The market is estimated to be valued at US$ 7,562.9 Million by the end of 2022, rising to US$ 12,675.7 Million by 2032. The global hot melt adhesives industry is anticipated to create a lucrative growth opportunity in the global landscape by registering a CAGR of 5.3%. from 2022 to 2032.
These factors are most likely to boost the global hot melt adhesives market during the next ten years. According to FMI, the market would increase at a 5.3% CAGR from 2022 to 2032. From 2014 to 2021, the global market for hot melt adhesives grew at a CAGR of 4.8%.2.
Part-time shifts, the advent of automated production equipment, and the decrease of manufacturing operations and a major drop in product capacity allowed manufacturers to strengthen their market positions.
These aforementioned factors are expected to drive the hot melt adhesives market during the forecast period. Several regulatory bodies including the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and the Environmental Protection Agency (EPA) are expected to take more steps in order to limit the use of solvent-based adhesives which helps in reducing their negative impacts on the environment.
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Key Takeaways
- Renewable resources-based hot-melt adhesives comprise several benefits due to which they are rapidly being replaced by petroleum-based ones. Renewable resources-based hot-melt adhesives are inexpensive and have properties that match or exceed those of polymer-based adhesives. Prominent companies in the market are partnering with local firms to meet the growing demand for bio-based adhesives.
- About two-thirds (60%) of renewable plant-based raw materials composition is extracted from plants. Key leading players are focusing on developing bio-based hot melt adhesives to meet the growing consumer demand and keep up with regulatory compliance. Commencing with the consumer packaging applications including end-of-line and labeling, bio-based hot melt adhesives are expected to gain traction.
- The trend of do-it-yourself (DIY) is gaining momentum in both developed and developing countries. There are a variety of materials and surfaces that can be effectively glued by hot melt adhesive glue such as ceramics, fabrics, paper, cardboard, metals, and plastics, thereby making it ideal for DIY applications and DIY projects.
- DIY being a relatively new term has gained traction across various developed countries such as North America and Europe. Owing to the easy availability of hot melt adhesive pens across these regions would aid growth. In addition to that, in the U.S. and Europe, the cost of labor is higher resulting in higher installation costs. Attributed to this, DIY methods for regular repairs and maintenance are popular in developed countries.
- Hot melt systems are the most cost-effective on the basis of space and personnel requirements. As a result, it is not needed to operate large-scale drying and curing furnaces and pollution control equipment at a high cost. Like solvent-based systems, hot melt adhesives eliminate the need for solvent recovery and incinerators.
- Solvent-free, bio-based melt adhesives are surging in the market from manufacturers of packaging solutions, disposable sanitary products, furniture & woodwork, automotive & transportation, and footwear are projected to drive the hot melt adhesives market.
Key Companies Profiled:
- Arkema
- Avery Dennison Corporation
- Beardow & Adams (Adhesives) Ltd.
- DOW Inc.
- 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
Competitive Landscape
In order to elevate their annual turnover and fortify their market positions worldwide, leading manufacturers in the market are purchasing small-scale market players. To efficiently meet the rising demand and thrive in the highly competitive market, key participants are also concentrating on mergers and expansion activities.
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Key Segmentation
By Polymer Base:
- Ethylene Vinyl Acetate
- Polyolefin
- Polyamide
- Styrenic Block Copolymers
- Polyurethane (PU)
- Others
By End Use:
- Packaging Solutions
- Disposable Hygiene Products
- Furniture & Woodwork
- Automotive & Transportation
- Footwear
- Textile
- Electronics
- Bookbinding
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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