Hot Melt Adhesives Industry Overview
The global hot melt adhesives market size is expected to reach USD 10.71 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2021 to 2028. Increasing demand for hot melt adhesives in packaging applications, including cardboard and corrugated boards, is anticipated to propel market growth over the coming years.
Easy handling, little waste, and good storage life are the key characteristics augmenting the market growth. Bio-based adhesives are hot melts and are gaining popularity owing to their sustainability as they are 60% renewable and economical and are usually deployed in carton sealing and tray forming.
Rising demand for adhesives in bookbinding and bonding of shoe soles and applique is propelling the market growth. Hot melt adhesives are extensively used for bonding low-energy polymeric surfaces such as acetals, polyolefins, and polystyrene, thus driving the product demand in component assembly and the automotive industry.
Hot Melt Adhesives Market Segmentation
Grand View Research has segmented the global hot melt adhesives market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Ethylene-vinyl Acetate (EVA), Polyurethane, Rubber, Polyolefin, and Others.
- The Ethylene-vinyl Acetate (EVA) segment held the largest volume share of more than 40.0% in 2020.
- Excellent adhesion, strong mechanical strength, paraffin solubility, and superior flexibility are the key features propelling the segment growth.
- The rubber segment is anticipated to register a CAGR of 5.4%, in terms of revenue, from 2021 to 2028.
- The immediate bonding offered by the product makes the manufacturing process faster, which saves time and labor cost; thus impelling the market growth.
Based on the Application Insights, the market is segmented into Packaging, Assembly, Woodworking, Automotive, Nonwovens, and Others.
- The packaging segment accounted for the largest revenue share of more than 30.0% in 2020.
- The nonwovens segment is expected to witness significant growth from 2021 to 2028.
- Rising concerns over personal hygiene and increasing disposable income are the key factors boosting the demand for nonwoven products, such as female hygiene goods, diapers, and personal care products, which, in turn, is anticipated to enhance the segment growth.
Hot Melt Adhesives Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The major companies operating in the market are primarily focusing on regional expansion, mergers & acquisitions, and high profit-margin segments. For instance, in September 2021, Meridian Adhesives Group, a leading manufacturer and formulator of water-based and hot-melt adhesives and coatings, had acquired Prime Blend LLC.
In addition, in October 2020, Pidilite Industries Ltd. had acquired Huntsman Group’sIndian subsidiary Huntsman Advanced Materials Solutions Private Limited (HAMSPL) worth USD 257 million (rupees 2,100 crores) with an aim to expand its product offering for do-it-yourself (DIY) consumer adhesives business. This enables the company to leverage the market growth.
Some prominent players in the global hot melt adhesives market include:
- Henkel AG & Co. KGaA
- B. Fuller Company
- Dow
- Sika AG
- Jowat SE
- Arkema Group
- Ashland
- 3M
- Avery Dennison Corporation
- Beardow Adams
Order a free sample PDF of the Hot Melt Adhesives Market Intelligence Study, published by Grand View Research.
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