Polyurethane hot melts are becoming increasingly popular in a variety of industries, including high-volume production and DIY and home repair. This is due to the fact that PUR hot melts have some fantastic features that appeal to a wide range of people. PUR hot melts are non-toxic, quick to set, have excellent temperature and weather resistance, and are cost-effective in any volume.
Total PUR-based reactive hot melt adhesive market size to grow from USD 722.5 million in 2021 to USD 1401.5 million by 2030. Over the projected period, the North America PUR-based Reactive Hot Melt Adhesive Market is expected to increase at a substantial rate, with a CAGR of 4.7% with a total value of 204.34 million USD in 2030. During the projection period, the market is likely to be driven by rising demand from the region's packaging industry, as well as increased use of PUR holt-melt adhesives as an alternative for solvent-borne adhesives.
In the coming years, market growth is expected to be aided by the adoption of bio-based hot-melt adhesives. The United States is predicted to dominate the market and to have a good CAGR in future.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
North America is one of the most technologically advanced regions in the world, as well as a major producer of PUR-based reactive hot melt adhesives. The region generated USD 142.7 million in sales in 2021 and is predicted to reach USD 204.34 million by 2030, with a CAGR of 4.07 percent. Hot melt adhesives are mostly employed in the automobile industry, and North America is one of the leading manufacturers in this market, allowing the region to meet its sales targets.
The United States dominated the hot-melt adhesives market in North America. The United States is one of the world's fastest-growing economies, with one of the largest manufacturing bases. One of the primary contributors to the country's economy is the manufacturing sector. Various automakers are going to invest in the next years, despite threats from the government to raise tariffs on Mexican auto imports. This aspect is predicted to have a beneficial impact on the country's automotive industry in the following years, resulting in an increase in hot-melt adhesive usage in the automotive industry throughout the forecast period. Because of the strong demand for sophisticated infrastructure, Canada will play a significant role in the North American hot melt adhesives market. Over the next few years, end-users are expected to bet on growing industrialization and urbanisation. With the increase in demand for paper board, industry participants are likely to invest in hot melt adhesives.
The North America PUR-based Reactive Hot Melt Adhesive Market is divided into two categories: substrate and application.
The North American PUR-based reactive hot melt adhesive market is segmented into fibreglass, nylon, and plastics based on substrate. Plastic is the leading segment, with a market share of USD 304.9 million in 2021 and an estimated CAGR of 8.15 percent to USD 617.5 million in 2030. Because consumers seek lightweight and attractive packaging, the plastic substrates category has dominated the market.
After plastics, fibreglass substrates are the second most popular category in the PUR-based reactive hot melt adhesive industry, as they provide great connection flexibility at high processing speeds and temperatures. These are mostly utilised in the binding of fibreglass components used in various industries, resulting in a staggering revenue of USD 186.80 million in 2021 and USD 334.85 million in 2030, with a CAGR of 6.7 percent, because of their low surface energy and high moisture absorption, nylon polymers are difficult to bind. However, it is utilised in a wide range of industries, contributing to sales of USD 50.9 million in 2021 and predicted to reach USD 81.15 million by 2030 at a CAGR of 5.32 percent.
The PUR-based reactive hot melt adhesive market is divided into two categories: automotive and electronics. With a CAGR of 11.95 percent from USD 93 million in 2021 to USD 256.86 million in 2030, the automotive segment commands the largest portion of the market. The increased need for hot melt adhesives used in automobiles to make them low weight and aesthetically pleasing is the reason for the adhesive industry's growth in the automotive sector.
Apart from the automotive industry, the electronics manufacturing business has a high demand for hot melt adhesives, which are used to create electronic components that make extensive use of adhesives to ensure that the complete electronic device or equipment structure is properly joined. It has the second highest market share after the automotive market, with estimated sales of USD 37.06 million by 2030, growing at a CAGR of 8.49 percent, which is a significant increase from USD 17.8 million in 2021.