Hot Melt Adhesives Market 2022
The global hot melt adhesives market is estimated to be valued at over US$ 8.1 Bn. Consumption of hot melt adhesives is projected to increase at 6.2% CAGR and will be valued at around US$ 14.85 Bn by 2031. Competitive advantage over solvent-based and water-based adhesive types is a major factor driving market expansion. Acquisitions, partnerships, collaborations, and investments in R&D by key players are being witnessed in the global market. Demand for Hot Melt Adhesives Projected to Surge from Packaging and Automotive Sectors: Persistence Market Research
With usage in various applications across industries, demand for hot melt adhesives is anticipated to witness substantial growth over the coming years. Growing industries of furniture and wood work, automotive, footwear, electronics, and many others are significantly impacting the market in a positive outlook. Substantial vehicle production all over the globe is bolstering consumption of hot melt adhesives. Strong development in the electronics industry is also benefiting the industry of hot melt adhesives to a significant extent.
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Development in product to decrease hazard generation and comply with stringent regulations enforced by various authorities are some of the key concerns of manufacturers of hot melt adhesives. Key players are focusing on introducing eco-friendly products to cater changing standards and stringent regulations.
Key Companies-
- 3M Company
- Arkema
- Avery Dennison Corporation
- Beardow & Adams (Adhesives) Ltd.
- DOW Inc.
- HB Fuller Company
- Henkel AG & Co. KGaA
- Jowat Se
- Sika AG
- Tex Year Industries Inc.
- Adhesive Direct UK
- Adtek Malaysia SDN BHD
- Buhnen GmbH & Co. Kg
- Cherng Tay Technology Co., Ltd.
- Evonik Industries AG
Recent Developments in This Space
- Aug 2021: An agreement was signed by Arkema for the acquisition of Ashland’s performance adhesives business, a first-class leader in high-performance adhesives for industrial applications in the United States with a unique and innovative product portfolio.
- June 2021: H.B. Fuller announced that it had signed a distribution agreement with Jubilant Agri and Consumer Products Limited (JACPL), a 100% subsidiary of Jubilant Industries Limited, to address growing demand for adhesive applications in the B2B woodworking segment.
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Key Takeaways from Market Study
- The global industry of hot melt adhesives is anticipated to reach a value of US$ 14.84 Bn by the end of 2031.
- East Asia is estimated to witness significant growth at 7.1% CAGR over the forecast period.
- Packaging solutions are anticipated to remain a key end use and account for a major share in global consumption of hot melt adhesives.
- By resin, ethylene vinyl acetate is anticipated to witness year-over-year growth of 5.9% in 2021, and the segment is expected to remain a key resin used in the production of hot melt adhesives.
- The U.S. is anticipated to remain a key market for hot melt adhesives owing to the strong presence of end-use industries.
“The COVID-19 pandemic is expected to significantly impact the global market for hot melt adhesives owing to decrease in demand primarily from the automotive & woodworking sectors,” says a Persistence Market Research analyst.
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Key Questions Answered in hot melt adhesives Market Report –
- How much is the current global market value of hot melt adhesives?
- What is the main factor driving demand for hot melt adhesives?
- What will be the consumption outlook for hot melt adhesives through 2031?
- What are the key trends being witnessed in the global marketplace?
- Who are the key players manufacturing hot melt adhesives?
- What is the market share of the top 5 suppliers of hot melt adhesives?
- Which are the top 5 countries driving most of the demand for hot melt adhesives?
- Which countries are key producers and exporters of hot melt adhesives?
- How is the hot melt adhesives market faring in India?
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