Hot Melt Adhesives Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Glue Sticks, Glue Slugs, and Others), Type (Ethylene Vinyl Acetate, Polyolefins, Polyamides, Pol

Hot Melt Adhesives Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Glue Sticks, Glue Slugs, and Others), Type (Ethylene Vinyl Acetate, Polyolefins, Polyamides, Polyurethanes, Styrene Block Copolymers, and Others), and Application (Packaging, Construction, Automotive, Furniture, Footwear, Electronics, and Others)

The hot melt adhesives market size is expected to grow from US$ 8.10 billion in 2022 to US$ 12.47 billion by 2030; it is estimated to register a CAGR of 5.5% from 2022 to 2030.

Hot melt adhesives are made from materials such as ethylene vinyl acetate, polyolefins, polyamides, polyurethanes, styrene block copolymers, tackifying resin, wax or oil, and others. In addition, materials such as antioxidants, fillers, UV stabilizers, or pigments are also required to manufacture hot melt adhesives. Hot melt adhesives are used in applications such as packaging, construction, automotive, furniture, footwear, electronics, and other applications. Hot melt adhesives are very efficient at bonding, dependable and consistent products. There are various benefits of hot melt adhesives, such as enhanced product performance, increased production volume, overall cost effectiveness, versatility, and sustainability. Hot melt adhesives are made by using raw materials from plants and other forestry materials. This helps businesses to reduce their carbon footprint. Various advantages of hot melt adhesives are boosting their adoption in various application fields.

Based on application, the global market is segmented into packaging, construction, automotive, furniture, footwear, electronics, and others. The hot melt adhesives market share for the packaging segment was recorded to be the largest in 2022. The packaging applications of hot melt adhesives mainly include carton or box sealing, bottle labeling, paper bag manufacturing, and bag assembly. Glue sticks, ethylene vinyl acetate-based hot melts, polyurethane hot melt adhesives, and waxes are used in these applications. Hot melt sticks are mainly used for wooden box closing. These adhesives are preferred over water-based adhesives due to shorter set time, better adhesion, and water-resistance. Hot melt adhesives can firmly adhere to all types of materials.

Based on geography, the global market is segmented into regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2022, Asia Pacific held the largest global hot melt adhesives market share. Various emerging countries in the Asia Pacific are witnessing an upsurge in industrialization, mainly in the manufacturing, automotive, packaging, and construction industries, which are fueling the demand for hot melt adhesives. Chemicals, textiles, pulp & paper, and electronics are among the prime industries in countries such as Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia. The hot melt adhesive market in China is characterized by the presence of many small- and large-scale players operating in the country. Furthermore, China has a huge customer base for hot melt adhesives due to rapid industrialization. China is one of the largest manufacturing economies in the world, and it is the fastest-growing consumer market with the second-largest importer of goods at the global level. Moreover, the Chinese economy is flooded with manufacturing and assembly units of some of the major manufacturers of chemicals, adhesives, and other industries.

H.B. Fuller Company, Henkel AG & Company KGaA, Arkema, 3M, Sika AG, Jowat SE, Hexcel Corporation, The Dow Chemical Company, Beardow Adams, and Gorilla Glue Company are a few players operating in the global hot melt adhesives market. Players operating in the global market focus on providing high-quality products to fulfill customer demand. Also, they focus on adopting various strategies such as new product launches, capacity expansion, partnerships, and collaboration in order to stay competitive in the market. For instance, in 2021, Sika AG acquired Hamatite. Hamatite is a Japan-based company that provides adhesives and sealants to various industries like automotive and construction. The company also offers various technologies, such as polyurethanes, hot melts, and modified silicones. This acquisition will help Sika AG to strengthen its position in Japan and also to increase market access. Moreover, in 2020, H.B. Fuller Company launched new products Advantra 9280 EU and Advantra BOLD 9480, readily available adhesive grades with hot melt advanced technology for extreme cold storage of vaccines and medication packaging.

The overall global hot melt adhesives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the hot melt adhesives market.

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