New York, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global hot melt adhesives market size is predicted to grow at a CAGR of over ~7.8% from 2023 to 2035. The market is projected to garner a revenue of USD 24.68 billion by the end of 2035, up from a revenue of ~USD 10.02 billion in the year 2022.The growth of the market in this region is set to be dominated by a surge in demand for electric vehicles. In 2022, there were more than 9 million electric vehicle sales worldwide, and it is anticipated that this year's sales will increase by another 34% to a total of over 13 million. As a result, the market demand for hot melt adhesives is also surging.
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Traditional hot melt adhesive formulations include components derived from fossil fuels. However, with the surge in carbon emissions from fossil fuels the need to adopt a sustainable approach is growing. Approximately 33 billion tons (Gt) of carbon dioxide (CO2) are emitted globally each year as a result of the burning of fossil fuels. Hence, the manufacturing of bio-based hot melt adhesives is rising which is further set to influence the market expansion.
Surge in Urban Population to Boost the Growth of Global Hold Melt Adhesives Market
The shift of people from rural region to urban is significantly growing which has further boosted the need for construction activities. The number of built-up areas (BUAs) worldwide was estimated to be 794,431 in 2016. Around 849,406 people are anticipated to live there by 2022. And by 2050, it's anticipated that 2 million buildings would be built. Therefore, the market demand for hot melt adhesives is rising. Adhesives have a big role to play in holding things together and piecing them together in construction sectors which includes flooring, carpets, doors, windows and more.
Hot Melt Adhesives Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand of Electronic Products to Drive the Market Growth in Asia Pacific
The hot melt adhesives market in Asia Pacific is estimated to capture the largest share of about 33% over the forecast. This could be influenced by growing demand for electronic products such as smartphones. The Asia-Pacific region's adoption of smartphones rate went up from about 63 percent in 2019 to close to 75 percent in 2022. In APAC, over 89% smartphone penetration is anticipated by 2030. Hot melt adhesives are used in assembling smartphones components. Hence, with the growing demand for smartphones in this region the market is also expanding.
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Surge in Consumption of Cigarettes to Influence the Expansion of the Market in North America
The market in North America for hot melt adhesives is set to generate the significant share of about 28% over the coming years. The growth of the market in this region is projected to encouraged by the rising consumption of cigarettes. Nearly 12 out of every 100 American people who were 18 years of age or older were smokers in 2021 (11.5%). This indicates that there are currently somewhere around 28.3 million adult smokers in the US. In the production of cigarettes, hot melt adhesives are frequently employed as the holding substrate implementation. In order to maintain the tobacco sealed inside the cigarette sticks, require an adhesive that is long-lasting and safe to burn. They are additionally used in the production of cigarette cartons and boxes. Hence, with the surge in cigarettes consumption in this region is market is also surging.
Hot Melt Adhesives, Segmentation by Product
- Ethylene-Vinyl Acetate
- Rubber
The ethylene-vinyl acetate segment in hot melt adhesives market is projected to capture the highest share of about 60% overt the coming years. The main element influencing segment growth is growing production of automotive. Approximately 84 million motor vehicles were produced globally in 2022, an about 4% increase from 2021.
Hot Melt Adhesives, Segmentation by Application
- Bookbinding
- Packaging Solutions
- Furniture & Woodwork
- Nonwoven Hygiene Products
The packaging solutions segment is estimated to capture the largest share of about 46% over the forecast period. This growth of the segment is projected to be dominated by growing e-commerce activities. Online shoppers from all over the globe have increased along with ecommerce. As of 2023, there are about 3 billion digital consumers worldwide. This represents close to 32% of the world's population. Consequently, the demand for attaching labels, and boxes is increasing further encouraging the market revenue.
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A few of the well-known industry leaders in hot melt adhesives market that are profiled by Research Nester are Henkel AG & Co. KGaA, H.B. Fuller Company, The Dow Chemical Company, Sika AG, Jowat SE, Arkema Group, 3M, Avery Dennison Corporation, Beardow Adams Group, Meridian Adhesives Group, and others.
Recent Development in the Hot Melt Adhesives Market
- The establishment of a brand-new, cutting-edge factory for hot melt adhesives in Mexico was announced by Henkel AG & CO. KGaA. The plant, which is about 30,000 square meters, mainly focuses on hot melt adhesives that are both pressure-sensitive and not.
- The major producer of hot melt adhesives and coatings, Prime Blend, LLC, has been acquired by Meridian Adhesives Group.
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