Global Hot Melt Adhesive Market Worth USD 18.7 Billion with a CAGR of 5.59%

Introduction

Hot-melt adhesive (HMA), also referred to as "hot glue," is a type of thermoplastic adhesive typically sold as solid cylindrical pieces of varying diameters for use with a hot glue gun. The plastic adhesive is melted within the gun by a continuously operating heating element. The user operates the pistol by striking directly with a finger or utilizing a mechanical trigger mechanism. Hot-melt adhesives offer several advantages over solvent-based adhesives for industrial use. Neither drying nor curing nor reducing or eliminating volatile organic molecules are performed. Hot-melt adhesives have a substantial shelf life and can typically be discarded carelessly.

Market Dynamics

Increased Use of Hot Melt Adhesives in DIY Activities Drives the Global Market

The increase in children's and adolescents' do-it-yourself (DIY) activities for home decoration and aesthetics is leading to an increase in the use of paper, fabric, metal, plastic, cardboard, glue, and strong adhesives. Hot-melt adhesives are utilized as sticks for various do-it-yourself applications due to their ease of use. Holt melt adhesives are economical because they can bond materials, reducing installation and maintenance expenses. In addition, the increased use of hot-melt adhesives has resulted from the growing popularity of miniature construction. Model building is becoming an increasingly popular pastime. These miniatures include hot-air balloons and zeppelins, houses and trees, landscapes, automobiles, ships, planes, trains, steam engines, streets, and the extensive use of stick-based hot-melt adhesives in construction drives market expansion.

Increased Demand for Polyurethane-Based Hot Melt Adhesives Creates Tremendous Opportunities

Polyurethane adhesives are utilized in various applications, including bookbinding, product packaging, and footwear production. In addition, the fact that its low volatile organic compound can be used as a basic material in the production of hot melt adhesives increases its demand. This adhesive is widely utilized for its durability, adaptability, temperature, and chemical resistance. The increasing demand for furniture has propelled the demand for polyurethane adhesives due to Asia-Pacific's construction boom. In addition, China's packaging industry is one of the largest in the world and is experiencing an increase in demand for polyurethane adhesives due to the rise in customized packaging. Thus, the benefits of hot melt adhesives based on polyurethane create opportunities for market expansion.

Regional Analysis

Asia-Pacific is the most significant global hot melt adhesive market shareholder and is estimated to exhibit a CAGR of 5.09% over the forecast period. The rise of hot melt adhesives in the automotive, construction, and medical end-use industries is anticipated to generate new market expansion opportunities. It is anticipated that automobile sales will increase over time due to India's and China's rapid economic development, resulting in a rise in the middle-class population's per capita income. This creates opportunities for automotive adhesive manufacturers. Asia-Pacific is also anticipated to be the fastest-growing market for hot melt adhesives in building and construction activities in China, India, Indonesia, and Vietnam.

Europe is anticipated to exhibit a CAGR of 5.85% over the forecast period. Germany, France, and the United Kingdom are early adopters of automation, packaging, and construction technology, generating a high demand for adhesives. Europe's adhesives market is mature, and Eastern Europe has an enormous addressable market. The region's continued leadership in developing new building technologies, sustainable building standards, and facility management lifecycle cost reductions will necessitate hot melt adhesives. In 2016, packaging accounted for 45 percent of total plastic production. Demand in the flexible food packaging industry was approximately 4.5 million tons. As a result of favorable EU trade mandates, regional vendors are in a stronger position to compete effectively with vendors from other geographies, fueling the expansion of the regional market.

Key Highlights

• The global hot melt adhesive market was valued at USD 46 billion in 2022. It is estimated to reach USD 18.7 billion by 2031, growing at a CAGR of 5.59% during the forecast period (2023–2031).
• Based on raw material, the global hot melt adhesive market is divided into ethylene-vinyl acetate, styrene block copolymers, polyurethane, polyamide, amorphous ploy-alpha olefin, metallocene polyolefin, and others. The ethylene-vinyl acetate segment is the most significant contributor to the market and is anticipated to exhibit a CAGR of 5.70% over the forecast period.
• Based on product form, the global hot melt adhesive market is divided into pellets, pillows, and sticks. The pellets segment contributes to the highest market share and is expected to exhibit a CAGR of 5.46% over the forecast period.
• Based on application, the global hot melt adhesive market is divided into paper and packaging, assembly, woodworking, nonwoven and disposable, footwear, bookbinding, and others. The paper and packaging segment accounts for the largest market share and is anticipated to exhibit a CAGR of 5.76% over the forecast period.
• Based on the end-user, the global hot melt adhesive market is bifurcated into residential and industrial. The industrial segment dominates the global market and is predicted to exhibit a CAGR of 5.40% during the forecast period.
• Based on distribution channels, the global hot melt adhesive market is bifurcated into online and offline channels. The offline segment owns the highest market share and is predicted to exhibit a CAGR of 5.34% over the forecast period.
• Asia-Pacific is the most significant global hot melt adhesive market shareholder and is estimated to exhibit a CAGR of 5.09% over the forecast period.

Competitive Players

Competitive Players

The key players in the global hot melt adhesive market are 3M, AdTech, Sika, Astra Chemtech, Beardow Adams, Arkema, Henkel, Bond Tech Industries, Caswell Adhesives, Dow, Franklin International, Grupo Desa, Meridian Adhesive Group, Power Adhesives, Sun Pack, Surebonder, IFS Industries, Jowat, Infinity Bond, Kleiberit Adhesives, Master Bond, H. B. Fuller, and others.

Recent Developments

Market News

• In March 2023, Pidilite Industries Limited, India's leading producer of adhesives, sealants, and construction chemicals, expanded its partnership with Jowat SE, a German family-owned business and one of the world's leading suppliers of industrial adhesives. Pidilite will now exclusively provide Indian clients with Jowat hot melts that are produced locally, thereby strengthening the partnership.

• In April 2023, Avery Dennison and Dow developed a sustainable new hot-melt label adhesive that enables the mechanical recycling of polyolefin filmic labels and polypropylene (PP) or polyethylene (PE) packaging in a single stream. According to the companies, the adhesive is the first of its type on the label market and is Recyclass-approved for recycling in the HDPE colored stream - Class B.

Segmentation

Global Hot Melt Adhesive Market: Segmentation

By Raw Materials

• Ethylene-Vinyl Acetate
• Styrenic Block Copolymers
• Polyurethane
• Polyamide
• Amorphous Ploy-Alpha Olefin
• Metallocene Polyolefin
• Others

By Product Form

• Pellets
• Pillows
• Sticks

By Applications

• Paper and Packaging
• Assembly
• Woodworking
• Nonwoven and Disposable
• Footwear
• Book Binding
• Others

By End-User

• Residential
• Industrial

By Distribution Channel

• Online
• Offline

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa