The hot melt adhesives market was valued at US$ 7,473.37 million in 2020 and is projected to be worth US$ 10,982.38 million by 2028, growing at a CAGR of 5.1% during the forecast period from 2020-2028.
Hot melt adhesives are also known as hot glue, and these are 100% formulation of thermoplastic adhesives. Hot glue sticks are available with different diameters and design. The growing application from several end use industries is the major driver for the growth of hot melt adhesives market. Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives an ideal choice for many applications. Many industries are adopting the hot melt adhesives over solvent-based adhesives.
A few well-established players operating in the global hot melt adhesives market are H.B. Fuller Company; Henkel AG & Company; KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech, and Gorilla Glue Company.
The ongoing pandemic has drastically altered the status of the adhesive industry and has negatively impacted the growth of the hot melt adhesives market. The COVID-19 outbreak has interrupted the operational efficiency and agitated the value chains, owing to the sudden closure of national as well as international boundaries, creating revenue loss along with damage.
The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the hot melt adhesives market. However, as the economies are planning to revive their operations, the demand for hot melt adhesives is presumed to rise globally. Post-pandemic, the demand for hot melt adhesives from the food packaging industry is rising since consumers are tending to order food products online. Also, postponed construction projects are presumed to resume, which will further provide opportunity for the hot melt adhesives market to grow. It is also presumed that the DIY residential segment will bring growth opportunity for the hot melt adhesives market in the upcoming future.
As a large number of people are confined to their homes due to this pandemic, re-designing and home improvement projects are expected to increase. In this case, DIY products such as hot melt adhesives should be beneficial from the short-term trend. This is especially true for home interior applications. Further, positive measures have been taken by the governments of various countries, and incorporation of advanced technology, is another factor anticipated to bolster the market growth. Safety measures followed by the companies include limiting direct contact with truck drivers & visitors, strengthening & communicating proper hygiene practices, and conducting complete sanitations & eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for hot melt adhesives from some application segments will take a hike.
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