Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global hot melt adhesives market share was USD 6.69 billion in 2021 and reached USD 7.10 billion in 2022. The market is expected to reach USD 10.10 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period. The rising demand for improved and strong products and extensive adoption of online shopping may foster the market development. Fortune Business Insights™ presents this information in its report titled "Hot Melt Adhesives Market, 2022-2029."
The growing demand for hot melt adhesives from various industries is expected to promote the growth of the market, states Fortune Business Insights in a report, the growing awareness about bio-based hot melt adhesives is expected to enable speedy expansion of the market.
Hot melt adhesives offer several advantages over other types of adhesives, such as fast curing, strong bonding strength, and excellent adhesion to a wide range of materials. They also have low volatile organic compound (VOC) emissions and are easy to handle, making them a popular choice among manufacturers.
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List of Key Players Profiled in the Report
- Exxon Mobil Corporation (U.S.)
- Dow Inc. (U.S.)
- 3M (U.S.)
- Henkel AG & Co. KGaA (Germany)
- MELER (Navarra)
- Sanyhot Adhesivos, S.A. (Spain)
- TEX YEAR INDUSTRIES INC. (Taiwan)
- H.B. Fuller Company (U.S.)
- Arkema Group (U.S.)
- Sika AG (Switzerland)
- Bostik (U.S.)
- Jowat SE (U.S.)
- AVERY DENNISON CORPORATION (U.S.)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Embagrap SA (Spain)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.2% |
| 2029 Value Projection | USD 10.10 Billion |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Hot Melt Adhesives Market Size in 2021 | USD 6.69 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 268 |
| Segments Covered | By Raw Material, By Application and Regional |
| Hot Melt Adhesives Market Growth Drivers | Rising Demand for Hot Melt Adhesives Over Alternative Products to Foster Industry Growth |
| Rapid Development of the Furniture and Building Industries to Foster Growth in Asia Pacific |
Segments
By raw material, the market is classified into ethylene vinyl acetate, polyolefins, styrenic block copolymers (SBC), polyurethane (PU), polyester, and others. Based on application, it is classified into packaging, assembly, woodworking, transportation, building & construction, footwear & leather, nonwovens, bookbinding, and others. Regionally, it is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Market Driver:
The hot melt adhesives market is being driven by several factors, including:
Growing demand from packaging and construction industries: The packaging industry is the largest end-user of hot melt adhesives, and the increasing demand for packaged products is driving the growth of the hot melt adhesives market. The construction industry is also a significant end-user, as hot melt adhesives are used in various applications such as roofing, flooring, and insulation.
Increasing use in automotive and transportation industries: The automotive and transportation industries are also significant end-users of hot melt adhesives. These adhesives are used in interior and exterior trim, headliners, and other components, as they offer excellent bonding strength, durability, and resistance to high temperatures.
Advancements in technology and product development: The hot melt adhesives market is continually evolving, with new products and technologies being developed to meet the needs of different applications. For example, there has been a growing trend towards the development of eco-friendly hot melt adhesives that are biodegradable and non-toxic.
Rising demand from emerging economies: The hot melt adhesives market is seeing significant growth in emerging economies such as China, India, and Brazil. These countries are experiencing rapid industrialization and urbanization, leading to an increase in demand for packaging, construction, and automotive products, which in turn is driving the growth of the hot melt adhesives market.
Increased adoption of automation in manufacturing: The increasing adoption of automation in manufacturing is also driving the growth of the hot melt adhesives market. Hot melt adhesives are compatible with automated dispensing equipment, which improves efficiency and reduces costs in manufacturing processes.
However, the low thermal resistance of the adhesives may hinder the market's progress in the coming years.
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Regional Insights
The hot melt adhesives market can be analyzed based on regional segmentation, as follows:
North America: The North American market for hot melt adhesives is driven by the growing demand from the packaging and construction industries. The United States is the largest market in the region due to the presence of major manufacturers and high demand from end-users.
Europe: The European market for hot melt adhesives is driven by the increasing demand from the automotive and packaging industries. Germany, France, and the United Kingdom are the major markets in the region due to the presence of major manufacturers and high demand from end-users.
Asia-Pacific: The Asia-Pacific market for hot melt adhesives is expected to grow significantly due to the increasing demand from the construction, packaging, and automotive industries. China is the largest market in the region due to its rapid industrialization and urbanization, followed by India and Japan.
