Adhesives Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Adhesives Category Overview

The adhesives category is anticipated to grow at a CAGR of 6% from 2023 to 2030. The Asia Pacific region accounted for 41% of the total category share in 2022. Rising construction activities, and the increasing demand from end-user industries such as automotive, electronics, construction, and packaging are driving the growth in this category. One of the major developments is the rise in demand for specialized adhesives used in intricate product manufacturing.

Water-based adhesives are becoming increasingly popular in the adhesives category due to their environmental benefits. They emit fewer volatile organic compounds (VOCs) than solvent-based products, and they are also less flammable. Solvent-free adhesives, which contain less than 5% of hazardous solvents, are another environmentally friendly product. Companies are focusing on developing bio-based products to meet the growing demand. For instance, in November 2022, Bostik (Arkema Group) launched two new label adhesives in India to boost sustainable packaging in the country. Similarly, in March 2022, H.B. Fuller announced the launch of sustainable adhesives under its Swift Tak brand, for the packaging sector. Additionally, a line of metallocene-based hot melt adhesives for bookbinding applications will be introduced by H.B. Fuller.

In the medical device and healthcare sector, leading companies such as 3M, H.B. Fuller, and Henkel are boosting their efforts to create high-performance adhesives appropriate for medical products. For instance, in January 2023, H.B. Fuller launched Swift Melt 1515, its first biocompatible adhesive in the IMEA (India, the Middle East, and Africa) market for medical applications. Swift Melt 1515-I provides efficient, high-tack bonding that is secure, fast, and temperature- and shear-resistant. The product underwent extensive testing and received an ISO 10993-5 certification for cytotoxicity. Similarly, in April 2021, 3M launched its "2484 3M Single Coated Medical Film Tape with Hi-Tack Silicone Adhesive on Liner", in its class of silicone adhesives for aging people (such as patients with chronic diseases) with fragile skin. The tape can be worn for seven days and reduces skin cell removal. The 2484 3M Hi-Tack Silicone Adhesive complies with ISO 10993 sections 5 and 10 and is suitable with ethylene oxide (EtO) sterilization.

Acrylic and methacrylic acids, as well as their derivatives based on esters, are the primary raw ingredients used in the production of acrylic adhesives. Other substances, for instance, methyl methacrylate, are typically only utilized as supplementary monomers. Primary resins, solvents, fillers, plasticizers, reinforcements, thickeners, and thixotropic agents, are some of the different components in an adhesive composition. Increasing prices of raw materials, solvents, inflations, and supply chain disruptions have significantly impacted product prices. In 2022, British Coatings Federation data stated that solvent prices in Q1 - Q2 2022 had increased by 78% since November 2021, and resin prices had increased by more than 39%. In 2022, epoxy resin prices have doubled since 2021. The sharp rise in oil and energy prices along with the Russian-Ukraine crisis has been a significant driver to the spikes in raw material prices. Leaders including H.B. Fuller, 3M, Dow, and DuPont have increased product prices globally by 8-12% due to ongoing inflationary pressure. 

Adhesives Category Procurement Intelligence Report Scope