NEW YORK, Oct. 11, 2021 /PRNewswire/ -- The global hot melt adhesives market is anticipated to expand at a CAGR of 6.2% over the forecast period of 2021 and 2031. Significant growth of the packaging industry is boosting demand of hot melt adhesives.
With usage in various applications across industries, demand for hot melt adhesives is anticipated to witness substantial growth over the coming years. Growing industries of furniture and wood work, automotive, footwear, electronics, and many others are significantly impacting the market in a positive outlook. Substantial vehicle production all over the globe is bolstering consumption of hot melt adhesives. Strong development in the electronics industry is also benefiting the industry of hot melt adhesives to a significant extent.
Development in product to decrease hazard generation and comply with stringent regulations enforced by various authorities are some of the key concerns of manufacturers of hot melt adhesives. Key players are focusing on introducing eco-friendly products to cater changing standards and stringent regulations.
Recent Developments in This Space
- Aug 2021: An agreement was signed by Arkema for the acquisition of Ashland's performance adhesives business, a first-class leader in high-performance adhesives for industrial applications in the United States with a unique and innovative product portfolio.
- June 2021: H.B. Fuller announced that it had signed a distribution agreement with Jubilant Agri and Consumer Products Limited (JACPL), a 100% subsidiary of Jubilant Industries Limited, to address growing demand for adhesive applications in the B2B woodworking segment.
- Feb 2021: Avery announced an agreement to acquire JDC Solutions, Inc., a Tennessee-based manufacturer of pressure-sensitive specialty tapes, for a purchase price of approximately US$ 24 million, subject to customary adjustments.
- April 2019: Beardow & Adams announced that Industrias Plásticas Caute SRL (Inplástica) from Peru and Percat from Uruguay have become Beardow Adams's latest global partners.
- July 2017: H.B. Fuller Company signed an agreement to purchase adhesives company Adecol Ind. Química, Limitada, a highly respected manufacturer of quality adhesive technologies in Brazil.
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Key Takeaways from Market Study
- The global industry of hot melt adhesives is anticipated to reach a value of US$ 14.84 Bn by the end of 2031.
- East Asia is estimated to witness significant growth at 7.1% CAGR over the forecast period.
- Packaging solutions are anticipated to remain a key end use and account for a major share in global consumption of hot melt adhesives.
- By resin, ethylene vinyl acetate is anticipated to witness year-over-year growth of 5.9% in 2021, and the segment is expected to remain a key resin used in the production of hot melt adhesives.
- The U.S. is anticipated to remain a key market for hot melt adhesives owing to the strong presence of end-use industries.
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"The COVID-19 pandemic is expected to significantly impact the global market for hot melt adhesives owing to decrease in demand primarily from the automotive & woodworking sectors," says a Persistence Market Research analyst.
Competitive Landscape
The global market has been identified as a fairly consolidated space owing to significant presence of key market participants.
Some of the key market players included in the study are 3M, Arkema S.A., Avery Dennison Corporation, Beardow & Adams (Adhesives) Ltd., DOW, HB Fuller Company, Henkel AG & Co. KGaA, Jowat SE, Sika AG, Tex Year Industries Inc., Adtek Malaysia SDN BHD, Buhnen GmbH & Co. Kg, Cherng Tay Technology Co., Ltd., Evonik Industries AG, and others.
Key manufacturers are anticipated to maintain a competitive environment in the global market. Key players are focusing on investing a fair share of their revenue in product development to launch bio-based products to sustain in the long run in this competitive environment.
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Conclusion
Growing end-use industries such as packaging solutions, furniture & woodwork, automotive, footwear, textiles, and electronics are boosting the sales volume of hot melt adhesives. This is due to ease of application of these adhesives in several end-use industries.
Polyurethane, ethylene vinyl acetate, and styrene block copolymers are also estimated to remain key resins in the global industry. East Asia is projected to remain one of the fastest-growing markets, whereas, North America is projected to account for a key share in the industry of hot melt adhesives.
3M, Arkema S.A., Avery Dennison, Henkel AG, Evonik Industries, Jowat SE, and DOW are also estimated to remain prominent market participants. Key players are focusing on boosting their market presence through mergers and acquisitions, launching of environment-friendly products, and strengthening their distribution network.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the Global hot melt adhesives market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides in-depth analysis of the market through different segments, namely, resin, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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