Hot Melt Adhesives Market Share and Industry Analysis by 2028

The hot melt adhesives market was valued at US$ 7,473.37 million in 2020 and is projected to be worth US$ 10,982.38 million by 2028, growing at a CAGR of 5.1% during the forecast period from 2020-2028.

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.

Impact of COVID-19 Pandemic on Hot Melt Adhesives Market

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.

Hot Melt Adhesives Market

Get more information on this report : Request Free Sample PDF

Market Insights

Growing Application in Several End-Use Industries

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.

Type Insights

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.

Product Type Insights

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.

Hot Melt Adhesives Market, by Product Type – 2020 and 2028

Get more information on this report : Request Free Sample PDF

Application Insights

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.

Strategic Insights

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.

Report Spotlights

• Progressive industry trends in the hot melt adhesives market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the hot melt adhesives market from 2019 to 2028
• Estimation of global demand for hot melt adhesives
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the hot melt adhesives market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• Detailed overview and segmentation of the market, as well as the hot melt adhesives industry dynamics
• Size of the hot melt adhesives market in various regions with promising growth opportunities

Hot Melt Adhesives Market, by Type

• Ethylene Vinyl Acetate
• Polyolefins
• Polyamides
• Polyurethanes
• Styrene Block Copolymers
• Others

Hot Melt Adhesives Market, by Product Type

• Glue Sticks
• Glue Slugs
• Others

Hot Melt Adhesives Market, by Application

• Packaging
• Construction
• Automotive
• Furniture
• Footwear
• Electronics
• Others

Company Profiles

• H.B. Fuller Company
• Henkel AG & Company, KGaA
• Arkema
• 3M
• Sika AG
• Jowat SE
• Hexcel Corporation
• The Dow Chemical Company
• Beardow Adams
• Adtech
• Gorilla Glue Company