The growth of the hot melt adhesives market is driven by rising uptake of packaging solutions in the food & beverage, electronics, and automotive sectors, growing demand for adhesives, and increased consumer preference for low VOC adhesives, says this report.
SELBYVILLE , Del., June 27, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the Hot Melt Adhesives Market was estimated at USD 12.25 billion in 2021 and is projected to exceed $19.35 billion in revenue by 2028 , progressing at a CAGR of 7% from 2022 to 2028. This report offers a detailed analysis of top winning strategies, drivers & opportunities, wavering market trends, major investment pockets, market size & estimations, and competitive scenario.
Hot melt adhesives have a long shelf life, low environmental effects, tamper-resistant seals, and so on, which have boosted product use in binding book covers, profile wrapping, and closing the flaps of corrugated boxes. Growing conservation, restoration, and repair of books is set to stimulate product adoption in the publishing industry for improving the aesthetic features of the final publication. Moreover, rapid R&D activities in the field are likely to further propel hot melt adhesives market growth through the forecast time span.
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SBC-based hot melt adhesives enhance the bonding of lycra rubber strands & rubber and adherence of elastic strands to polyolefin, which has bolstered its usage in diaper manufacturing. Rising awareness regarding hygiene and cleanliness, along with a surge in disposable income of consumers, would further impel product uptake. On account of these factors, the styrenic block copolymer (SBC) product segment is slated to exceed a valuation of $2.05 billion by the end of 2028.
Meanwhile, the polyurethane product segment was valued at over $840 million in 2021 and is projected to gain traction over the forecast period. PU hot melts are majorly used in the electronics industry and pharmaceuticals, cosmetics, perfumes & beauty products packaging due to their flexibility, moisture & temperature resistance, and good adhesion to a wide range of substances.
Key reasons forhot melt adhesives market growth:
- Expanding product usage across automotive industry.
- Growing demand for polyurethane hot melt adhesives.
- High adoption of SBC hot melt adhesives in diaper manufacturing.
2028 forecasts show the 'automobile' segment retaining its dominance:
In terms of application, the hot melt adhesives industry from the automobile segment is anticipated to reach about $1.45 billion in revenue by the end of the study period. Hot melt adhesives can be used as an alternative to mechanical fasteners in the automotive sector for making vehicles lightweight and fuel-efficient. A positive stance toward automotive manufacturing, along with R&D expenditure on product innovation, mainly in China and the U.S., is likely to propel market expansion.
Asia Pacific to maintain top status in terms of revenue:
In the regional frame of reference, the hot melt adhesives industry in Asia Pacific is set to witness more than 7.5% gains over the review timeline. Industrial growth and rapid urbanization, primarily in Japan, India, and China, together with the booming electronics, electrical, and automotive sectors due to large investments, are likely to foster market outlook in this region.
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Impact of COVID-19 pandemic on hot melt adhesives market:
The industry encountered a halt in business operations in various sectors due to rigid lockdowns and safety regulations during the coronavirus pandemic. Many countries had to close manufacturing facilities and production centers to tackle the pandemic. The requirement for hot melt adhesives dropped substantially due to the closure of production plants. However, increased focus of manufacturers on improving their business presence, widespread immunization efforts, and surging government emphasis on expediting economic recovery have helped the market regain its pre-COVID impetus.
Leading market players
Major companies functioning in the hot melt adhesives market include Henkel, H.B. Fuller, Arkema, 3M, Dow Chemical Company, Sika AG, Ashland, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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