May 18, 2024
Hot Melt Adhesives Market

Hot Melt Adhesives Market poised to grow significantly owing to rising demand from packaging industry

Hot melt adhesives are thermoplastic polymers that are used for adhering purposes. They have various advantages over other adhesives such as being eco-friendly, recyclable and curing rapidly at room temperature. Hot melt adhesives find major applications in packaging, construction, bookbinding, nonwoven disposable hygiene, tapes and labeling. The packaging industry has emerged as the largest consumer of hot melt adhesives, driven by the growing e-commerce and demand for packaged food and beverages.

The Global Hot Melt Adhesives Market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Hot Melt Adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company. Key players are focusing on new product launches and capacity expansion to meet the growing demand and strengthen their market position. Growing e-commerce sector and changing lifestyle and consumption patterns have significantly boosted the packaging industry, opening numerous opportunities for hot melt adhesive manufacturers. North America and Asia Pacific represent the largest and fastest growing markets respectively, driven by strong demand from packaging and disposable hygiene industries in the regions.

Market drivers

The major driver propelling the growth of Hot Melt Adhesives Market Size is the booming packaging industry. Rapid urbanization, rising income levels and growth in middle-class population have augmented the demand for packaged foods, beverages and consumer goods. This has considerably augmented the usage of hot melt adhesives in packaging applications such as case and carton sealing, and flexible packaging. The ability of hot melt adhesives to cure rapidly without the need of solvents or heating also contributes to their increased preference over other adhesives in the packaging sector.

PEST Analysis

Political: The hot melt adhesives market is influenced by various environmental and government regulations regarding the usage of raw materials and emissions. Manufacturers have to adhere to standards set by regulatory bodies to minimize the environmental impact of their operations and products.

Economic: Factors such as economic growth, disposable income levels, and manufacturing production influence demand for hot melt adhesives from end-use industries. Changes in these macroeconomic factors directly impact the overall hot melt adhesives market.

Social: Changes in demographic trends, lifestyle changes, and consumer preferences influence the demand for end-use applications such as packaging, bookbinding, clothing, footwear, and DIY activities that utilize hot melt adhesives.

Technological: Advancements in adhesive formulations help improve product properties such as heat resistance, bonding strength and reduce emissions. Innovation in application technologies aid efficiency and automation.

Geographical Regions of Concentration

Asia Pacific accounts for a major share of the global hot melt adhesives market in terms of value. The region is home to leading packaging and footwear industries that are major consumers. Growth in e-commerce is supporting demand from packaging applications.

Fastest Growing Region

North America is projected to be the fastest growing regional market during the forecast period. Increasing consumption from packaging and construction industries coupled with expanding DIY & furniture production is driving the regional market. Environmental regulations regarding hot melt formulations are also supportive of market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it