Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Hot Melt Adhesives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global Hot Melt Adhesives market is on the brink of substantial growth, with sales projected to reach around US$ 9.4 billion by the end of 2024. This thriving market is expected to witness a remarkable growth rate of approximately 6.3% during the forecast period from 2024 to 2031.
The demand for Hot Melt Adhesives is being propelled by a surge in various end-use industries, including furniture, automotive, packaging solutions, footwear, and sanitary products, among others. These versatile polymer-based thermoplastic adhesives find applications in sealing boxes and cartons in the packaging industry and are increasingly favored in DIY applications. The adoption of Hot Melt Adhesives in schools and colleges for crafts, paperwork, packaging, and other purposes is also gaining popularity among the younger generation.
Leading market participants are actively expanding their production capacities to meet the growing demand and are incorporating bio-based materials into adhesives to introduce innovative products to the market.
However, certain factors could potentially hinder the growth of the Hot Melt Adhesives market. Stringent regulations imposed by regulatory bodies in Europe and North America aim to reduce the environmental impact of certain chemicals used in the production of Hot Melt Adhesives. Additionally, fluctuations in the prices of raw materials could affect manufacturers and end-users, potentially impacting the final product prices.
Consumption Outlook in the U.S.
The United States is expected to remain a prominent player in the Hot Melt Adhesives market, holding approximately 30% of the total market share. The country benefits from a strong presence of key manufacturers, making it a crucial production and consumption hub in North America. The U.S. packaging industry, in particular, is driving market expansion, as it relies on Hot Melt Adhesives for sealing boxes and cartons used for food and consumer goods. The growing demand for bio-based Hot Melt Adhesives is expected to further boost market growth in the U.S.
China's Significant Market Share
China is poised to play a pivotal role in the Hot Melt Adhesives market, with substantial growth expected during the forecast period. It is not only a key production center but also a significant exporter of Hot Melt Adhesives. The rapid expansion of end-use industries in China, including automotive, footwear, disposable sanitary products, textiles, and transportation, is driving a considerable demand for Hot Melt Adhesives. The country's dominance as an assembly hub for industrial products is also contributing to the heavy consumption of these adhesives.
Competitive Landscape
Major manufacturers in the Hot Melt Adhesives market are actively seeking to strengthen their market positions through acquisitions and expansions. They are continuously adapting to the high level of competition and rising demand by focusing on mergers and expansion activities.
Key Companies Profiled
- DOW Inc.
- Arkema S.A.
- Avery Dennison Corporation
- Beardow & Adams (Adhesives) Ltd.
- HB Fuller Company
- Henkel AG & Co. KGaA
- Jowat Se
- Sika AG
- Tex Year Industries Inc.
- Adhesive Direct UK
- Adtek Malaysia SDN BHD
- Buhnen GmbH & Co. Kg
- Cherng Tay Technology Co., Ltd.
- Evonik Industries AG
- OM MIDWEST INDUSTRIES
- NANPAO
- Dycon Chemicals
- IMELT Kimya
The global Hot Melt Adhesives market is in an exciting phase of growth, driven by expanding end-use industries and innovations in adhesive technology. Market participants are well-positioned to capitalize on these opportunities and offer sustainable solutions to meet the evolving needs of various industries.
Key Segments Covered in Hot Melt Adhesives Market Research
By Polymer Base
- Ethylene Vinyl Acetate
- Polyolefin
- Polyamide
- Styrenic Block Copolymers
- Polyurethane
- Others
By End Use
- Packaging Solutions
- Disposable Hygiene Products
- Furniture & Woodwork
- Automotive & Transportation
- Footwear
- Textile
- Electronics
- Bookbinding
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ij3xxa
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