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. The market is expected to reach a valuation of USD 7,562.9 Million by the end of 2022 and is predicted to reach USD 12,675.7 Million by 2032.
Hot melt adhesives, or hot glue, are thermoplastic materials used for bonding. They are solid at room temperature but liquefy when heated, making them versatile for various applications, from packaging and woodworking to textiles and automotive assembly. These adhesives offer rapid bonding, good flexibility, and a strong bond, making them popular in industries where quick, reliable adhesion is essential.
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These factors will likely drive the global hot melt adhesives market in the upcoming decade. As per FMI, the market is estimated to exhibit a CAGR of 5.3% from 2022-2032.
The manufacturing activities have been reduced, and significant reduction has been witnessed in product capacities and part-time shifts, as well as the introduction of automated production machinery, letting manufacturers improve their market positions.
These 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 to limit the use of solvent-based adhesives, which helps reduce their negative impacts on the environment.
Key Takeaways:
- Renewable resources-based hot-melt adhesives comprise several benefits due to which petroleum-based ones are rapidly replacing them. Renewable resources-based hot-melt adhesives are inexpensive and have properties that match or exceed those of polymer-based adhesives.
- About two-thirds (60%) of renewable plant-based raw materials composition is extracted from plants. Key leading players focus on developing bio-based hot melt adhesives to meet the growing consumer demand and maintain regulatory compliance.
- The do-it-yourself (DIY) trend is gaining momentum in developed and developing countries. Various materials and surfaces 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.
- 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.
- 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.
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“Hot melt adhesives are pivotal in modern bonding and assembly processes. These versatile adhesive materials, which are applied in a molten state and then solidify, offer rapid and reliable bonding solutions across various industries, from manufacturing to packaging.” – says FMI analyst.
Competitive Landscape
To elevate their annual turnover and fortify their market positions worldwide, leading manufacturers in the market are purchasing small-scale market players. Key participants are also concentrating on mergers and expansion activities to efficiently meet the rising demand and thrive in the highly competitive 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
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More Insights into the Hot Melt Adhesives Market
The US is anticipated to dominate the global hot melt adhesives market owing to the presence of various dominant manufacturers in the North American region. In addition to that, the increasing adoption of advanced technology in the US would also contribute to the growth in the hot melt adhesives market in the country.
The US packaging industry is expected to be a key driver of market expansion owing to the presence of leading packaging manufacturers in the region.
China is the second largest market in the East Asia hot melt adhesives market attributed to the rapid expansion of various end-use industries. Owing to the rising demand from sectors, including footwear, packaging, disposable hygiene products, textile chemicals, and automotive & transportation, China is projected to showcase considerable growth.
Hot Melt Adhesives Market Outlook by Category
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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