Global Hot Melt Adhesives Market Size to Reach USD 14.61 Billion in 2032 | Emergen Research

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Rising demand from the packaging industry is a major factor driving market revenue growth

Vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) — The projected trajectory for the global market of hot melt adhesives indicates an anticipated valuation of USD 14.61 billion by the year 2032. This outlook is underpinned by a consistent compound annual growth rate (CAGR) of 4.8% throughout the forecast period, as indicated by the latest analysis conducted by Emergen Research.

Driving this ascendancy in market revenue is the escalating demand for reactive Hot Melt Adhesives (HMA) in preference to conventional adhesives. Notably, the traditional usage of solvent-based adhesives has been widespread across numerous industrial applications. However, the rapid emergence of advanced hot melt adhesives has spurred a displacement of solvent-based counterparts. This shift is attributed to the advanced capabilities of hot melt adhesives, which encompass enhanced efficiency, cost-effectiveness, and environmental compatibility.

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A striking feature of hot melt adhesives is their expedited solidification process compared to solvent-based variants. This attribute translates into elevated production speeds and more efficient assembly timelines. Furthermore, articles bonded with hot melt adhesives can be subjected to reheating, facilitating seamless repairs and adjustments when necessary. A pivotal ecological distinction arises from the elimination of Volatile Organic Compounds (VOCs) in hot melt adhesive formulations, which contrasts with solvent-based adhesives known to emit harmful substances associated with potential carcinogenic risks.

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This characteristic underscores the safety and environmental advantages of opting for hot melt adhesives, as they adhere to VOC regulations and possess minimal to no VOC content. Additionally, the contemporary inclination of manufacturers toward ecologically responsible products has surged, consequently augmenting the demand for hot melt adhesives and propelling market revenue growth.

Nevertheless, a noteworthy factor that might impede market revenue growth is the relatively lower thermal resistance of Hot Melt Adhesives (HMA). The operational efficiency of HMAs is most pronounced at their specific flow points, facilitating seamless flow and bonding in diverse applications such as packaging and nonwoven hygiene articles. Conversely, HMAs exhibit limitations when confronted with elevated temperatures, irrespective of their reduced thermal resilience. This scenario prompts the preference for solvent and waterborne adhesives over hot melt counterparts in scenarios necessitating heightened temperature endurance.

At elevated temperatures, HMAs might not sustain their optimal performance, thereby leading to a gradual deterioration or rupture of the bond over time. The chemical composition of HMAs is susceptible to alteration under extreme temperature conditions, resulting in ramifications for their tensile strength, flexibility, and rigidity. As temperatures elevate, these adhesives become more susceptible to strain or rupture due to alterations in their chemical makeup, the degradation of specific components, and the crystallization and instability of the adhesive matrix. This diminished elasticity can consequently manifest as fissures or complete disintegration of the adhesive, ultimately compromising the integrity of the bond.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 9.10 Billion
CAGR (2023–2032) 4.8%
Revenue Forecast To 2032 USD 14.61 Billion
Base Year for Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Resin type, application method, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Exxon Mobil Corporation, Dow, 3M, Henkel Adhesives Technologies, Focke Group, TEX YEAR INDUSTRIES INC., H.B. Fuller Company, Arkema, Sika and Bostik.
Customization Scope 10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global HMA market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global Hot Melt Adhesives (HMA) market report are:

  • Exxon Mobil Corporation
  • Dow
  • 3M
  • Henkel Adhesives Technologies
  • Focke Group
  • TEX YEAR INDUSTRIES INC.
  • H.B. Fuller Company
  • Arkema
  • Sika
  • Bostik

Strategic Development

On 8 December 2020, Yiğitoğlu, a chemical corporation headquartered in Istanbul, Turkey, has revealed its upcoming global expansion plan, which includes the implementation of a diversity program. As a part of this strategy, the company will establish a fully owned production facility for HMA at its existing Çorlu plant in Turkey

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Some Key Highlights From the Report

  • On 25 January 2023, LINTEC introduced a new labelstock series called HVT, featuring a permanent general-purpose hot-melt adhesive developed by the company. This innovative adhesive is utilized in three newly released products, two labelstocks made from synthetic paper and one water-resistant paper-based labelstock. These products are designed for versatile applications and can be utilized for various types of display labels.
  • The Ethylene-Vinyl Acetate (EVA) segment is expected to account for largest revenue share in the global hot HMA market during the forecast period. This is due to increasing popularity and use of EVA in the industrial sector due to their affordability. These are commonly employed for bonding various cellulosic materials and are available in a diverse range of compositions. Although EVA adhesives are relatively inexpensive, these also exhibit moderate performance levels. Similar to many other hot melts, EVAs have low creep resistance when subjected to loads. EVA formulations offer short to moderate open times, typically up to one minute, and exhibit excellent adhesion to a wide array of substrates such as paper, wood, plastics, rubbers, and metals. Moreover, EVA formulations can also be tailored as pressure-sensitive adhesives, remaining tacky even after cooling, which makes them suitable for bonding tags and labels.
  • The woodworking and furniture segment is expected to register steadily fast revenue growth rate in the global HMA market during the forecast period. The segment is further sub segmented into Edge Banding and profile wrapping.  This is due to rising use of HMAs in woodworking and furniture industries due to their advantages over mechanical fasteners, as these can effectively bond dissimilar substrates. HMA enables faster and more cost-effective production, resulting in aesthetically pleasing products. In addition, these adhesives contribute to reducing or eliminating health and VOC concerns associated with older bonding methods.
  • The North America market is expected to account for largest revenue share in the global HMA market during the forecast period. This is attributed to increasing activities by key market players in countries in this region to develop various infrastructures to develop HMA products. For instance, on 27 June 2022, Henkel, a consumer goods company headquartered in Germany, has inaugurated a hot melt adhesives facility in Nuevo Leon, Mexico. The state-of-the-art plant located in Guadalupe will be responsible for producing pressure-sensitive and non-pressure-sensitive hot melts, bearing the Technomelt brand of the company. Furthermore, the expansive plant, spanning nearly 30,000 square meters, will also manufacture hot melt adhesives using the Easyflow brand, which is a proprietary Henkel technology aimed at enhancing production line efficiency and minimizing material handling.

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For the purpose of this report, Emergen Research has segmented the global HMA market on the basis of offering, authentication method, type, organization size, end-use, and region:basis of resin type, application, end-use, and region:

  • Resin Type Outlook (Revenue, USD Billion; 2019–2032)
    • Ethylene-Vinyl Acetate (EVA)
    • Styrenic Block Copolymers
    • Metallocene PO (mPO)
    • Polyamide
    • Polyolefins
    • Amorphous Poly-alphaolefin (APAO)
    • Polyurethane
    • Others
  • Application Method Outlook (Revenue, USD Billion; 2019–2032)
    • Hot Melt Glue Guns
    • Hot Melt Roll Coaters
    • Spray Guns and Nozzles
    • Bead and Slot Extrusion
    • Slot Die Coating
  • End-use Outlook (Revenue, USD Billion; 2019–2032)
    • Packaging Industry
      • Carton and Box Sealing
      • Case and Tray Forming
    • Woodworking and Furniture
      • Edge Banding
      • Profile Wrapping
    • Non-Woven Industry
      • Hygiene Products (diapers, sanitary napkins)
      • Medical Products (surgical drapes, gowns)
    • Automotive and Transportation
      • Interior Trims
      • Headliners and Carpets
    • Electronics
      • Potting and Encapsulation
      • Wire Tacking and Bonding
    • Construction
      • Insulation Panels
      • Tile Adhesives
    • Textile and Apparel
      • Seam Sealing
      • Applique and Embellishment
    • Bookbinding and Printing
      • Spine Gluing
      • Book Cover Lamination
    • Assembly and Product Assembly
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of Middle East & Africa

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