The global hot melt adhesives market size was valued at USD 7.82 Billion in 2022, and it is expected to hit around USD 13.94 billion by 2032, with a compound annual growth rate (CAGR) of 6% during the forecast period from 2023 to 2032.
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Report Scope of the Hot Melt Adhesives Market
|Market Size in 2023
|USD 8.25 Billion
|Market Size by 2032
|USD 13.94 Billion
|Growth Rate from 2023 to 2032
|CAGR of 6%
|Fastest Growing Market
|2023 to 2032
|Product, Application, Region
|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
Ethylene-Vinyl Acetate (EVA) dominated the global hot melt adhesives market accounting highest revenue share in the year 2022. EVA is highly versatile, durable, and holds strong adhesion properties because of which, it is broadly used in woodworking and packaging sectors.
On the other hand, rubber (styrene block copolymer) predicted to expand at the fastest rate of around 5.5%, in terms of value, during the analysis timeframe. The product is generally used in the manufacturing of pressure-sensitive products such as labels, tapes, and graphics. Increasing demand for labels and tapes especially from the packaging industry estimated to prosper the growth of the segment over the upcoming years.
Apart from above discussed segments, polyolefin hot melts is the other most widely used product categories. Excellent chemical resistance, low moisture permeability, and good barrier properties are some of the prime factors that contribute towards the significant growth of the segment. Additionally, the aforementioned properties of the polyolefin product are significantly used in the nonwoven product manufacturing as well as packaging industries.
Packaging application segment captured the major market share in 2022. Hot melt adhesives superior bonding, speed, and adhesion capabilities makes them an ideal packaging solution in corrugated cases, sealing bottles, and paper board cartons compared to other packaging products.
Besides this, nonwovens segment expected to exhibit the fastest growth rate during the forecast period ranging from 2023 to 2032. Increasing disposable income levels along with growing awareness among consumers related to personal hygiene are the major factors anticipated to boost the market demand for nonwoven products that includes diapers and other hygiene products mainly used by females that in turn expected to fuel the growth of the segment.
In woodworking, hot melt adhesives are largely used as a general-purpose adhesive material for bonding wooden substrates in furniture application. Increasing number of restoration and refurbishment projects across developed nations along with new construction projects in developing countries predicted to flourish the demand for hot melt adhesives in woodworking applications.
The Asia Pacific emerged as a dominating market and accounted for the revenue share of more than 45.5% in 2022. In addition, the region also registers the fastest growth rate of approximately 5.6%, in terms of value, during the forthcoming years. Significant expansion of manufacturing base for packaging industry along with rapid rise in demand for nonwoven products in the region accounted as the prominent factor that drives the market growth for hot melt adhesives over the forecast timeframe.
North America estimated to grow at a rate near to 4.4%, in terms of value, from the year 2023 to 2032. The region is a hub of some major packaging manufacturers that are International Paper, Ball Corporation, and Owens-Illinois packaging sector is the major factor that expected to be the crucial factor that drives the market growth for hot melt adhesives.
Key Companies & Market Share Insights
The global hot melt adhesives industry is highly consolidated in nature because of few market players capturing major market share. These industry players face stiff competition primarily on the basis of application characteristics and price of the product. Further, these players adopt strategies such as regional expansion and merger & acquisition to retain their competitive edge in the market.
Certain prominent players in the hot melt adhesives market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2020 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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