New York, US, July 01, 2021 (GLOBE NEWSWIRE) -- Hot Melt Adhesives Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Hot Melt Adhesives Market Information by Type, Application and Region - Forecast till 2027”, the market is estimated to cross USD 13.1 Billion by 2027 at a CAGR of 5.95%.
Market Scope:
Hot melt adhesives contain solvent free compounds that help create a flexible yet strong bond between different materials. These are generally in solid form at room temperature and are by nature, thermoplastic. These types of adhesives are melted and then cooled, before applying on the surface to achieve a perfect finish. These also offer impressive thermal stability as well as resistance, safe storage, and environmental compatibility. In view of these advantages, hot melt adhesives find extensive applications in building & construction, food packaging, carton-sealing, wood working, and many more.
Key Growth Drivers:
Accelerated demand for HMA in the packaging and the expanding applications of non-woven products could be a few major growth boosters in the years ahead. Unlike their water or solvent-based counterparts, HMAs or hot melt adhesives do not need curing or drying and can be used in molten state and then immediately bonded after use. This gives them the unique advantage of quicker processing time in a variety of applications such as nonwovens (female hygiene products and diapers), packaging, industrial assembly, furniture, to name a few.
Hot melt adhesives offer surface use on different materials such as papers, fabric, cardboard, plastics, and metals in line with the emerging DIY trend. DIY applications of HMA include craft, paper and plastic packaging, woodwork, and more. HMA’s easy to apply property forms a large part of its strong demand among consumers. Apart from this, the provision of ultra-strong and long-lasting bonds required in household repairs as well as crafts also foster the product demand. Economic advantages, shortage of various products and the customization option in DIY activities could also be responsible for the lucrative growth prospects of the global industry.
Major manufacturers will be presented attractive opportunities by the textile industry, wherein the product provides high adhesion strength, impressive resistance during washing process and sterilisation. In emerging countries, the surge in disposable income and soaring preference for premium branded clothing has led to robust growth of the textile industry. This could work in favor of the HMA industry in the next couple of years.
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Key Players:
The Top Firms in the Global Hot Melt Adhesives Industry include:
- 3M Company (US)
- Arkema (France)
- Henkel AG & Co. KGaA (Germany)
- Dow Corning Corporation (US)
- Huntsman International LLC. (US)
- Sika AG (Switzerland)
- RPM International Inc. (US)
- The Dow Chemical Company (US)
- H.B. Fuller Company (US)
These firms are striving to bolster their geographical reach while also focusing on introducing newer, and more advanced products via numerous strategies, such as product launches, partnerships, and collaborations.
Market Restraints:
The fact that hot melt adhesives are sometimes difficult to use on hard-to-bond materials can weaken its demand among a few end-use sectors.
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Market Segmentation
Different types of hot melt adhesives are polyolefin hot melts and ethylene vinyl acetate. The leading spot has been procured by the ethylene vinyl acetate segment, given this type’s rising use in construction, electronics, and food packaging sectors. Given their reliable and eco-friendly nature, ethylene vinyl acetate will retain its high position throughout the analysis period.
Applications of HMA are food packaging, carton- sealing, wood working, buildings & construction, and more. The packaging segment has secured the top position in the global market and should remain in the lead from 2020 to 2027.
COVID 19 Analysis
There is no doubt that the COVID-19 outbreak has wreaked havoc on several industries, burdening them with financial challenges. However, HMAs are witnessing steady demand from the packaging industry as sales of packaged food and beverages have been booming since the lockdown. The pandemic and subsequent lockdown affected the consumers’ purchasing behaviour, leading to higher demand for packaged consumer goods. This has been a great opportunity for the hot melt adhesives manufacturers.
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Regional Analysis:
Asia Pacific is touted to achieve the fastest CAGR during the evaluation timeframe, thanks to the surging use of hot melt adhesives in a number of prominent sectors including general consumer packaging, electronics, wood working, and more. The notable market growth in the region has grabbed the attention of manufacturers and investors alike, who are shifting their attention from water-based adhesives to hot melt adhesives India and Japan are homes to thriving transport and automobile sectors that generate substantial demand for HMA, given the mounting need to reduce VOC emission levels. This has helped elevate these countries to a much higher position than other markets in the region.
Globally, European region led the Global Hot Melt Adhesives Market in 2015 and is expected to continue its rule during the forecast period, 2020-2027. The well-known players in this region are Germany, the U.K. and France due to increasing usage in heavy end industries such as automobile, defense, buildings & construction, among others.
North America, with the stringent environmental standards banning the use of solvent-based adhesives and the subsequent increase in demand for HMAs, has emerged as a strong contender in the global market. The stunning growth of the packaging sector in the region thanks to the escalating demand for convenient packaged beverages and food items will foster market revenue in the coming years.
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