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Specialty Adhesives Market Is Estimated To Witness High Growth Owing To Opportunity In Medical Devices Adhesion

kiran gire
Specialty Adhesives Market Is Estimated To Witness High Growth Owing To Opportunity In Medical Devices Adhesion

Specialty adhesives are extensively used in various end-use industries such as automotive, construction, packaging, healthcare, and others. They provide superior bonding strength and offer greater design flexibility. Specialty adhesives offer resistance to extreme temperatures, water, chemicals, and other environmental conditions. They are used in medical devices to adhere dissimilar substrates and materials. 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 Opportunity:

The growing demand for medical devices from an aging population around the world presents a major market opportunity for specialty adhesives in medical device adhesion. Specialty adhesives play a critical role in the manufacturing of medical devices by offering biocompatibility, flexibility in design, enhanced mechanical strength, and resistance to microbial contaminants. They are widely used to bond dissimilar substrates such as plastic, rubber, and metal in catheters, implants, wound care products, surgical equipment, and other medical devices. The increasing number of surgical procedures and growing demand for minimally invasive surgeries are further driving the need for advanced medical devices which in turn is expected to boost the demand for specialty adhesives over the forecast period.

Porter’s Analysis

Threat of new entrants: Specialty adhesives require significant R&D investments to develop specialised formulations. Existing players have established distribution networks and customer relationships making it difficult for new players to enter.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players. However, switching costs are low if suppliers do not offer competitive pricing or services.

Bargaining power of suppliers: Key raw materials are commonly available but suppliers of specialised chemicals have some power. Integration across supply chain helps reduce dependence on single suppliers.

Threat of new substitutes: Substitutes exist for some applications but specialty adhesives have distinct performance properties making alternatives limited.

Competitive rivalry: The market is consolidated with top players competing on performance, reliability and customer service. R&D plays a key role in product differentiation and competitive intensity is high.

SWOT Analysis

Strength: Specialised product portfolio and extensive R&D capabilities allow top players to develop adhesives for niche applications. Established relationships and distribution creates barriers.

Weakness: Specialty products require compliance to strict quality standards increasing production costs. Supply chain disruptions can impact projects timelines.

Opportunity: Growth areas include structural and lightweight bonding in automotive and transportation sectors. Demand from medical devices is rising.

Threats: Stringent environmental regulations impose compliance burden. Economic slowdowns can temporarily reduce demand from end-use industries.

Key Takeaways

The global Specialty Adhesives Market scope is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 3.95 Bn growing at a CAGR of 8.4% through 2030. Regional analysis indicates that North America currently dominates specialty adhesives consumption led by the US owing to presence of major end-use industries.

Asia Pacific is projected to be the fastest growing market with countries like China and India expanding manufacturing activities.

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 focus on new product development and capacity expansion to strengthen their market position.

Get more insights on this topic: https://www.trendingwebwire.com/specialty-adhesives-market-industry-insights-trends-specialty-adhesives-market/

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kiran gire
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