ID: MRFR/CnM/3219-CR | October 2022 | Region: Global | 100 Pages
The Hot Melt Adhesives Market is estimated to reach USD 14.2 billion by 2030 at a CAGR of 6.04% from 2022 to 2030.
$14.2 billion
6.04%
Asia Pacific
2022 to 2030
The global hot melt adhesives market size was USD 8.8 billion in 2021 and is estimated to reach USD 14.2 billion by 2030, growing at a CAGR of 6.04% from 2022 to 2030.
Hot melt adhesives or hot glue is typically a form of thermoplastic adhesive which are commercially available as cylindrical sticks of vivid range of diameters fitting hot adhesive gun.
In the industrial sector hot melt adhesives are broadly used to eliminate volatile organic compounds and more. Hot melt adhesives find numerous applications across end use markets including packaging, automotive, construction, healthcare and more globally.
COVID-19 Impact on the Hot Melt Adhesives Market:
The supply chain throughout the globe was negatively impacted. The closure of international borders and integration of stringent regulatory norms for the trade affected the sales of hot-melt adhesive products. This also affected the procurement of supplies and transport of finished goods. However, the global business showed a gradual increase in sales after the restrictive regulations were dissolved. The restrictions were uplifted in several stages to prevent the spread of disease. The demand and supply gap still existed but was narrowed down to fewer delivery days. Moreover, in the second quarter of 2020, the industry verticals such as semiconductors, electronics, automotive, and many more experienced shortages in the availability of raw materials and production were substantially impacted due to supply and capacity bottlenecks. These industries are the major sectors that utilize hot-melt adhesives to develop their final product. This, in turn, has affected the market growth of the gluing products.
In 2021, the market started full-fledged production as the situation returned to normal. The year experienced high demand for electronic products, and the automobile sector documented the record-breaking sales of the decade. The packaging industry demanded better hot-glue adhesives as the delivery packages had to undergo viral checks, and sanitizing solutions were applied to minimize the risk of contamination. The usage of solutions might affect the gluing quality of wrapping; hence the mandate for a better solution created new opportunities for the market players. Such aspects augmented the demand for high-quality hot-glue adhesives worldwide.
Market Dynamics
Segmentation
By Resin Type of Hot Melt Adhesives Market
By End-Use of Hot Melt Adhesives Market
By Region of Hot Melt Adhesives Market
Regional Analysis
Asia-Pacific accounted for the largest market share of 44.92% in 2021, with a market value of USD 3,993.82 million; it is expected to register a CAGR of 6.45% during the forecast period. The market across Asia Pacific is estimated to grow at the fastest pace due to increasing intervention of various electronic product manufacturing companies in the region across countries such as China, South Korea, India, Japan and more. Further, on a global scale, increased innovations in the automotive sector and growing number of vehicles on road globally is poised to reflect steady growth in demand for hot melt adhesives industry worldwide over the foreseeable future.
In North America, The US is the leading country in the region owing to the increasing construction & buildings market. North America accounted for the second largest market share in 2021, valued at USD 2,106.19 million; it is projected to register the highest CAGR of 5.35%.
The European is largely attributed to the growth in automotive industry in the region. Germany accounted for the largest market share of 22.5% in 2021, with a market value of USD 455.65 million; the market is expected to register the highest CAGR of 6.20% during the forecast period.
The Latin American market is divided into Brazil, Mexico, Argentina and Rest of Latin America are the major contributors in the region.The growth in the region are attributed to has significant potential for use in packaging and non-woven applications Sustainable materials are being used in the region for packaging applications. Furthermore, the organisations are implementing new models to reduce the region's carbon footprint..
In Middle East & Africa Turkey accounted for the largest market share of 36.35% in 2021, with a market value of USD 160.53 million; the market is expected to register a CAGR of 5.75% during the forecast period. The growth is attributed to the growth in construction & buildings, and woodworks markets.
Competitive Landscape
In developing markets such as India and China, the global market for hot melt adhesives is highly fragmented. The industry is likely to become more competitive as partnerships, mergers, and acquisitions increase. Furthermore, a growing number of players will enter the market within the estimated assessment period, boosting competition in the market. The major players in the market include 3M, Arkema group, Henkel AG & Co. KGaA, Beardow Adams, DOW INC, AVERY DENNISON CORPORATION, H.B. Fuller, Jowat SE, SIKA AG, Adhesive Direct UK.
Some of the key developments include:
Report Overview:
The Hot Melt Adhesives market is segmented by resin type, end-use and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Hot Melt Adhesives market is emerging and fast-growing segments, regions, and countries.
Objectives of the Study
Intended Audience
Report Attribute/Metric | Details |
Market Size | 2030: USD 14.2 billion |
CAGR | 6.04% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019-2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Fabric and Product |
Geographies Covered | North America ,Europe, Asia-Pacific,South America, Middle East ,Africa |
Key Vendors | 3M, Arkema group, Henkel AG & Co. KGaA, Beardow Adams, DOW INC, AVERY DENNISON CORPORATION, H.B. Fuller, Jowat SE, SIKA AG, Adhesive Direct UK. |
Key Market Opportunities | Rising development of bio-based hot-melt adhesives Increasing packaging and non-woven application in asia-pacific and latin america |
Key Market Drivers | Significant growth in automotive production Surging demand from packaging industry Growing demand for adhesives for circuit boards |
The global hot melt adhesives market would register a growth of 6.04%.
Automotive Industries
Lower thermal resistance
Europe holds the largest share in the global hot melt adhesives market followed by Asia Pacific and North America.