Global Hot Melt Adhesives Market Revenue of USD 11.9 billion by 2024

Hot melt adhesives are usually in the form of thermoplastic adhesive that is applied with the help of hot glue gun as a result of which these adhesives are also known as hot glue. There is presence of huge array of polymers in this category that comprises of both synthetic and natural adhesives. The global hot melt adhesives market was valued at USD 7.9 billion in 2017 and is expected to contribute revenue of USD 11.9 billion by 2024, registering a CAGR 6.1% during the forecast period (2018 – 2024). The growth of this market is attributed towards the increasing capability of consumers in spending power in developing countries along with increasing expansion of the packaging industry.

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On the basis of type, the global hot melt adhesives market are segmented into styrenic block copolymers (SBC), polyamide (PA), polyurethane (PU), ethylene-vinyl acetate (EVA), amorphous poly-alphaolefin (APAO), polyester, and metallocene polyolefin (MPO). Among all these types, EVA have been generating largest revenue throughout the estimated the period. This segment has been generating USD 3.2 Billion in 2017 and is further anticipated to generate USD 4.6 billion by 2024. The growth of EVA segment is driven by its various benefits such as durability, quicker time setting and suitability in huge variety of temperatures.

Rapid increase in the automobile and construction domain, the demand for EVA is expected to increase exponentially in the near future. The packaging, non-woven, book and paper binding, footwear, construction, furniture and the electronics industries have surfaced as the key end users of hot melt adhesives. Among all these industries, the packaging sector has been observing rapid demand in the hot melt adhesives market and is further anticipated to contribute largest revenue in the near future as well. The construction sector is also projected to report excessive growth for hot melt adhesives in the near future.

Increasing disposable income of the consumers in developing countries such as China, India and Indonesia is the major factor driving the growth of global hot melt adhesives market. As a result of increasing spending capability of consumers and demand for various products such as electronics, clothes and footwear the demand for hot melt adhesives is growing at rapid pace across the globe. For instance, in electronic offerings these adhesives are used in joining two substrates.

The fluctuating prices of raw materials of hot melt adhesives is the major factor hindering the growth of global hot melt adhesives market. It has been observed that the raw material prices that are used in the adhesives are volatile and manufacturers are developing reform sin order to maximize their profit margins. Balancing of cost of production and selling cost becomes difficult task for the producer which is thereby restraining the growth of global hot melt adhesives market.

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Geographically, North America hot melt adhesives market is projected to generate largest revenue of USD 3.9 billion by 2024, registering a CAGR of 6.1% during the forecast period. Moreover, Asia Pacific is expected to witness fastest growth during the forecast period owing to flourishing infrastructure development in countries such as India and China.

Some of the major players operating in the global hot melt adhesives market are Sika AG, Beardow & Adams (Adhesives) Limited., 3M Company, Westlake Chemical Corporation, Bostik Inc., Jowat SE, H.B. Fuller Company, Avery Dennison Corporation, Arkema Group, DowDuPont Inc., and Henkel & Co. KGaA.

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