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The Global Hot Melt Adhesives Market size is estimated to grow by USD 4,396.66 million between 2022 and 2027 exhibiting a CAGR of 7.28%. Hot melt adhesives are thermoplastic adhesives that are solid at room temperature but become molten and fluid when heated. They are widely used in various industries and applications for bonding, sealing, and assembling substrates. The market for global hot melt adhesives includes a wide range of end-use industries such as packaging, automotive, electronics, woodworking, textiles, construction, and medical, among others. Hot melt adhesives are favored for their fast-setting time, strong bonding performance, ease of application, and versatility in bonding various materials.
The growth of the market depends on several factors including high application in sanitary materials, the increased focus on environment-friendly adhesives, and the partnership and collaboration among players.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High application in sanitary materials is one of the key factors driving the growth of the global hot melt adhesives market. There is a high demand for hot melt adhesives in the production of sanitary materials. The sanitary industry includes products such as diapers, adult incontinence products, feminine hygiene products, and medical bandages, among others. Hot melt adhesives are widely used in the assembly and construction of these sanitary materials owing to their excellent performance characteristics and manufacturing advantages.
Moreover, hot melt adhesives used in sanitary materials are typically odorless and non-toxic formulations, ensuring they do not affect product performance or safety. Manufacturers in the sanitary materials industry are looking for adhesive solutions that not only meet performance requirements but also contribute to the comfort, safety, and effectiveness of the end products. As the demand for sanitary products continues to increase globally, hot melt adhesive remains an important part of the manufacturing process, which will drive the growth of the global market during the forecast period.
The primary trend in the global hot melt adhesives market is driven by the growing demand in the express delivery industry. The increasing popularity of online shopping has resulted in a higher volume of express items and orders that need efficient packaging and delivery. Hot melt adhesives find extensive use in the express delivery sector, sealing various courier bags, gluing courier paper, securing bubble bags, and adhering brown paper envelopes. These adhesives also play a vital role in assembling and bonding crates, trays, and other packaging containers used for e-commerce shipments.
Additionally, hot melt adhesives are crucial for carton sealing and box forming applications that require secure packaging and rapid binding to meet the demands of online shipping. As a result, the global hot melt adhesive market is expected to witness significant growth during the forecast period.
The primary challenge affecting the growth of the global hot melt adhesives market is the volatility in raw material prices. Adhesives are commonly manufactured using polymeric materials like acrylic, silicone, polyurethane, EVA, and others, most of which are downstream products of crude oil. The fluctuations in crude oil prices directly impact the costs of these raw materials, consequently affecting the production costs of hot melt adhesives.
According to the EIA, Brent crude oil prices are projected to reach USD 80 per barrel by the end of 2024, compared to the average of USD 75 per barrel in June 2023. Such fluctuations in crude oil prices will have a significant impact on adhesive production costs due to the corresponding changes in raw material prices. As a result, the volatility in commodity prices is expected to impede the growth of the global hot melt adhesives market during the forecast period.
This report extensively covers market segmentation by Product (ethylene-vinyl acetate, rubber, polyolefin, polyurethane, and others), Application (packaging, nonwoven hygiene products, furniture and woodworking, automobile, and footwear and others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The ethylene-vinyl acetate (EVA) segment is estimated to witness significant growth during the forecast period. Ethylene-vinyl Acetate holds the largest share of the global hot melt adhesive market owing to its excellent adhesive properties and relatively low melting point. Owing to their versatility and performance characteristics EVA-based hot melt adhesives have found applications in various industries.
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The ethylene-vinyl acetate (EVA) segment was the largest segment and was valued at USD 3,288.69 million in 2017. Ethylene-vinyl Acetate (EVA) adhesives provide good bonding strength and flexibility, making them ideal for applications where the bonding material is subject to movement or stress. EVA has excellent thermal stability whereby the adhesive bonds remain effective even when exposed to moderate temperatures during transportation, storage, or end-use. Due to all of this, the demand for EVA will increase which will drive the growth of the global hot melt adhesives market during the forecast period.
The application segment is categorized into packaging, nonwoven hygiene products, furniture and woodworking, automobile, and footwear and others.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC region houses numerous thriving manufacturing industries, encompassing packaging, automotive, electronics, textiles, and consumer goods, all of which heavily rely on hot melt adhesives for diverse bonding applications, fueling the overall demand. The region's rapid urbanization and infrastructure development have resulted in increased construction activities, further driving the demand for hot melt adhesives in the building and construction sector.
Additionally, the automotive industry in APAC has witnessed significant expansion, with countries like China, Japan, South Korea, and India being major hubs for auto production. Hot melt adhesives find application in automotive interior and exterior assembly, thereby contributing to their demand. In response to growing environmental concerns, industries, including those in the APAC region, are adopting more eco-friendly adhesive solutions such as hot melt adhesives, which have lower volatile organic compounds (VOCs) compared to solvent-based adhesives. As a result, the regional market is expected to experience significant growth during the forecast period.
The regional hot melt adhesive market experienced a negative impact in 2020 due to the COVID-19 pandemic. However, the situation improved in 2021 with the implementation of large-scale vaccination drives, leading to the lifting of lockdowns and travel restrictions and the resumption of supply chain activities. These factors are expected to drive market growth during the forecast period. The e-commerce sector witnessed a surge in demand during the pandemic as more people shifted to online shopping. This increased demand for e-commerce packaging has resulted in a higher need for hot melt adhesives in the packaging industry, which will have a positive impact on the market's growth in this region during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hot Melt Adhesives Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers hot melt adhesives such as 3M hot melt adhesive 3792 and 3M hot melt adhesive 3792LM.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Arkema Group, Double Fish, DuPont de Nemours Inc., Dycon Chemicals, Exxon Mobil Corp., Franklin International, H.B. Fuller Co., Heigl Adhesives, Henkel AG and Co. KGaA, IFS Industries Inc., Jowat SE, LyondellBasell Industries N.V., Meridian Adhesives Group, Pidilite Industries Ltd., S.W. ADHESIVE CO. LTD., SABA Dinxperlo BV, Sika AG, SpecialChem S.A., and Texyear Industrial Adhesives Pvt. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hot melt adhesives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The hot melt adhesives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hot Melt Adhesives Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.28% |
Market growth 2023-2027 |
USD 4,396.66 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.75 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Arkema Group, Double Fish, DuPont de Nemours Inc., Dycon Chemicals, Exxon Mobil Corp., Franklin International, H.B. Fuller Co., Heigl Adhesives, Henkel AG and Co. KGaA, IFS Industries Inc., Jowat SE, LyondellBasell Industries N.V., Meridian Adhesives Group, Pidilite Industries Ltd., S.W. ADHESIVE CO. LTD., SABA Dinxperlo BV, Sika AG, SpecialChem S.A., and Texyear Industrial Adhesives Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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