The size of the global hot melt adhesive market is expected to reach a valuation of US$7,562.9 million by the end of 2019 2022. Hot melt adhesive sales are expected to grow at a CAGR of 5.3% from 2022 to 2032. Hot melt adhesives are valued at the market will exceed a valuation of $12,675.7 Mn by 2032.
A hot melt adhesive is a thermoplastic glue that is thermally melted on application and attains adhesion strength upon cooling. Hot melt adhesives consist of one or more polymers as well as additives such as stabilizers, pigments and resins, which are carefully blended to exhibit different characteristics from base polymers.
Hot melt adhesives are named after polymer bases. Various types of hot melt adhesives include ethylene vinyl acetate, polyolefin, polyamide, styrenic block copolymers, polyester, etc. Hot melt adhesives are used in several industries including packaging, non-woven, automotive, product assembly, textiles, tapes and labels, woodworking, paper bonding, electronics and many more.
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Hot melt adhesives are 100% solid thermoplastic materials without any volatile organic compounds, which makes them safe for use in production, transportation, application and storage. They are also environment friendly and safe for use by humans.
Properties such as higher setting speeds and heat resistance and easy disposal gives hot melt adhesives a competitive advantage over water and solvent based adhesives, and is a major factor driving market growth. The setting speed of hot melt adhesives range between 5 and 30 seconds, enabling speedier production lines as compared to conventional adhesives.
In addition, technological advancements in polymer bases are expected to further drive this market. Development of hydrophilic and polyamide hot melt adhesives is also gaining attention in developed countries, thereby driving growth of the hot melt adhesives market.
On the basis of polymer base, the hot melt adhesives market has been segmented into ethylene vinyl acetate, polyolefin, polyamide, styrenic block copolymers and others. The ethylene vinyl acetate segment is anticipated to account for a major share in the hot melt adhesives market by 2025.
The polyolefin segment accounts for the highest market share across the globe and is expected to witness the highest CAGR of 6.4% in terms of value, during the forecast period (2015-2025). The styrenic block copolymers and ethylene vinyl acetate based hot melt adhesives are anticipated to grow at a steady rate during the forecast period.
On the basis of application, the hot melt adhesives market is segmented into packaging, automotive, construction, healthcare products and others. Others include textile, electronics, paper bonding and footwear.
The packaging segment is expected to dominate the market with over 35% share in the global market. Consumption of hot melt adhesives in healthcare products is expected to increase rapidly in the near future.
Key players have been profiled to include a company overview, financials, operating segment share, product and service offerings, business strategies, SWOT analysis and key developments.
Key players in the global hot melt adhesives market include Henkel AG Co. KGaA, H. B. Fuller, Sika AG, Arkema Group, Ashland Inc., The 3M Company, Jowat AG, Sipol S.p.A., Palmetto Adhesives Company and Sealock Ltd.
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