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The Hot Melt Adhesives Market size is estimated to grow by USD 4.39 billion at a CAGR of 7.28% between 2022 and 2027. The market's growth is influenced by several factors, including the extensive use of adhesives in sanitary materials, heightened emphasis on environmentally friendly adhesive solutions, and increased collaboration and partnerships among industry players. The demand in sanitary applications is being driven by the need for durable, efficient, and hygienic solutions in personal and healthcare products. Moreover, the industry's shift towards environmentally sustainable practices is fueling the development and adoption of eco-friendly adhesive alternatives. The collaboration and partnership initiatives among market players are aimed at fostering innovation, expanding product portfolios, and enhancing market competitiveness, thereby contributing to the overall growth and development of the adhesive market.
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This market report extensively covers market segmentation by product (ethylene-vinyl acetate (EVA), 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. The thermoplastic adhesives market, primarily driven by hot melt adhesives, is experiencing significant growth due to the superior properties of polymers like ethylene vinyl acetate (EVA). These offer excellent bond strength, flexibility, and heat stability, making them indispensable in various industries.
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The ethylene-vinyl acetate (EVA) segment was the largest segment and was valued at USD 3.28 billion in 2017. Applications include labels on plastic bags, baby diapers, feminine care products, adult incontinence products, medical dressings, hospital bed pads, surgical drapes, and more. Factors such as an aging population, rising standard of living, and per capita income contribute to the demand in sectors like construction, disposable sanitary items, paper binding, textiles, footwear, electronics, furniture, automotive, and healthcare. The polyamides, polyurethanes, and styrene block copolymers segments are key contributors to the market. Environmental laws also influence the market's growth, particularly in the production of water-based adhesives. Online shopping and e-commerce businesses further expand the market's reach with applications in DIY projects, schools, colleges, crafts, and packaging for fast-moving consumer goods. The polyurethane segment is expected to dominate the market due to its versatility and performance characteristics. Due to all of this, the demand for EVA will increase, which will drive the growth of the 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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Hot Melt Adhesives, also known as Thermoplastic adhesives, are widely used in various industries across the APAC region. These are primarily made up of Polymers and Additives. The packaging, automotive, electronics, textiles, and consumer goods sectors extensively utilize these for bonding applications, driving the market's growth. Rapid urbanization and infrastructure development in APAC have led to increased construction activities, further boosting demand. In the automotive industry, they find applications in interior and exterior assembly. Online shopping and e-commerce businesses have increased the demand for labeling applications for plastic bags, baby diapers, feminine care products, adult incontinence products, medical dressings, hospital bed pads, and surgical drapes. The aging population, rising standard of living, and per capita income have fueled the demand for disposable sanitary items and personal hygiene products. The market consists of segments such as Polyamides, Polyurethanes, and Styrene block copolymers. Environmental laws have led to the increasing popularity of water-based adhesives in various applications, including paper binding, textile, footwear, electronics, furniture, automotive, and the healthcare sector. The market also caters to DIY applications, schools, colleges, crafts, and packaging manufacturers of fast-moving consumer goods. The Polyurethane segment holds a significant market share in the APAC region. As a result, the regional market is expected to experience significant growth during the forecast period.
Hot Melt Adhesives (HMA) are a type of adhesive made from thermoplastic polymers. They are known for their unique properties, including high bonding strength, fast curing time, and ability to bond various materials such as ceramics, fabric, papers, cardboard, metal, plastics, and woodworking. HMA guns are used to apply these adhesives, making them ideal for craft projects, industrial applications, and manufacturing processes in various industries. The market has seen significant growth due to their versatility in binding materials for various applications. These include disposable sanitary items like baby diapers, bookbinding and paper binding, footwear, furniture, automotive, and packaging solutions. Thermoplastic adhesives, a type of HMA, offer additional benefits such as high temperature resistance and flexibility, making them suitable for automotive and industrial applications. The market is expected to continue its growth trajectory due to increasing demand for these in various industries. The market is driven by factors such as the growing demand for disposable hygiene products, increasing automation in manufacturing processes, and the rising demand for eco-friendly and sustainable adhesives. 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 market. Hot melt adhesives have gained significant popularity in various industries due to their superior performance and manufacturing benefits. These are extensively used in the production of personal hygiene items, including diapers, adult incontinence products, and feminine hygiene products, as well as medical dressings. They provide soft and flexible bonds, ensuring user comfort and reducing the risk of leaks or discomfort. They find applications in various sectors such as product packaging, shoemaking, woodworking, ceramic ceiling tiles, shoe repair, home furnishings restoration, and broken glassware repair. T
They offer product safety, durability, and customized packaging solutions. In the pharmaceutical sector, they are used due to their water resistance and quick setting time. E-commerce companies and transportation industries also rely on these for their packaging needs. They are formulated to be odorless and non-toxic, making them suitable for various applications. They comply with environmental regulations and can be used in automation processes. In addition to their use in sanitary materials, they are also used in laminate worktops, multi-layered packaging, and various woodwork applications. Hence, these factors are expected to drive the growth of the global market during the forecast period.
