Because of its adhesion capabilities, hot melt adhesive is utilized in the packaging, automotive, nonwovens, product assembly, tapes and labels, woodworking, paper bonding, and electronics industries. It is a thermoplastic polymer that contains several polymers as well as additives such as colors, resins, and stabilizers.
The worldwide hot melt adhesives market is expected to exceed US$ 9.8 billion in sales by the end of 2027, rising at a CAGR of 5.2 percent during the forecast period (2020 to 2027).
In terms of volume, Europe led the worldwide hot melt adhesives market in 2019, accounting for 29 percent of the market, followed by North America and the Asia Pacific.
Hydrophilic hot melt adhesives and polyamide hot melt adhesives are projected to drive market growth. Polyolefin hot melt adhesives, for example, are produced with metallocene as a catalyst and function better. As a result, hot melt adhesives are becoming increasingly popular in the packaging business. As a result, the expansion of the packaging industry is boosting the growth of the hot melt adhesives market. These reasons are projected to propel the worldwide hot melt adhesion market forward.
The industry is predicted to rise as a result of an increase in the number of distribution agreements and collaborations among market participants. DKSH Business Unit Performance Materials, for example, became a significant distribution partner for DD Chem in Europe and the Asia Pacific in April 2020. DD Chem's products may be utilized in a variety of applications, including protective coatings, inks, adhesives, and construction (flooring). These are in high demand among makers of epoxy resin solutions, flexo inks, and hot melt adhesives.