Applicability of Specialty Adhesives: A Quick Analysis
7 Dec 2023
Specialty adhesives are bonding agents used for special purposes and unique applications owing to their cross-linking properties. They are mainly used in those applications wherein maintaining strength and robustness of the materials is paramount. Moreover, specialty adhesives due to their unique composition exhibit properties such as temperature and chemical resistance, conductivity, biocompatibility, rapid curing, optical clarity, etc.
Diverse industrial applications of specialty adhesives
Specialty adhesives are widely used in the construction and building sector. An increase in focus on environmental protection has even led to the development of sustainable specialty adhesives. Such sustainable adhesives are mainly used for construction of low-energy buildings and in waterproofing, insulation, and sealing applications. Apart from the construction industry, specialty adhesives are also used in the aerospace sector. The adhesives specifically designed for this purpose demonstrate high elasticity, high temperature resistance, and torsional rigidity which is mandatory for smooth functioning of an aircraft. These properties of specialty adhesives make them ideal for automotive applications also.
Growing shift towards electric mobility and rising use of electronic components in automobiles have increased the applicability of these adhesives. For example, specialty adhesives play an important role in encapsulation of battery packs, vehicle integration, and installation of different electronic systems such as advanced driver-assistance systems (ADAS). Specialty adhesives are extensively used in the packaging industry also. The type of adhesive to be used depends on the packaging material; also, in the food packaging industry, only those adhesives, which meet all the food safety standards, can be used.
Factors influencing the growth of the market
The specialty adhesives market is set to register a CAGR of 4.7% during the 2023-2032 period. This healthy growth rate of the industry is due to a number of factors and growth drivers. Firstly, rising demand for specialty adhesives from the global construction industry is expected to help the market reach new heights in the forecast period. Moreover, the extensive applicability of specialty adhesives in the healthcare sector is projected to impact the market positively. Also, a surge in environmental awareness is estimated to translate into an increase in demand for sustainable specialty adhesives which might create new growth opportunities in the market.
When studied on the basis of product, the acrylic segment is predicted to have the highest CAGR of 5.1% during the 2023-2032 period. On the other hand, analysis based on end-use industry shows that the aerospace segment is projected to be the fastest growing with a CAGR of 5.1%. Regional analysis puts the China specialty adhesives market at the top with a CAGR of 5.3% during the analysis period.
Strategic alliances in the specialty adhesives industry
In June 2023, H. B. Fuller, a leading adhesives manufacturing company announced that it was acquiring two companies- Adhezion Biomedical and XCHEM International. These two companies specialized in manufacturing medical adhesives and specialty adhesives respectively. The acquisitions by H. B. Fuller will ultimately help the company to consolidate its lead over its peers.
In May 2023, Techsil, an adhesives manufacturing company, announced the acquisition of Eurobond Adhesives. The statement released by the company stated that the acquisition was in line with its aim to expand its foothold in the industry.
To summarize, these strategic alliances, along with rising applicability of specialty adhesives in different end-use industries will surely augment the growth rate of the market in the coming period.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.