Publication Month: Jun 2021 | Report Code: TIPRE00015496 | No. of Pages: 179 | Category: Chemicals and Materials | Status: Published
Hot melt adhesives are also known as hot glue, and these are 100% formulation of thermoplastic adhesives. Hot glue sticks are available with different diameters and design. The growing application from several end use industries is the major driver for the growth of hot melt adhesives market. Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives an ideal choice for many applications. Many industries are adopting the hot melt adhesives over solvent-based adhesives. However, due to some disadvantages of hot melt adhesives, the market growth is likely to restrain.
In 2020, Asia Pacific accounted for the largest revenue share in the global hot melt adhesive market. The paper, paperboard, and packaging are considered the largest end-user industry for the hot melt adhesives in this region. Its applications mainly include composite containers, carton side seam & closures, cups, tubes, bags, labels, specialty envelopes, films, disposables, foil laminates, and corrugated boards. This growing application of hot melt adhesives in the packaging industry is influencing the market growth. Also, the growing adoption online purchasing of products is creating demand for the packaging industry and is providing opportunity for the hot melt adhesives market in APAC.
The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. As of May 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. The ongoing pandemic has drastically altered the status of the adhesive industry and has negatively impacted the growth of the hot melt adhesives market. The COVID-19 outbreak has interrupted the operational efficiency and agitated the value chains, owing to the sudden closure of national as well as international boundaries, creating revenue loss along with damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the hot melt adhesives market. However, as the economies are planning to revive their operations, the demand for hot melt adhesives is presumed to rise globally. Post-pandemic, the demand for hot melt adhesives from the food packaging industry is rising since consumers are tending to order food products online. Also, postponed construction projects are presumed to resume, which will further provide opportunity for the hot melt adhesives market to grow.
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The hot melt adhesives market is mainly driven by the increasing demand from packaging solutions, nonwoven hygiene products, and consumer DIY. Hot melt adhesives are quite suitable for the manufacturing of packaging solution products, particularly food packaging and specialty packaging. Hot melt adhesives can also bond to several materials and surfaces such as ceramic, cardboard, metal, fabric, papers, and plastics, which further makes them a suitable option for DIY applications.
Based on type, hot melt adhesives market is categorized into ethylene vinyl acetate, polyolefins, polyamides, polyurethanes, styrene block copolymers, and others. The ethylene vinyl acetate segment led the hot melt adhesives market in 2020. Ethylene vinyl acetate (EVA) is utilized in many hot melt adhesives because of its rubber-like flexibility. EVA-based adhesives are flexible enough to withstand cracking, especially when exposed to UV light. These adhesives are durable, even in harsh temperatures.
Based on product type, the global hot melt adhesives market is segmented into glue sticks, glue slugs and others. The glue sticks segment led the hot melt adhesives market in 2020. Hot melt glue sticks are cylindrical sticks with varied diameters, and they are used with a hot glue gun. These sticks are in solid form at room temperature. These products are designed in both high and low temperature glue guns variants.
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Based on application, the global hot melt adhesives market is segmented into packaging, construction, automotive, furniture, footwear, electronics, and others. The packaging segment led the hot melt adhesives market in 2020. The packaging applications of hot melt adhesives mainly include carton or box sealing, bottle labeling, paper bag manufacturing, and bags assembly. Glue sticks, ethylene vinyl acetate based hot melts, polyurethane hot melt adhesives, and waxes are used in these applications.
|Market Size Value in||US$ 7,473.37 Million in 2020|
|Market Size Value by||US$ 10,982.38 Million by 2028|
|Growth rate||CAGR of 5.1% from 2020-2028|
|No. of Pages||179|
|No. of Tables||83|
|No. of Charts & Figures||85|
|Historical data available||Yes|
|Segments covered||Type , Product Type , Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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The key players providing hot melt adhesives are H.B. Fuller Company; Henkel AG & Company, KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech; and Gorilla Glue Company among others.These market players are highly focused toward the development of high quality and innovative product offerings.
The List of Companies - Hot Melt Adhesives Market