Global Hot Melt Adhesives Market is expected to reach US$ 11.44 Bn by 2026, at a CAGR of 6.5% during a forecast period.
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Report segment of global hot melt adhesives market based on product, application, and geography. Based on product, the Hot Melt Adhesives market is classified into ethylene vinyl acetate (EVA), the styrenic block copolymer (SBC), polyurethane (PU), polyamide (PA), amorphous polyalphaolefins (APAO), metallocene polyolefin (MPO), polyester, and others. On the basis of application, the Hot Melt Adhesives market is categorized into packaging products, hygiene, furniture, footwear, textile, automobile, bookbinding, others. Region-wise, North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Hot melt adhesives, also famous as hot glue, and are in the form of thermoplastic adhesive which is applied using a hot glue gun. The variety of polymers in this class is wide and involves both natural and synthetic ones. It is frequently sold as solid cylindrical sticks of several diameters and can also be applied by spraying or dipping. The key trend in the global hot melt adhesives market is shifting from traditional techniques to innovative automotive assembly techniques. Increasing spending power in developing economies and speedy growth in the packaging industry are the major drivers acknowledged in the market.
Increasing purchasing power of individuals and changing utilization trends have run to the development of more diverse, multifarious, and eco-friendly products, thereby calling for higher use of these adhesives. A major restraint faced by the manufacturers of these products is the variable raw material prices. The cost of the raw materials used in adhesives are highly unpredictable in nature, and the manufacturers need to reduce any negative impact on their revenue margins due to such volatility in raw material prices. Hence, it becomes challenging for producers to maintain a balance among the cost of production and selling price, which serves as a major restraint for the hot melt adhesives market growth.
In terms of product, ethylene vinyl acetate (EVA) group noted the largest volumes sales in the market, with more than 41% contribution in 2017. The market for EVA is driven by its beneficial properties, such as faster setting time, durability, and suitability in a wide range of temperature. With the quick rise in the construction and automotive industries, the requirement for EVA is likely to rise in the coming years.
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Based on application, throughout the forecast period, the volume sales of these adhesives are probable to witness the maximum growth for the automobile application, growing at a CAGR of XX%, during the forecast period. Due to the increasing use of hot melts in the component assembly of personal and commercial vehicles in the countries of developing economies, the demand for these adhesives will restart to rise in the automobile industry during the forecast period.
In terms of geography, Europe was the largest regional-level market for these products, accounting for more than XX% volume sales share. The dominance of the region is due to the high spending habits of European individuals, which continue to create substantial demand for adhesives used in packaging. Additional, European countries are among the leading manufacturers as well as buyers of automobiles in the world, which continues to aid the growth of the hot melt adhesives market in the region.
Some of the major players operating in the global Hot Melt Adhesives market include Henkel & Co. KGaA, Jowat SE, Sika AG, 3M Company, Bostik Inc., Avery Dennison Corporation, H.B. Fuller Company, Arkema Group, Westlake Chemical Corporation, Beardow& Adams (Adhesives) Limited., and DowDuPont Inc.
Scope of the Global Hot Melt Adhesives Market
Global Hot Melt Adhesives Market by Products
• Ethylene Vinyl Acetate
• Styrenic Block Copolymer
• Amorphous Polyalphaolefins
• Metallocene Polyolefins
Global Hot Melt Adhesives Market by Application
• Packaging Products
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Global Hot Melt Adhesives Market by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Hot Melt Adhesives Market
• Henkel &Co. KGaA
• Jowat SE
• Sika AG
• 3M Company
• Bostik Inc.
• Avery Dennison Corporation
• H.B. Fuller Company
• Arkema Group
• Westlake Chemical Corporation
• Beardow& Adams (Adhesives) Limited.
• DowDuPont Inc.