Pune, India, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Hot Melt Adhesives Market Size, Share, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product Type, Application, and Geography.” the market is expected to grow from US$ 7.47 billion in 2020 to US$ 10.98 billion by 2028; it is estimated to record a CAGR of 5.1% from 2020 to 2028.
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Global Hot Melt Adhesives Market: Competitive Landscape and Key Developments
H.B. Fuller Company; Henkel AG & Company, KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech; and Gorilla Glue Company are among the key players operating in the hot melt adhesives market. These companies have a wide presence across the globe, allowing them to serve many customers.
Hot Melt Adhesives Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 7.47 Billion in 2020 |
| Market Size Value by | US$ 10.98 Billion by 2028 |
| Growth rate | CAGR of 5.1% from 2020-2028 |
| Forecast Period | 2020-2028 |
| Base Year | 2020 |
| No. of Pages | 179 |
| No. of Tables | 83 |
| No. of Charts & Figures | 85 |
| Historical data available | Yes |
| Segments covered | Type , Product Type , Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | H.B. Fuller Company; Henkel AG & Company, KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech; and Gorilla Glue Company |
Asia Pacific held the largest hot melt adhesives market share in 2020. Hot melt adhesives are special types of adhesives that are solid at room temperature but become liquid when heated. The Asia Pacific region has experienced rapid industrialization and economic growth in recent years, leading to increased manufacturing activities across various sectors. With their fast bonding times and efficiency in production processes, hot melt adhesives have become a preferred choice for industries seeking to improve productivity and reduce assembly time. In addition, the Asia Pacific region is home to a large and rapidly expanding packaging industry, driven by the rise in e-commerce and consumer goods demand. Hot melt adhesives are extensively used for carton sealing, case and box sealing, and other packaging applications due to their quick bonding and strong adhesion properties. All these factors are driving the hot melt adhesives market growth in Asia Pacific region.
Increasing Demand from Packaging Industry Drives Hot Melt Adhesives Market Growth
Hot melt adhesives are preferred in modern packaging facilities with high-speed production lines due to their fast bonding times and suitability for automated assembly processes. They integrate seamlessly into automated packaging systems, increasing productivity and reducing labor costs. In addition, hot melt adhesives offer easy application and repositioning, making them convenient for consumer-friendly packaging designs. They also provide neat and clean bonding without visible adhesive lines, enhancing the overall aesthetics of the packaging.
Hot Melt Adhesives Market: Segmental Overview
On the basis of type, the global hot melt adhesives market is segmented into ethylene vinyl acetate, polyolefins, polyamides, polyurethanes, styrene block copolymers, and others. In 2020, the ethylene vinyl acetate segment accounted for the largest hot melt adhesives market share and is expected to register the highest CAGR during the forecast period. The demand for ethylene vinyl acetate growing in the hot melt adhesives market due to several factors that makes it increasingly popular among adhesive manufacturers. Ethylene vinyl acetate offer excellent bonding performance, providing strong and reliable adhesion between surfaces. This is crucial in the hot melt adhesives market, where bonding strength and durability are essential for various applications.
In terms of product type, the global hot melt adhesives market is divided into glue sticks, glue slugs, and others. The glue sticks segment is expected to register the highest CAGR during the forecast period. Glue sticks provide targeted and controlled application, minimizing excess adhesive and reducing waste. Unlike liquid adhesives that may drip or spill during the application, glue sticks ensure clean and neat bonding without a mess. Additionally, glue sticks are versatile and can be used on various materials, including paper, cardboard, wood, plastic, fabric, and more. This adaptability makes them suitable for a wide range of applications, from crafting and hobby projects to packaging, woodworking, and other industrial uses.
Based on application, the global hot melt adhesives market is bifurcated into packaging, construction, automotive, furniture, footwear, electronics, and others. During the forecast period, the packaging segment is anticipated to register the highest CAGR. Hot melt adhesives demonstrate excellent adhesion to a wide range of packaging materials. Whether bonding paper, cardboard, corrugated boards, plastics, films, or foils, hot melt adhesives are compatible with diverse substrates commonly used in the packaging industry. This versatility makes them suitable for various packaging formats and designs, providing a reliable bonding solution for different packaging needs.
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Impact of COVID-19 Pandemic on Hot Melt Adhesives Market
Before the onset of the COVID-19 pandemic, the demand for hot melt adhesives was mainly driven by the automotive, packaging, electronics, construction, and furniture industries. In addition, the shortage of manpower resulted in the deceleration of hot melt adhesives production and distribution operations. Disruptions in the global supply chain and the shutdown of production facilities hampered the demand for hot melt adhesives. Lockdowns imposed by different countries in 2020 hindered the ability of industries to maintain inventory levels. The chemicals & materials industry faced reduced demand due to the shutdown of manufacturing plants, leading to decreased demand for hot melt adhesives. The automotive sector also witnessed a slump in sales, impacting the demand for hot melt adhesives.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including automotive, packaging, electronics, and construction, showed signs of recovery in their operations. Various industries are also overcoming the consequences of disruptions in their raw material supply chains. With such a promising recovery, the global industrial sector is expected to provide the impetus for the hot melt adhesives market growth in the coming years.
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