Hot Melt Adhesives In Packaging Industry Is The Fastest Growing Segment Fueling The Growth Of Hot Melt Adhesives Market
The global Hot Melt Adhesives Market is estimated to be valued at US$ 7.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Hot melt adhesives are a type of adhesive that is applied in a molten state and forms bond on cooling and applying pressure. Due to their environment-friendly nature, hot melt adhesives are increasingly finding applications in packaging, electronics, woodworking and other manufacturing industries.
Market Overview:
Hot melt adhesives provide superior bond strength, are moisture resistant and require less curing time compared to solvent-based adhesives. They offer cost effective and eco-friendly adhesive solution for various packaging applications in food & beverage and other industries.
Market key trends:
One of the major trend in the hot melt adhesives market is the rising application of hot melt adhesives in packaging industry. The packaging industry is the largest end-use industry for hot melt adhesives and accounts for over 50% of global demand. Hot melt adhesives are extensively used in packaging of food & beverages, consumer products, cartons and cases. Their properties such as high bonding strength even at ambient temperatures coupled with faster production make them suitable for packaging applications.
Segment Analysis
The Global Hot Melt Adhesives Market Size is segmented by resin type, application, and geography. Based on resin type, the hot melt adhesives market is segmented into ethylene vinyl acetate, polyolefin, polyamide, polyurethane, styrene-butadiene-styrene, and others. Among these, the ethylene vinyl acetate segment holds the largest market share and is expected to remain the dominant as well as the fastest growing segment during the forecast period. Ethylene vinyl acetate offers excellent adhesive properties, good heat resistance, flexibility and water resistance making it suitable for various applications.
Key Takeaways
The global hot melt adhesives market is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing demand from packaging, construction, woodworking, automotive, and other industries.
Regional analysis
The Asia Pacific region dominates the global hot melt adhesives market and is expected to continue its dominance over the forecast period. This is attributed to rising demand from the packaging and construction industries in emerging economies such as China and India. North America is expected to grow at a steady pace supported by the well-established automotive and construction industries in the region.
Key players
Key players operating in the hot melt adhesives market are Henkel AG & Co. KGaA, H B Fuller, Sika AG, Arkema Group, Ashland Inc., The 3M Company, Jowat AG, Sipol SpA, Palmetto Adhesives Company, and Sealock Ltd. Among these, Henkel AG & Co. KGaA and H B Fuller are the largest players owing to their vast product portfolio and strong global presence across various application segments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
