Hot Melt Adhesives Market is Projected to Increase at a 5.3% CAGR to Reach a Total of US$ 12.67 Billion by 2032

The global hot melt adhesives market is anticipated to create a lucrative growth opportunity in the global landscape by registering a CAGR of 5.3%. from 2022 to 2032. The market is expected to reach a valuation of US$ 7,562.9 Million by the end of 2022 and is predicted to reach US$ 12,675.7 Million by 2032.

These factors are likely to drive the global hot melt adhesives market in the upcoming decade. As per FMI, the market is estimated to exhibit a CAGR of 5.3% from 2022-2032. Over the historical period, the global hot melt adhesives market witnessed a CAGR of 4.8% between 2014 to 2021.

The manufacturing activities have been reduced and significant reduction has been witnessed in the product capacities, and part-time shifts, as well as the introduction of automated production machinery, let manufacturers improve their market positions.

These aforementioned factors are expected to drive the hot melt adhesives market during the forecast period. Several regulatory bodies including the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and the Environmental Protection Agency (EPA) are expected to take more steps in order to limit the use of solvent-based adhesives which helps in reducing their negative impacts on the environment.

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Key Takeaways

• Renewable resources-based hot-melt adhesives comprise several benefits due to which they are rapidly being replaced by petroleum-based ones. Renewable resources-based hot-melt adhesives are inexpensive and have properties that match or exceed those of polymer-based adhesives. Prominent companies in the market are partnering with local firms in order to meet the growing demand for bio-based adhesives.
• About two-thirds (60%) of renewable plant-based raw materials composition is extracted from plants. Key leading players are focusing on developing bio-based hot melt adhesives to meet the growing consumer demand and keep up with regulatory compliance. Commencing with the consumer packaging applications including end-of-line and labeling, bio-based hot melt adhesives are expected to gain traction.
• The trend of do-it-yourself (DIY) is gaining momentum in both developed and developing countries. There are a variety of materials and surfaces that can be effectively glued by hot melt adhesive glue such as ceramics, fabrics, paper, cardboard, metals, and plastics, thereby making it ideal for DIY applications and DIY projects.
• DIY being a relatively new term has gained traction across various developed countries such as North America and Europe. Owing to the easy availability of hot melt adhesive pens across these regions would aid growth. In addition to that, in the U.S. and Europe, the cost of labor is higher resulting in higher installation costs. Attributed to this, DIY methods for regular repairs and maintenance are popular in developed countries.
• Hot melt systems are the most cost-effective on the basis of space and personnel requirements. As a result, it is not needed to operate large-scale drying and curing furnaces and pollution control equipment at a high cost. Like solvent-based systems, hot melt adhesives eliminate the need for solvent recovery and incinerators.
• Solvent-free, bio-based melt adhesives are surging in the market from manufacturers of packaging solutions, disposable sanitary products, furniture & woodwork, automotive & transportation, and footwear are projected to drive the hot melt adhesives market.

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Key Companies Profiled:

• Arkema
• Avery Dennison Corporation
• Beardow & Adams (Adhesives) Ltd.
• DOW Inc.
• HB Fuller Company
• Henkel AG & Co. KGaA
• Jowat Se
• Sika AG
• Tex Year Industries Inc.
• Adhesive Direct UK
• Adtek Malaysia SDN BHD
• Buhnen GmbH & Co. Kg
• Cherng Tay Technology Co., Ltd.
• Evonik Industries AG

Competitive Landscape

In order to elevate their annual turnover and fortify their market positions worldwide, leading manufacturers in the market are purchasing small-scale market players. To efficiently meet the rising demand and thrive in the highly competitive market, key participants are also concentrating on mergers and expansion activities.

Hot Melt Adhesives Market Outlook by Category

By Polymer Base:

• Ethylene Vinyl Acetate
• Polyolefin
• Polyamide
• Styrenic Block Copolymers
• Polyurethane (PU)
• Others

By End Use:

• Packaging Solutions
• Disposable Hygiene Products
• Furniture & Woodwork
• Automotive & Transportation
• Footwear
• Textile
• Electronics
• Bookbinding
• Others

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More Insights into the Hot Melt Adhesives Market

The U.S. is anticipated to dominate the global hot melt adhesives market owing to the presence of various dominant manufacturers in the North American region. In addition to that, the increasing adoption of advanced technology in the U.S. would also contribute to the growth in the hot melt adhesives market in the country.

The U.S. packaging industry is expected to be a key driver of market expansion owing to the presence of leading packaging manufacturers in the region.

China is the second largest market in the East Asia hot melt adhesives market attributed to the rapid expansion of various end-use industries. Owing to the rising demand from sectors, including footwear, packaging, disposable hygiene products, textile chemicals, and automotive & transportation, China is projected to showcase considerable growth.

Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain

Polyurethane Adhesives Market: According to Future Market Insights research, during the projected period, the global polyurethane (PU) adhesives market is set to top a valuation of US$ 9.63 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032.

Electronics Adhesives Market: Demand for electronics adhesives grew at 7.5% CAGR in the historic growth period during 2016-2020. The electronics adhesives market has seen remarkable growth in Europe and East Asian countries.