Specialty adhesives refer to high-performance adhesives that have unique chemical and mechanical properties suitable for specific applications. They are used in healthcare, electronics, transportation, and other industries. In the healthcare sector, specialty adhesives are used for medical device assembly, wound care, and other applications. They provide excellent adhesion while being biocompatible.

The global specialty adhesives market is estimated to be valued at US$ 3.95 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Specialty adhesives find widespread application in various end-use industries such as healthcare, automotive, and electronics owing to their unique properties. One of the key drivers for the specialty adhesives market growth is the increasing demand from the healthcare industry. Adhesives play a vital role in medical device assembly, wound care, and other applications due to properties such as biocompatibility. They help join medical devices, bond wound dressings, and perform other important functions efficiently and safely. Moreover, specialty adhesives improve production efficiency in medical device manufacturing. The growing healthcare spending globally is expected to drive the demand for medical devices, thereby supporting the growth of the specialty adhesives market during the forecast period.

SWOT Analysis
Strength: Specialty adhesives market has various benefits like higher strength bonds, moisture and temperature resistance which makes it suitable for various applications. It provide strong bonding and sealing for demanding applications. The emergence of new technologies have enabled development of adhesives with improved properties.

Weakness: Specialty adhesives requires high level of precision and skills during application which increases costs. Certain specialty adhesives have limitations regarding bonding flexibility and broader surface area coverage. Development of new adhesives involves significant investments and long testing time.

Opportunity: Growth in end-use industries like automotive, construction and medical is driving the demand for specialty adhesives. Rising need for lightweight and premium materials offers opportunities. Development of bio-based and recyclable adhesives presents new opportunities. Growth in emerging markets of Asia Pacific and Latin America provides new avenues.

Threats: Stringent environmental regulations around VOC emissions pose challenges. Fluctuating raw material prices can impact manufacturers. Technology developments may make certain adhesives obsolete over time. Intense competition among existing players limits pricing flexibility.

Key Takeaways

The global specialty adhesives market growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.95 Billion by 2024, growing at a CAGR of 8.4% through 2030.

Regional analysis: North America currently accounts for the largest share of the global specialty adhesives market. Strong presence of end-use industries and stringent emission norms drive the North American market. Asia Pacific region is expected to witness fastest growth supported by rising industrial and construction activities in major economies like China and India. Countries like China, India, Japan and South Korea are emerging as dominant regional markets.

Key players: 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. PerkinElmer and Cardinal Health are the largest players with wide product portfolio and global presence.

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