaps, cardiovascular diseases, traumatic injuries, accidents, and other ailments. According to the Aesthetic Society, the United States spent over US$9 billion on aesthetic plastic surgery in 2020. Therefore, the growing demand for tapes in surgical procedures will be driving the specialty adhesives market during the forecast period.

Increasing application in the packaging industry

Packaging is widely used to protect the product from being damaged or getting spoiled for different products like grocery, beverages, consumer electronics, auto components, and others. According to the Republic of the Philippines, the total agricultural trade of the Philippines in the second quarter of 2021, amounted to US$5.37 billion, with an increase of 29% and 11.5% in the first quarter of 2021. According to Confederation of European Paper Industries statistics, the production of packaging grades is increased by 2.1% in 2020 as compared to 2019 and case materials mainly used for transport packaging and corrugated boxes recorded an increase of 3.3% in 2020. The growing trade and increase in packaging production will increase the demand for packaging across the globe which in turn, will boost the demand for specialty adhesives during the forecast period.

Specialty Adhesives Market Challenges:

Stringent regulations by the government

The production of specialty adhesives involves the releasing of various VOC (Volatile Organic Compounds) into the surroundings which will cause pollution such as air pollution, water pollution, etc. This has attracted various regulations from Government bodies across the globe. For instance, according to the wastewater discharge standards set by the Government of India, factories cannot release wastewater into the common water bodies and they should adhere to policies, which lays rules about the limit of wastewater that can be released in the receiving water body. Therefore, the stringent regulations by the government can hamper the market.

Specialty Adhesives Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the specialty adhesives market. Major players in the specialty adhesives market are:

  1. Master Bond Inc.
  2. Permatex
  3. Arkema Group
  4. 3M
  5. Savare
  6. Specialty Adhesives
  7. Advanced Adhesive Technologies, Inc.
  8. Bostik
  9. Nexus Adhesives Pty Ltd.
  10. Selleys
  11. Adirondack specialty adhesives

Recent Developments

  • In October 2020, Dymax introduced MD 250-CTH cationic epoxy for medical adhesives. The semi-opaque off-white color of the material provides some light-blocking functionality for use around lighted camera components.

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1. Specialty Adhesives  Market- Market Overview
    1.1 Definitions and Scope 
2. Specialty Adhesives   Market- Executive Summary
    2.1 Key Trends by Technology
    2.2 Key Trends by Resins
    2.3 Key Trends by Curing Process
    2.4 Key Trends by End-use Industry
    2.5 Key Trends by Geography
3. Specialty Adhesives   Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Specialty Adhesives   Market - Startup Companies Scenario Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Specialty Adhesives  Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Specialty Adhesives Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Specialty Adhesives   Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Specialty Adhesives   Market – By  Technology (Market Size -US$ Million/Billion)
    8.1 Solvent Based
    8.2 Water Based
    8.3 Others
9. Specialty Adhesives Market – By Resins (Market Size -US$ Million/Billion)
    9.1 Polyurethane
    9.2 Polypropylene
    9.3 Acetal
    9.4 Polyesters
    9.5 Elastomers
    9.6 Epoxy
    9.7 Methyl methacrylate 
    9.8 Silicone 
    9.9 Others
10. Specialty Adhesives   Market – By Curing Process (Market Size -US$ Million/Billion)
    10.1 UV Light
    10.2 Heat
    10.3 Pressure
    10.4 Others
11. Specialty Adhesives   Market – By End Use Industry(Market Size -US$ Million/Billion)
    11.1 Optical Industry
        11.1.1 Display Assembly
        11.1.2 Fiber Optics
        11.1.3 LED Assembly
        11.1.4 Photonics
        11.1.5 Camera Module
        11.1.6 Others
    11.2 Automotive & Transportation
        11.2.1 Body Panel 
        11.2.2 Headliner
        11.2.3 Interior & Exterior Trim
        11.2.4 Load Floor
        11.2.5 Windscreen Bonding
        11.2.6 Others
    11.3 Hygiene and Personal Care
        11.3.1 Baby Diapers
        11.3.2 Feminine Products
        11.3.3 Others
    11.4 Packaging & Paper
        11.4.1 Case & Carton Sealing
        11.4.2 Bottle/Container Labeling
        11.4.3 Laminating
        11.4.4 Bag Manufacturing
        11.4.5 Others
    11.5 Building & Construction
        11.5.1 Facade & Wall Panel
        11.5.2 Doors & Windows
        11.5.3 Flooring & Roofing
        11.5.4 Others
    11.6 Energy & Power
    11.7 Medical
    11.8 Electrical & Electronics
    11.9 Others
12. Specialty Adhesives   Market - By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        12.5.2 Africa
   South Africa
   Rest of Africa
13. Specialty Adhesives   Market– Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Specialty Adhesives   Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Specialty Adhesives   Market – Key Company List by Country Premium Premium
16. Specialty Adhesives   Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10  Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"