The Hot Melt Adhesives Market Size was valued at USD 9.11 Billion in 2022. The Hot Melt Adhesives industry is projected to grow from USD 9.57 Billion in 2023 to USD 12.79 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.33% during the forecast period (2023 - 2030)..
The surge in demand for food packaging is estimated to create optimistic development scope in the forecast period. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market is estimated to be spurred by a remarkable CAGR in the forecast period.
The development of spending power is predicted to empower the demand for electronics, which is estimated to bolster the Hot Melt Adhesives Market share in the coming years. Furthermore, the construction industry's development is estimated to further bolster the Hot Melt Adhesives Market companies in the forecast period.
Segmental Analysis
The segmentation of the Hot Melt Adhesives Market is carried out on the basis of type, application and region. The Hot Melt Adhesives Market's applications consist of buildings & construction, food packaging, woodworking, general consumer packaging, carton sealing, and others. The type segment of the Hot Melt Adhesives Market consists of polyamide, polyolefin, ethylene vinyl acetate, polypropylene and polyurethane. The regions included in the Hot Melt Adhesives Market are North America, the Middle East, Europe, Asia Pacific, Latin America and Africa.
Detailed Regional Analysis
The regional overview of the Hot Melt Adhesives Market includes regions such as North America, the Middle East, Europe, Asia Pacific, Latin America and Africa. Throughout the forecast period, the Asia Pacific regional market has been grown at the uppermost CAGR during the forecast period due to increasing use in end-use industries such as woodworking, universal consumer packaging, and electronics. The advancements in the Hot Melt Adhesives Market In-Depth Analysis have pushed investors and builders to shift their focus from water-based to hot melt adhesives due to their dependable and versatile kind. The renowned players in this region are the U.K., Germany, and France due to growing usage in heavy end industries such as automobile, buildings & construction, and defense. In North American countries such as the U.S.A., Canada and Mexico, the Hot Melt Adhesives Market has witnessed enormous growth due to rising need in the packaging segment. The countries such as Uruguay, Brazil, and Argentina in the Latin American region are projected to observe rapid growth in the Hot Melt Adhesives Market due to the rapid manufacture of polyurethane units in heavy end industries.
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Competitive Analysis
The market may show restrained development due to the second wave of COVID cases resurgence in several regions. The continuance of lockdowns intermittently in several regions may cause obstacles to the market's development as resources such as labour and supply chains to become seriously impacted. The global market is estimated to see diversification in operating practices as newer models for operation and delivery come into place. The emphasis on creating reserves of resources to deal with unexpected situations is estimated to shape future market developments. The aid from government institutions is estimated to stimulate the global market's development in the coming years. The innovations and research being undertaken in the market are estimated to create promising growth options in the coming period. The reliance on online commerce for sales is estimated to show a significant spike in the forecast period, leading to more investment in its development by market stakeholders.
The foremost companies in the Hot Melt Adhesives Market are the 3M Company (U.S.A), Arkema (France), Henkel AG & Co. KGaA (Germany), Dow Corning Corporation (U.S.A.), Sika AG (Switzerland), R.P.M. International Inc. (U.S.A.), H.B. Fuller Company (U.S.A), Huntsman International L.L.C. (U.S.A.), The Dow Chemical Company (U.S.A.), among others.
Industry Updates:
Mar 2021 Danimer Scientific, a principal designer and manufacturer of biodegradable materials, intends to invest USD 700 million in increasing their Bainbridge manufacturing processes, nearly multiplying their workforce in Decatur County in the U.S. The company's renewable and sustainable biopolymers are operated in single-use and other plastic products. These materials are compostable and biodegradable and are used by clientele in industries like bottling, food packaging, and other conventional packaging sectors. Danimer's biopolymers' applications comprise hot-melt adhesives, aqueous coatings, fibers, filaments, films, additives, and injection-molded articles.
Sep 2020 SABA, a global foam bonding adhesive supplier, announced the influx of new hot melt adhesives and presented Sabamelt 4732 to produce pocket coil units. With more hot melt adhesives being introduced later this year, SABA has reiterated its leading position as the solvent-free foam bonding expert.
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