Global Hot Melt Adhesives Market By Product Type (Ethylene-vinyl Acetate, Polyurethane, and Other Product Types), By Application (Packaging, Assembly, Woodworking, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
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Hot Melt Adhesives Market Overview:
The hot melt adhesives market for global was valued at USD 8,776 million in 2021. It is expected to grow at a CAGR of 5% between 2023 and 2032.
The market is growing due to the increasing use of hot glue adhesives in various packaging applications, such as sealing boxes & cartons for food or general consumer packaging. HMAs are hot melt adhesives that can adhere to a variety of surfaces and materials, cardboard, including paper, metal, plastics, and fabric.
This makes them ideal for DIY projects. General goods packaging, craft, and woodworking are some of the DIY applications. DIY is still a new concept in developed countries like North America and Europe.
Global Hot Melt Adhesives Market Scope:
Product Type analysis
EVA is a copolymer adhesive used in many industries, including automotive, packaging, assembly, and paper. In 2021, the Ethylene-vinyl Acetate segment held the largest volume share at more than 41.3%. The key attributes that drive the segment's growth are strong adhesion, paraffin solubility, high mechanical strength, and exceptional flexibility.
This product is used primarily in adhesion to pressure-sensitive products like tapes, labels, and graphics. The product's immediate bonding makes manufacturing faster and reduces labor costs. This helps to drive market growth. From 2023 to 2032, the rubber segment will experience a 5.2% CAGR in revenue.
Hot melts of polyolefin are used extensively in product assembly. This segment is driven by its high barrier properties, low moisture permeability, and chemical resistance. These properties have led to their deployment in the packaging industry and nonwoven product manufacturing, helping drive the market.
In 2021, the packaging segment was responsible for more than 31.2% of all revenue. HMA is highly valued in the packaging industry because it can withstand extreme conditions. In the packaging industry, HMA is used to bind corrugated boxes and paperboard cardboard containers. HMA is used by many electronic device manufacturers to secure parts and wires in place to protect and protect the components.
From 2023 to 2032, the nonwovens segment is expected to experience significant growth. The key factors driving the growth of the nonwovens segment are rising concerns about personal hygiene and increased disposable income.
Car and truck manufacturers use hot melt adhesives extensively for the adhesion of carpets and headliners, radiators, and other accessories. Polyolefin can also be used to coat electronic components and insulate wires. This increases the demand for HMA within the automotive industry due to its safety, reliability, and quality.
Кеу Маrkеt Ѕеgmеntѕ
By Product Type
- Ethylene-vinyl Acetate (EVA)
- Other Product Types
- Other Applications
The United States is a major consumer and manufacturer of hot melt adhesives. Hot melt adhesives were widely used in packaging parcel boxes and increased e-commerce product delivery services. Due to the COVID-19 epidemic, the lockdown caused by the outbreak resulted in a dramatic increase in product demand. This resulted in the expansion of e-commerce product delivery.
The disruptions that caused the pandemic resulted in prices and a shortage of raw materials for manufacturing companies. The pandemic harmed all industries, not just the raw materials side.
The market is seeing an increase in demand for bio-based hot melting adhesives in the U.S. because of their sustainability. Jowat, an adhesive manufacturer, has introduced products from renewable raw materials and has been certified by the United States Department of Agriculture (USDA) for North American markets.
Hot melt adhesives are in high demand due to their many applications, including flooring, ceramic tiles, and carpet installation. HMA has a higher aesthetic appeal than staples and nails.
The Asia Pacific accounted for the largest revenue share, with over 44.7% in 2021. The key factors driving market growth in the Asia Pacific are the rapid growth of e-commerce services and the rapidly rising demand for nonwovens. Hot melt adhesives' wide application means that there are more business opportunities. This helps to propel product demand.
From 2023 to 2032, North America will experience a 4.1% CAGR in revenue. Due to the presence of some of the most important packaging manufacturers, such as Ball Corporation, and International Paper the packaging sector is expected to be the main driver of market growth.
Europe is expected to experience steady growth over the forecast period. The region's market growth will be positively influenced by the increasing construction activity, expanding automotive sector, and increased online product delivery services in developed countries such as Germany, Spain, Italy, France, and the U.K.
Key Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
Market Share & Key Players Analysis:
Major companies in the market focus primarily on regional expansion, mergers, and acquisitions, as well as high-profit margin segments. In 2021 Meridian Adhesives Group acquired Prime Blend LLC, a leader in the production and formulation of hot-melt and water-based adhesives and coatings.
Pidilite Industries Ltd. also acquired Huntsman Group’s Indian subsidiary Huntsman Advanced Materials Solutions Private Limited in 2020 for US$ 260 Million. This acquisition was made with the aim of expanding its product range for DIY (do-it-yourself) consumer adhesives. This allows the company to capitalize on the market growth. The following are some of the most prominent players in global hot melt adhesives markets:
Маrkеt Kеу Рlауеrѕ:
- Henkel AG & Co. KGaA
- H.B. Fuller Company
- Sika AG
- Arkema Group
- Jowat SE
- The 3M Company
- Other Key Players
For the Hot Melt Adhesives Market research study, the following years have been considered to estimate the market size:
Particular Scope Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Historic Year 2016 to 2020 Estimated Year 2022 Forecast Year 2023 to 2032
Frequently Asked Questions (FAQ)
Q: What is the size of the Hot melt adhesives market in 2021?
A: The Hot melt adhesives market size is estimated to be US$ 8,776 million in 2021.
Q: What is the projected CAGR at which the Hot melt adhesives market is expected to grow at?
A: The Hot melt adhesives market is expected to grow at a CAGR of 5% (2023-2032).
Q: List the segments encompassed in this report on the Hot melt adhesives market?
A: Market.US has segmented the Hot melt adhesives market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product Type, the market has been segmented into Ethylene-vinyl Acetate (EVA), Polyurethane, Rubber, Polyolefin, and Other Product Types. By application, the market has been further divided into Packaging, Assembly, Woodworking, Automotive, Nonwovens, and Other Applications.
Q: List the key industry players in the Hot melt adhesives market?
A: Henkel AG & Co. KGaA, H.B. Fuller Company, Dow, Sika AG, Jowat SE, Arkema Group, Ashland, The 3M Company, and Other Key Players are the key vendors in the Hot Melt Adhesives market
Q: Which region is more appealing for vendors employed in the Hot melt adhesives market?
A: APAC is expected to account for the highest revenue share of 44.7%. Therefore, the hot melt adhesives market in APAC is expected to garner significant business opportunities over the forecast period.
Q: Name the key areas of business for Hot melt adhesives?
A: India, China, Italy, Spain, Brazil, the US, Canada, UK, Japan, Mexico, & Germany are key areas of operation for the Hot melt adhesives Market.
Q: Which segment accounts for the greatest market share in the Hot melt adhesives industry?
A: With respect to the Hot melt adhesives industry, vendors can expect to leverage greater prospective business opportunities through the Ethylene-vinyl Acetate segment, as this area of interest accounts for the largest market share.
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