The global hot melt adhesives market was valued at US$ 6.4 billion in 2019, in terms of revenue, according to Hot Melt Adhesives Market Report, by Polymer Base (Ethylene-vinyl acetate (EVA), Polyolefin, Polyamide, Styrene Butadiene Block Copolymer (SBC), and Others), by Application (Packaging, Automotive, Construction, Healthcare products, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights.
The global hot melt adhesives market is expected to surpass US$ 9.8 billion by 2027, in terms of revenue, at a CAGR of 5.2% during the forecast period (2020-2027).
Hot melt adhesive is a thermoplastic polymer that is melted under high temperature and obtain adhesion property on cooling when applied to the surface. Polyester hot melt adhesives, ethylene Vinyl Acetate hot melt adhesives, polyamide hot melt adhesives, polyolefin hot melt adhesives, and polyurethane hot melt adhesives are some of the hot melt adhesives.
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*Browse 45 market data tables and 30 figures* on "Hot Melt Adhesives Market” – Global forecast to 2027.
Key trends and analysis of the global hot melt adhesives market:
- The global hot melt adhesives market has witnessed a substantial growth in the recent past owing to rules and regulations which restrict use of solvent-based adhesives owing to their adverse environmental impact. For instance, regulatory authorities such as Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and Environment Protection Agency (EPA) are continuously taking measures to restrict the usage of solvent-based adhesives in order to reduce the adverse environmental effects and support growth of the hot melt adhesives as they do not contain any volatile organic compounds.
- However, hot melt adhesives provide limited adhesion strength compared to acrylics, epoxy, polyurethanes, etc. which is expected to hamper the market growth. Moreover, the maximum shear load capacity of hot melt adhesives is around 3.4MPa. However, shear stress of water-based adhesives range between 10 Pa and 200 Pa which is expected to hamper growth of the global hot melt adhesives market.
Key Takeaways of the Market
- Among regions, Asia Pacific is expected to witness the fastest growth during the forecast period and eventually surpass 1.8 billion, in terms of revenue, in 2019. The hot melt adhesives market in Asia Pacific is expected to create growth opportunities for players in the industry primarily due to increasing infrastructure activities in the electronics, transportation, energy, automotive and industrial sectors in countries such as India and China. China is the largest consumer of hot melt adhesive products owing to increasing demand from the manufacturing sector. According to Coherent Market Insights analysis, China accounted for 597.8 million in 2019 and is expected to exhibit a CAGR of around 12% during the 2020-2027 period. This scenario is expected to drive growth of the global hot melt adhesives market during the forecast period.
- Major players operating in the global 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.