The primary trend in the market is driven by the growing demand in the express delivery industry. They have gained significant traction in various industries due to their versatility and effectiveness in creating sturdy packaging structures. These are commonly used in product packaging for e-commerce shipments, including express bags, sheets, bubble bags, and brown paper envelopes. They are also employed in shoemaking, woodworking applications, ceramic ceiling tiles, shoe repair, home furnishings restoration, and broken glassware repair.
They offer product safety, durability, and customization for various sectors, such as personal hygiene items, pharmaceuticals, and multi-layered packaging. They provide water resistance and are essential in the automation of packaging processes in e-commerce companies and woodwork industries. Setting time is a crucial factor in their application, ensuring efficient transportation and adherence to environmental regulations. 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 market is the volatility in raw material prices. Hot Melt Adhesives (HMA) are essential in various industries, including shoemaking, product packaging, woodworking applications, ceramic ceiling tiles production, shoe repair, home furnishings restoration, and broken glassware repair. These adhesives are primarily derived from volatile organic compounds (VOCs) such as acrylic, silicone, polyurethane, and EVA, which are often by-products of crude oil. The price volatility of crude oil significantly impacts the HMA market. For instance, the rise in polyol prices in the Middle East in 2020 affected the demand for toluene diisocyanate, a critical component in HMA production.
The anticipated increase in Brent crude oil prices to the USD80 per barrel (b) range by 2024 may further influence HMA prices. HMAs offer product safety, durability, and customization in various applications. They are used in personal hygiene items, multi-layered packaging, and the pharmaceutical sector for water resistance and setting time control. E-commerce companies, transportation, and automation sectors also rely on HMAs for their packaging needs. Environmental regulations and the need for water resistance and shorter setting times are driving innovation in the HMA market. Applications in woodwork, transportation, and the packaging sector continue to expand, making HMAs an indispensable component in numerous industries. 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.
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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.
The market is a significant sector in the global industry. These are applied in a molten state and solidify upon cooling, making them ideal for various applications. The market is driven by several factors, including the increasing demand in packaging, automotive, construction, and other industries. Key Players and Competitive Landscape Major players in the market include H.B. Fuller, 3M, Henkel, Sika, and Dow Inc. These companies are investing in research and development to innovate new products and expand their product portfolios. They are also focusing on strategic collaborations and acquisitions to strengthen their market position. Applications and End-Users find extensive applications in various industries, including packaging, automotive, construction, and consumer goods. In packaging, they are used for labeling, bundling, and palletizing applications. Polyester hot melt adhesives and reactive hot melt adhesives are commonly used in stick form for easy application in various industries.
Furthermore, in the automotive industry, they are used for assembling various components, such as doors, hoods, and body panels. In construction, they are used for bonding various materials, such as insulation, roofing, and flooring. Regional Outlook The Asia Pacific region is expected to dominate the market due to the increasing demand from countries like China, India, and South Korea. Europe and North America are also significant markets due to the presence of major players and the high demand for hot melt adhesives in various industries. Future Growth and Opportunities The market is expected to grow at a significant rate due to the increasing demand from various industries and the ongoing research and development activities. The market is also expected to witness the adoption of new technologies, such as water-based hot melt adhesives and biodegradable hot melt adhesives, which are expected to offer new opportunities for market growth. In conclusion, the Hot Melt Adhesives market is a dynamic and growing sector in the global adhesives industry. The market is driven by various factors, including the increasing demand from various industries and the ongoing research and development activities. The major players in the market are investing in new products and strategic collaborations to strengthen their market position. The market is expected to witness significant growth in the coming years, with new opportunities emerging from the adoption of new technologies.
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 4.39 billion |
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 Forecasting, 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 the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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