by Hot Melt Adhesives are used for packaging solutions for various applications in food and beverage, personal care, and consumer goods packaging industries due to their easy application and fast setting properties. Hot melt adhesives provide strength, flexibility and reliability for a wide range of packaging applications. Hot melt adhesive bonding represents a critical production step that helps ensure package integrity during distribution and use by the consumer.
The global Hot Melt Adhesives Market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in the packaging industry has been a major driver for the Global Hot Melt Adhesives Market Size. Packaging is one of the largest end-use industries for hot melt adhesives. Increasing demand from food and beverage, consumer goods, carton packaging, and tapes and labels drives the market growth. Hot melt adhesives are preferred for packaging applications as they offer high speed production rates, flexibility in production line set up, and minimal capital investment in application equipment. They provide excellent bonding flexibility for various substrates such as cardboard, paper, and plastics.
SWOT Analysis
Strength: Hot melt adhesives are convenient and flexible to use. They have quick set times and bonds are immediately formed.
Weakness: Hot melt adhesives have limited strength when compared to other adhesives. Their bonds can weaken at high temperatures.
Opportunity: Growth of packaging industry will create new opportunities for hot melt adhesives. Adoption across new application areas like electronics will fuel market growth.
Threats: Stringent environmental regulations around VOC emissions can hamper market growth to some extent. Development of alternative bonding technologies is also a threat.
Key Takeaways
The global hot melt adhesives market is expected to witness high growth. The market size is projected to reach US$ 9.04 Mn in 2024 and further grow at a CAGR of 5.2% to reach US$ 13.57 Mn by 2031.
Regional analysis comprises Asia Pacific dominates the global market with over 35% share due to widespread use of hot melt adhesives in packaging industry. China is the fastest growing country in the region owing to presence of leading manufacturers and rapid growth of end use industries. Europe is another major regional market supported by developed packaging and construction industries in the region.
Key players operating in the hot melt adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company. Key players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
