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The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hot melt adhesives are used in various applications such as packaging, bookbinding, nonwoven hygiene products, tapes, graphics, woodworking, and assembly. They find widespread usage in packaging industry for case and carton sealing, cushioning, and carton closures. In packaging industry, they are used for packaging of food & beverages, consumer goods, and industrial products.
Market Dynamics:
Rising demand from packaging industry: Packaging industry is a major end-user of hot melt adhesives and accounts for over 50% of its demand. Growth of e-commerce sector and food delivery services has increased the packaging requirement globally. This rising demand for packaging from various end-use industries is expected to drive the growth of hot melt adhesives market over the forecast period.
Increasing usage in nonwoven hygiene products: Hot melt adhesives find extensive usage in production of nonwoven hygiene products such as diapers, adult incontinence products, and feminine hygiene products. Growing demand for nonwoven hygiene products from emerging economies owing to rising disposable incomes is anticipated to fuel the market growth of hot melt adhesives.
SWOT Analysis
Strength: Hot melt adhesives market have three main strengths – it offers fast bonding, has low waste production and require lower capital investment for production. It forms strong bonds quickly on a variety of surfaces without use of solvent.
Weakness: Hot melt adhesives have lower shear strength and poorer resistance to heat and moisture compared to other adhesives. It also have limited open time for bonding. Another weakness is that they require specialized application equipment for melting and applying the adhesive.
Opportunity: Growing flexible packaging industry offers significant growth opportunities for hot melt adhesives market. It is widely used in flexible packaging applications. Growing e-commerce industry will also boost demand as more packages will be shipped.
Threats: Volatility in raw material prices can increase the overall production cost. Development of substitutes like cold seal adhesives and self-adhesive labels poses threat to hot melt adhesives market.
Key Takeaways
The Global Hot Melt Adhesives Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from flexible packaging industry. Rapid growth of e-commerce sector will further propel the market growth.
Regional analysis Asia Pacific dominates the global hot melt adhesives market and is expected to exhibit highest CAGR during the forecast period. Countries like China, India offer lucrative growth opportunities attributed to rapid industrialization, growing population and rapid urbanization in the region.
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. These players are focused on new product launches and expansion activities to strengthen their foothold in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
