Hot Melt Adhesives Market Forecasts to 2028 - Global Analysis By Resin (Metallocene PO, Polyurethane and Other Resins), Product Type, Application, and By Geography

According to Stratistics MRC, the Global Hot Melt Adhesives Market is accounted for $9.1 billion in 2022 and is expected to reach $13.5 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Hot melt adhesives are thermoplastic adhesives made of polymers that are utilised in mechanical anchorage. Due to the rising demand for new and enhanced goods from numerous end-use sectors, including automotive, manufacturing, packaging, furniture, and non-woven/hygiene, the global market is anticipated to experience significant expansion.

According to Business Insider's BI Intelligence, online shopping is anticipated to reach up to USD 632 billion in sales by 2020, with the growth of e-commerce continuing to skyrocket.

Market Dynamics:

Driver:

High demand in DIY applications

Hot Melt Adhesives (HMA) are ideal for DIY projects because of their ability to adhere to a broad range of materials and surfaces, including ceramic, fabric, papers, cardboard, metal, and plastics. Although DIY is common in Western economies like North America and Europe, it is still a relatively new idea in emerging markets like India, the United Arab Emirates, and Turkey. The DIY uses range from crafts to woodworking to packaging for everyday items. Due to its simplicity of usage and the accessibility of HMA guns, the stick version of HMA is frequently used in various applications.

Restraint:

Lower thermal resistance of Hot Melt Adhesives (HMA)

When the temperature is close to their flow point, HMA are particularly effective, which facilitates the movement and bonding of the adhesives for a variety of applications, including packaging and nonwoven hygiene goods. However, because of their lower thermal resistance, they show limitations at high temperatures. For such purposes, solvent and aqueous adhesives are used in their place.

Opportunity:

Increasing demand of reactive HMA over traditional adhesives

Comparing reactive hot melt adhesives to traditional formulations based on solvents, they have a low or nil VOC content. They are more environmentally friendly than the traditional options because they don't contain any solvent and have met VOC requirements. The adoption of environmentally friendly products is a current manufacturing priority, which is driving up demand for these adhesives. These adhesives have the capacity to do away with solvents and gain further advantages like decreased labour and energy expenses. Flexibility, high strength, and great adherence to a variety of substrates, such as wood, textiles, plywood, particleboards, foams, metals, and plastics, are just a few of their physical characteristics.

Threat:

Difficulty in usage on hard-to-bond substances

Hard-to-bond surfaces include low surface energy substrates, low porosity or low surface roughness substrates, highly recycled paper stock, and other shiny and coated polymers. For glueing, these surfaces need hardened adhesives. HMA take longer to harden than other light-cured adhesives like epoxy adhesives since they are not cured. HMA are not thus preferred for materials that are difficult to bond. This could lead to the substitution of two-part acrylic-based adhesives.

COVID-19 Impact:

The COVID-19 pandemic had a favourable effect on the expansion of the world market. Globally mandated tight lockdown regulations increased e-commerce sales and the need for packaging solutions. Hot melt glue was in high demand for the production of medical packaging solutions because of the outbreak's strong need for pharmaceutical and medical products. In the years to come, hot melt adhesives are anticipated to have profitable demand in the automotive and electronics sectors thanks to the removal of lockdown measures and the resurgence of industrial activity.

The ethylene-vinyl acetate (EVA) segment is expected to be the largest during the forecast period

The ethylene-vinyl acetate (EVA) segment is estimated to have a lucrative growth. EVA is a copolymer adhesive, deployed in various industries including packaging, assembly, paper, and automotive. Excellent adhesion, strong mechanical strength, paraffin solubility, and superior flexibility are the key features propelling the segment growth.

The nonwoven hygiene products segment is expected to have the highest CAGR during the forecast period

The nonwoven hygiene products segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising disposable income and growing personal hygiene concerns are the main drivers of demand for nonwoven products such feminine hygiene items, diapers, and personal care items, which in turn is expected to accelerate industry growth.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to its affordable labour. China continues to be a major location for industrial product assembly. As a result, it uses a lot of HMA in a variety of applications, including footwear, wood goods, and appliances. Due to the expansion of the footwear industry, adhesive consumption is rising in Southeast Asian nations like Vietnam and Cambodia.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to The expansion of the building industry, the expansion of the automotive industry, and the expansion of online product delivery services in Western European developed nations like Italy, the United Kingdom, Germany, France, and Spain will all have a favourable impact on the market growth in the area.

Key players in the market:

Some of the key players profiled in the Hot Melt Adhesives Market include Huntsman Corporation, Helmitin Adhesives, Texyear Industries Inc., Henkel AG & Co. KGAA, Beardow Adams (adhesives) LTD., Sealock Ltd., H.B. Fuller Company, Jowat Se, 3M, Avery Dennison Corporation, Dow INC., Arkema, Adhesives Direct UK, Klebchemie GMBH & Co. KG and Sika AG.

Key Developments:

In February 2022, Arkema acquired wide range of key technologies and well-known brands of Ashland Performance Adhesives. It is a major player in pressure-sensitive adhesives, particularly decorative, protection, and signage films for automotive and buildings. It also holds leading positions in structural adhesives and offers an extensive range of hot melt adhesives for flexible packaging.

In September 2021, Jowat launched Jowat-Toptherm 851.99, a hot melt adhesive characterized by a broad spectrum of adhesion and outstanding qualities, coupled with a very low viscosity that allows processing temperatures starting from 99°C (210°F). The low processing temperature makes Jowat-Toptherm 851.99 an exceptional choice for packaging temperature-sensitive products such as confectionery or frozen food.

Resins Covered:

• Metallocene PO (MPO)
• Polyurethane
• Ethylene-Vinyl Acetate (EVA)
• Amorphous Poly-alphaolefin (APAO)
• Polyamide
• Styrenic Block Copolymers
• Polyolefins
• Other Resins

Product Types Covered:

• Glue Sticks
• Glue Slugs
• Other Product Types

Applications Covered:

• Furniture
• Packaging Solutions
• Bookbinding
• Nonwoven Hygiene Products
• Assembly
• Footwear & Leather
• Woodworking
• Transportation
• Building & Construction
• Cartoon Sealing
• Electronics
• Automotive
• Textile
• Healthcare
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances