The global hot melt adhesives market is expected to be worth $7,562.9 million by the end of 2022. Hot melt adhesives sales are predicted to grow at a 5.3% CAGR from 2022 to 2032. By 2032, the market is expected to be worth US$ 12,675.7 Million.
A hot melt adhesive is a thermoplastic adhesive that thermally melts when applied and achieves its bond strength when it cools. Hot melt adhesives consist of one or more polymers plus additives such as stabilizers, pigments and resins, which are carefully mixed to exhibit properties that differ from those of the base polymers.
Hot melt adhesives are hot-named for the polymer bases. Different types of hot melt adhesives include ethylene vinyl acetate, polyolefin, polyamide, styrene block copolymers, polyester, etc. Hot melt adhesives are used in various industries including packaging, nonwovens, automotive, product assembly, textiles, tapes and labels, wood processing. , paper binding, electronics and much more.
Hot melt adhesives are 100% solid thermoplastic materials with no VOCs, making them safe for use in production, transportation, application and storage. They are also environmentally friendly and safe for human use.
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Features such as faster setting speeds and heat resistance and ease of removal give hot melt adhesives a competitive advantage over non-tacky water-based and solvent-based adhesives, and is an important factor for the growth of the market. The setting speed of hot melt adhesives ranges from 5 to 30 seconds, which allows for faster production lines compared to traditional adhesives.
In addition, technological advances in polymer bases continue to drive this market. The development of hydrophilic and polyamide hot melt adhesives is also gaining attention in developed countries, driving the growth of the hot melt adhesive market.
On the basis of polymers, the hot melt adhesive market was segmented into ethylene, vinyl acetate, polyolefin, polyamide, styrenic block copolymers and others. The ethylene vinyl acetate segment is expected to account for a significant share of the hot melt adhesives market by 2025.
The Polyolefins segment represents the largest market share globally and is expected to register the highest CAGR of 6.4% by value during the reporting period (2015-2025). Styrenic block copolymers and ethylene vinyl acetate based hot melt adhesives are expected to grow steadily during the forecast period.
According to the application, the market for ethylene vinyl acetate hot melt adhesives is divided into segments of packaging, automotive, construction, healthcare products and other. Others include textiles, electronics, paper binding, and footwear.
The packaging segment is expected to dominate the market with a share of over 35% of the global market. The consumption of hot melt adhesives in medical devices is expected to increase sharply in the near future.
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Hot Melt Adhesives Market Outlook by Category
By Polymer Base:
- Ethylene Vinyl Acetate
- Styrenic Block Copolymers
- Polyurethane (PU)
By End Use:
- Packaging Solutions
- Disposable Hygiene Products
- Furniture & Woodwork
- Automotive & Transportation
Application in healthcare products is expected to witness a CAGR of 5.4% during the forecast period. Increasing awareness pertaining to hygiene coupled with technological advancements in polymer bases, especially for hygiene, is expected to boost demand for hot melt adhesives during the forecast period.
The report provides detailed information about various trends driving each segment and offers insights and analysis about market trends in specific regions. The report also includes an overview of the parent market and key regulations regarding the application of these adhesives.
Further, the report presents market opportunities, future outlook, trends, BPS analysis, market attractiveness analysis and competitive landscape of the key players in the hot melt adhesives market. Key players have been profiled to include a company overview, financials, operating segment share, product and service offerings, business strategies, SWOT analysis and key developments.
Key players in the global hot melt adhesives market include Henkel AG & Co. KGaA, H. B. Fuller, Sika AG, Arkema Group, Ashland Inc., The 3M Company, Jowat AG, Sipol S.p.A., Palmetto Adhesives Company and Sealock Ltd.