Middle East and Africa: The Middle East and Africa market for hot melt adhesives is expected to grow significantly due to the increasing demand from the construction and packaging industries. The major markets in the region include Saudi Arabia, South Africa, and the UAE.
Overall, the hot melt adhesives market is expected to experience significant growth in all regions due to the increasing demand from various end-user industries and the advancements in technology and product development.
Hot Melt Adhesives Market Future Growth
Increasing demand from end-user industries: The growing demand for hot melt adhesives in various industries, such as packaging, construction, automotive, electronics, and textiles, is expected to drive market growth. The expanding e-commerce industry is also driving demand for hot melt adhesives used in packaging applications.
Advancements in technology and product development: The development of new and improved hot melt adhesive products, such as eco-friendly adhesives and adhesives compatible with automated dispensing equipment, is expected to drive market growth. Additionally, the increasing use of hot melt adhesives in new applications.
Increasing investments in research and development: Major players in the hot melt adhesives market are investing in research and development to improve their product offerings and expand their market presence, which is expected to drive market growth.
Overall, the hot melt adhesives market is expected to experience significant growth in the coming years, driven by the increasing demand from end-user industries, advancements in technology, and the growing trend towards eco-friendly adhesives.
Competitive Landscape
Major Companies Acquire Key Players to Enhance Brand Image
The major players operating in the market acquire major players to expand their resources and enhance their brand image. For example, H.B. Fuller Company completed the acquisition of Apollo in January 2022. It is a maker of primers, coatings, and adhesives for construction, industrial, and roofing sectors. This development may boost the company's share and boost crucial constructions in Europe and U.K. This acquisition may also enhance the company's share. Further, companies incorporate acquisitions, mergers, collaborations, partnerships, and expansions to boost their market position.
Key Development:
Development of eco-friendly hot melt adhesives: With the growing concern for environmental sustainability, there is an increasing demand for eco-friendly hot melt adhesives that are biodegradable and non-toxic. Manufacturers are investing in research and development to produce hot melt adhesives that have minimal impact on the environment.
Adoption of automation in manufacturing: The adoption of automation in manufacturing is driving the development of hot melt adhesive products that are compatible with automated dispensing equipment. This allows for improved efficiency, reduced labor costs, and improved product quality.
Development of new products and applications: With the increasing demand for hot melt adhesives in various industries, manufacturers are developing new products and applications to meet the changing needs of end-users. For example, there has been a growing trend towards the development of hot melt adhesives for use in electronics and medical devices.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/hot-melt-adhesives-market-101724
Detailed Table of Content:
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Raw Material Launches, and Mergers & Acquisitions
- Latest Technological Advancement
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Hot Melt Adhesives Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Hot Melt Adhesives Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Raw Material (Volume/Value)
- Ethylene Vinyl Acetate (EVA)
- Polyolefin
- Styrenic Block Copolymers (SBC)
- Polyurethane (PU)
- Polyester
- Others
- By Application (Volume/Value)
- Packaging
- Assembly
- Woodworking
- Transportation
- Building & Construction
- Footwear & Leather
- Nonwovens
- Bookbinding
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Raw Material (Volume/Value)
- North America Hot Melt Adhesives Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Raw Material (Volume/Value)
- Ethylene Vinyl Acetate (EVA)
- Polyolefin
- Styrenic Block Copolymers (SBC)
- Polyurethane (PU)
- Polyester
- Others
- By Application (Volume/Value)
- Packaging
- Assembly
- Woodworking
- Transportation
- Building & Construction
- Footwear & Leather
- Nonwovens
- Bookbinding
- Others
- By Raw Material (Volume/Value)
- Introduction
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TOC Continued…!
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Frequently Asked Questions (FAQs):
What are the most common hot melt adhesives?
Answer: There are two main types of industrial hot melt adhesives: ethylene-vinyl acetate (EVA) and polyolefin, or metallocene. EVA is a copolymer adhesive, most commonly used in the paper, packaging, and assembly industries, as they bond to a variety of cellulosic materials and have a wide range of formulation.
How big is the adhesive industry?
Answer: The global hot melt adhesives market size was valued at USD 6.69 billion in 2021 and is projected to grow from USD 7.10 billion in 2022 to USD 10.10 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period
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