Global Hot Melt Adhesives Market Size
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.
Market Overview:
Hot melt adhesives are thermoplastic polymers that are applied in a molten state
and solidify upon cooling. They are applied using hot melt guns or extrusion
coating equipment. Hot melt adhesives do not require solvents and cure rapidly
upon cooling and application of pressure. They offer benefits such as
durability, high bonding strength, heat and water resistance and recyclability.
Due to these advantages, hot melt adhesives find wide application in packaging,
transportation, construction, textiles and other industries. The growing
infrastructure & construction activities and demand from the packaging
industry are expected to drive the growth of the global hot melt adhesives
market over the forecast period.
Market key trends:
One of the key trends in the hot melt adhesives market is the development of
bio-based and sustainable adhesive formulations. Rising environmental concerns
are prompting manufacturers to develop adhesive solutions from renewable
resources. For instance, Henkel has developed technology to produce hot melt
adhesives from plant-based materials such as castor oil, soybean oil and corn.
These bio-based adhesives have equivalent performance as compared to
petroleum-based adhesives. Another trend gaining traction in the market is the
growing demand for hot melt adhesives from the nonwoven hygiene market. Hot
melt adhesives are widely used in the production of baby diapers, adult
incontinence products and feminine hygiene articles. Rising global birth rates
and aging population are contributing to the increased demand for such hygiene
products thereby driving sales of hot melt adhesives in this application
segment.
Porter's Analysis
Threat of new entrants: Low-moderate, as substantial initial investments are
required to build facilities and achieve economies of scale in production due
to requirement of specialized equipment and machinery. Bargaining power of
buyers: Moderate-high, as buyers have several product alternatives and their
buying power is strengthened due to presence of global players across regions.
Bargaining power of suppliers: Low-moderate, as raw materials required are
widely available and suppliers have less control over pricing due to
availability of substitutes. Threat of new substitutes: Low-moderate, as new
substitute adhesives faces high switching cost for end users in applications
where hot melts are preferred for advantages like rapid setting at room
temperature. Competitive rivalry: High, as the market is moderately
consolidated with global players competing on basis of product differentiation,
innovation and geographical expansion.
Key Takeaways
The Global
Hot Melt Adhesives Market Size is
expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing demand
from packaging industry. By 2023, the market size is projected to reach US$ 7.84 Bn. Regional analysis: Asia
Pacific dominates the global market and is expected to grow at the fastest pace
during the forecast period, owing to growth of end-use industries such as
packaging, furniture, footwear, and electronics in China, India.
The global packaging industry contributed over 30% of global HMA demand in
2023. Growing e-commerce sector, changing lifestyle and increasing consumption
of packaged food & beverages are propelling the packaging industry growth
globally. Key players operating in the Hot Melt Adhesives 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.
Read More: https://www.pressreleasebulletin.com/hot-melt-adhesives-market-demand/