OTTAWA, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The global hot melt adhesives market size was valued at USD 6.53 Billion in 2019 and expected to reach USD 9.95 billion by 2027, with at a compound annual growth rate (CAGR) of 5.4% during the forecast period 2020 to 2027. Get more information@ https://www.precedenceresearch.com/hot-melt-adhesives-market
Hot melt adhesives refer to a type of thermoplastic adhesive that is generally supplied in sticks and is manufactured to be melted in a hot glue gun thus termed as hot melt adhesives. These adhesives do not contain any pre warming signs related to crucial diseases such as cancer. In addition, the hot melts do not contain formaldehyde that further aids in its popularity among other adhesive materials. Hot melt adhesives are complete solid materials that are less influenced by the humid weather conditions. Besides this, they do not require expensive start-up as well as shut down processes during lamination.
Growth Factors
Tremendous growth in the non-woven, woodworking, and packaging industries play an eminent role towards the market growth for hot melt adhesives. Increasing for non-woven disposables pertaining to rising awareness for hygiene expected to offer attractive growth prospects during the forecast timeframe. In addition to this, rising consumption of packaged food products is likely to offer attractive growth opportunities in the years to come. Furthermore, significant rise in the demand of the healthcare products are anticipated to create new avenues for the market growth. Hence, changing consumer’s lifestyle with high impact of western habits in terms of eating and clothing estimated to propel the market growth for hot melt adhesives in the near future.
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Report Highlights
- The Asia Pacific emerged as a dominating market in 2019 and exhibits the fastest growth rate in the coming years due to significant expansion of industrial manufacturing bases in the region
- North America estimated to grow at a rate near to 4%, in terms of value, from the year 2020 to 2027 because of the presence of some major packaging manufacturers in the region
- EVA dominate the global market in terms of revenue because of its attractive properties that include high versatility, durability, and strong adhesion properties
- Rubber predicted to expand at the fastest rate of around 5.5%, in terms of value, during the analysis timeframe due to high demand for labels and tapes especially from the packaging industry
- Packaging application segment captured the major market share accounting for over 34% of value share in 2019 owing to favorable properties that makes them an ideal packaging solution
- Nonwovens segment expected to exhibit the fastest growth rate during the forecast period owing to growing awareness among consumers related to personal hygiene
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Regional Snapshots
The Asia Pacific occupied the major market share in terms value accounting for a share of around 50% in 2019 as well as it exhibits the fastest growth rate over the upcoming years. The prominent growth of the region is mainly attributed to the flourishing growth of automotive, packaging, industrial assembly, and woodworking industry. The region is a major hub for crucial consumers that drive the overall market demand for numerous industries. In addition to this, significant impact of western culture on the region has also driven several attractive applications that positively impact the market growth in the region.
Besides this, North America and Europe are the other prominent regions that predicted to register considerable growth rate during the analysis period. Though the regions are well-established markets for several industries, COVID-19 outbreak has impacted badly on the several manufacturing activities that drastically declined the product demand in these developed regions Major countries that are badly affected by the pandemic situation include Germany, Italy, the U.K., the U.S., Spain, Canada, and France. However, these nations are likely to recover at a substantial rate after the COVID-19 pandemic years.
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Key Players & Strategies
The hot melt adhesives industry is dominated by few major market players that acquire major value share in the year 2019. Further, the market expected to move towards more consolidation over the coming years and offers high competition along with less opportunity to the new market entrants to gain a stable footprint in the market. Brand name and consumer loyalty are the prime reason that accounted for the high share of established players.
Apart from this, these industry participants focus prominently on merger & acquisition and geographic expansion as their main market strategies to retain their competitive edge on the global scale. For example, in October 2017, Avery Dennison started a new hot melt adhesive coating production line based in Malaysia in order to enhance its market position by strengthen its growth potential in Southeast Asia.
Some of the key players operating in the market are H.B. Fuller Company, Henkel AG & Co. KGaA, Dow Inc., Jowat SE, Sika AG, Arkema Group, 3M, Ashland Inc., Beardow Adams, and Avery Dennison Corporation among others.
Market Segmentation
By Product
- Polyurethane
- EVA
- Polyolefin
- Rubber
- Others
By Application
- Assembly
- Packaging
- Woodworking
- Nonwovens
- Automotive
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
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