Hot Melt Adhesives Market: North America Is Estimated To Register A CAGR Of 4.3%, In Terms Of Revenue, From 2021 To 2028

 Hot Melt Adhesives Industry Overview

The global hot melt adhesives market size is expected to reach USD 10.71 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2021 to 2028. Increasing demand for hot melt adhesives in packaging applications, including cardboard and corrugated boards, is anticipated to propel market growth over the coming years.

 

Easy handling, little waste, and good storage life are the key characteristics augmenting the market growth. Bio-based adhesives are hot melts and are gaining popularity owing to their sustainability as they are 60% renewable and economical and are usually deployed in carton sealing and tray forming.

Rising demand for adhesives in bookbinding and bonding of shoe soles and applique is propelling the market growth. Hot melt adhesives are extensively used for bonding low-energy polymeric surfaces such as acetals, polyolefins, and polystyrene, thus driving the product demand in component assembly and the automotive industry.

 

Established key players are opting for sustainable methods for producing high-performance adhesives for various applications in the end-user industries. For instance, in 2021, Henkel in collaboration with Dow has launched Technomelt Supra ECO, a hot melt adhesive range that has low CO2 emission and is made by using bio-based materials.

 

The key players in the market are focusing on expanding their product portfolio and business verticals by mergers& acquisitions of small-scale specialty chemical manufacturers. For instance, in January 2021, Huntsman International LLC acquired Gabriel Performance Products, a company involved in manufacturing specialty additives, adhesives, and sealants. 

 

Hot Melt Adhesives Market Segmentation

Grand View Research has segmented the global hot melt adhesives market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Ethylene-vinyl Acetate (EVA), Polyurethane, Rubber, Polyolefin, and Others.

  • The Ethylene-vinyl Acetate (EVA) segment held the largest volume share of more than 40.0% in 2020. EVA is a copolymer adhesive, deployed in various industries including packaging, assembly, paper, and automotive. Excellent adhesion, strong mechanical strength, paraffin solubility, and superior flexibility are the key features propelling the segment growth.

 

  • The rubber segment is anticipated to register a CAGR of 5.4%, in terms of revenue, from 2021 to 2028. The product is mainly used in the adhesion of pressure-sensitive products such as labels, tapes, and graphics. The immediate bonding offered by the product makes the manufacturing process faster, which saves time and labor cost; thus impelling the market growth.

 

Based on the Application Insights, the market is segmented into Packaging, Assembly, Woodworking, Automotive, Nonwovens, and Others.

  • The nonwovens segment is expected to witness significant growth from 2021 to 2028. Rising concerns over personal hygiene and increasing disposable income are the key factors boosting the demand for nonwoven products, such as female hygiene goods, diapers, and personal care products, which, in turn, is anticipated to enhance the segment growth.
  • Hot melt adhesives are extensively used by car and truck manufacturers for the adhesion of carpets, headliners, radiators, and batteries. In addition, polyolefinis used for the coating of electronic components and insulation of wires; thus strengthening the demand for HMA in the automotive industry owing to its safety, quality, and reliability.

 

Hot Melt Adhesives Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The major companies operating in the market are primarily focusing on regional expansion, mergers & acquisitions, and high profit-margin segments. For instance, in September 2021, Meridian Adhesives Group, a leading manufacturer and formulator of water-based and hot-melt adhesives and coatings, had acquired Prime Blend LLC.

In addition, in October 2020, Pidilite Industries Ltd. had acquired Huntsman Group’sIndian subsidiary Huntsman Advanced Materials Solutions Private Limited (HAMSPL) worth USD 257 million (rupees 2,100 crores) with an aim to expand its product offering for do-it-yourself (DIY) consumer adhesives business. This enables the company to leverage the market growth. Some prominent players in the global hot melt adhesives market include:

  • Henkel AG & Co. KGaA
  • B. Fuller Company
  • Dow
  • Sika AG
  • Jowat SE
  • Arkema Group
  • Ashland
  • 3M
  • Avery Dennison Corporation
  • Beardow Adams

 

Order a free sample PDF of the Hot Melt Adhesives Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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