Redding, California - August 6, 2024
Hot Melt Adhesives Market to be Worth $12.8 Billion by 2031
Hot Melt Adhesives Market Size, Share, Forecast, & Trends Analysis Type (EVA, Polyolefin, Polyurethane, Others), Form (Solid, Granular/Powder, Others), End-use Industry (F&B, Automotive, Electronics, Home Décor, Consumer Goods, Textile, Others) & Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Hot Melt Adhesives Market by Type (EVA, Polyolefin, Polyurethane, Others), Form (Solid, Granular/Powder, Others), End-use Industry (F&B, Automotive, Electronics, Home Decor, Consumer Goods, Textile, Others), and Geography - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the hot melt adhesives market is projected to reach $12.8 billion by 2031, at a CAGR of 5.1% from 2024 to 2031. The market's growth is driven by advances in raw materials and the growing demand for packaging. However, the lower thermal resistance of hot melt adhesives is a factor restraining its growth.
Furthermore, the emergence of sustainable hot melt adhesives and the growing use of hot melt adhesives for non-woven applications are expected to generate growth opportunities for the stakeholders in this market. However, increasing raw material prices is a major challenge impacting market growth.
Based on type, the global hot melt adhesives market is segmented into ethylene vinyl acetate (EVA), polyamide (PA), polyurethane, polyolefin, styrenic block copolymers (SBCS), amorphous poly alpha olefins (APAO), metallocene, and other types. In 2024, the ethylene vinyl acetate (EVA) segment is expected to account for the largest share of over 39.0% of the global hot melt adhesives market. The segment’s large market share is mainly attributed to factors such as strong adhesion, versatility in bonding various materials, and the growing application of EVA in packaging, mattress production, woodworking, product assembly, and automotive industries.
EVA is used extensively in a variety of industries due to its superior adhesive capabilities and adaptability. As technology and manufacturing methods advance, EVA hot melt's future is expected to remain promising. Manufacturers are focused on approaches to improve its performance, such as increased temperature resistance and adherence to challenging surfaces.
Based on form, the global hot melt adhesives market is segmented into solid, granular/powder, and viscous liquid. In 2024, the solid segment is expected to account for the largest share of over 42.0% of the global hot melt adhesives market. The segment’s large share is mainly attributed to the benefits of solid hot melt adhesives, such as easy dispensing, long shelf life, minimal waste; not requiring mixing or special equipment, and the growing focus of manufacturers on 100% solid formulations of hot melt adhesives due to several benefits of solid hot melt adhesives. Moreover, the solid segment is also expected to record the highest CAGR during the forecast period.
Based on end-use industry, the global hot melt adhesives market is segmented into automotive, electronics, home decor, textile, food & beverage, healthcare & pharmaceutical, consumer goods, construction, fashion & apparel, manufacturing, and other end-use industries. In 2024, the food & beverage segment is expected to account for the largest share of over 33.0% of the global hot melt adhesives market. The segment's large share is mainly attributed to the increase in the demand for packaging in the food and beverage industry to ensure product safety; a wide range of applications such as sealing of cartons, boxes, and pouches; and growing advancement of sustainable hot melt adhesives with bio-based formulations.
However, the automotive segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by factors such as the growing adoption of high-speed automatic production lines, the increasing use of hot melt adhesive for vehicle interior lamination, and the need for strong adhesives for the assembly of several automotive components and parts.
Based on geography, the hot melt adhesives market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 48.0% of the global hot melt adhesives market. The large market share of this segment is attributed to factors such as rapid industrial growth; the strong presence of a wide number of automotive manufacturers; and furniture manufacturers.
Moreover, the Asia-Pacific region is projected to register the highest CAGR of 6.5% during the forecast period. This region's growth is mainly driven by the surge in demand for hot melt adhesives for packaging and labelling, product assembly, woodworking, and textile applications and the region's focus on sustainability practices due to environmental concerns.
Key Players:
Some of the key players operating in the hot melt adhesives market are H.B. Fuller Company (U.S.), 3M Company (U.S.), Jowat SE (Germany), Henkel AG & Co. KGaA (Germany), Arkema (France), The Dow Chemical Company (U.S.), Sika AG (Switzerland), Avery Dennison Corporation (U.S.), Tex Year Industries Inc. (Taiwan), Huntsman Corporation (U.S.), KLEIBERIT SE & Co. KG (Germany), Power Adhesives Ltd. (U.K.), Evans Adhesive Corp. (U.S.), Wacker Chemie AG (Germany), and Paramelt B.V. (Netherlands).
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Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, form, and end-use industry?
- What was the historical market for hot melt adhesives?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the hot melt adhesives market?
- Who are the major players, and what shares do they hold in the hot melt adhesives market?
- How is the competitive landscape in the hot melt adhesives market?
- What are the recent developments in the hot melt adhesives market?
- What are the different strategies adopted by the major players in the hot melt adhesives market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global hot melt adhesives market, and how do they compete with the other players?
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