The Hot Melt Adhesives Market is estimated to be valued at US$ 7.84 Bn or Mn 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 solid adhesives which when heated to their melting point become liquid and can be applied to surfaces to be bonded. Once the hot melt cools and solidifies, it binds surfaces together permanently. They are used across various end use industries such as packaging, hygiene products, automotive, electronics, construction and others. Important features of hot melt adhesives include fast bonding speed, ease of application and design flexibility.

Market Dynamics:
One of the major driver for the hot melt adhesives market growth is increasing demand from packaging industry. Hot melt adhesives are widely used in box sealing, case sealing and carton construction in the packaging industry. Growing e-commerce and shifting consumer preferences towards convenience packaging is driving the demand for innovative and high performance packaging solutions, thereby propelling the hot melt adhesives market growth. Another driver is increasing usage of hot melt adhesives in hygiene products manufacturing. Key properties of hot melts such as quick setting, strong adhesion, thermal resistance and moisture resistance makes them an ideal adhesive of choice in baby diapers, adult incontinence products and femine care products manufacturing. Rapid urbanization and rising income levels in emerging economies is augmenting the demand for hygiene products, thus positively impacting the hot melt adhesives market growth.
Segment Analysis

The  Global Hot Melt Adhesives Market Size is dominantly segmented by type and application. Based on type, the market is categorized as ethylene vinyl acetate, polyolefin, polyamide, and others. Of these, the polyolefin segment dominates the market and accounted for more than 30% of the overall revenue share in 2022. Polyolefin adhesives provide excellent adhesion performance on a wide range of substrates and are cost effective and less toxic in nature.

PEST Analysis

Political: The rules and regulations related to volatile organic compound (VOC) emissions are becoming stricter across regions, favoring the demand for hot melt adhesives.

Economic: The global hot melt adhesives market is forecast to grow at a CAGR of 5.2% till 2030, driven by robust growth of the packaging and nonwoven hygiene products industries. However, fluctuating raw material prices remain a key concern.

Social: Increasing population and rapid urbanization are driving demand for consumer products and packaged goods, thereby propelling the hot melt adhesives market. Growing emphasis on using eco-friendly adhesives is also benefiting the market.

Technological: Advances in material science and polymer synthesis have led to the development of new classes of hot melt adhesives with superior properties. Waterborne technologies for hot melt formulations are also gaining traction.

Key Takeaways

The global hot melt adhesives market size was valued at US$ 7.84 Bn in 2023 and is expected to reach US$ 12.35 Bn by 2030, expanding at a CAGR of 5.2% during the forecast period. Increasing demand from the packaging industry is a key factor driving the market. Growth in the e-commerce sector is significantly influencing packaging formats and material usage, thus augmenting hot melt adhesives consumption.

The Asia Pacific region dominated the hot melt adhesives market in 2022 and accounted for around 35% of the global revenue share due to high consumption in China and India where packaging and nonwoven hygiene products industries have strong presence. Rapid urbanization, rising incomes and expanding middle-class population in emerging economies are fueling regional market growth.

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. Major players are focusing on developing sustainable and eco-friendly adhesive solutions with advanced technical properties to cater to diversifying end-use applications.

Read More: https://www.ukwebwire.com/hot-melt-adhesives-market-growth/