The global hot melt adhesives market is predicted to grow at 6.1% CAGR during the forecast period with the market size reaching USD 11.9 billion by 2024. The market is driven by the factors such as growing demand in increasing disposable income of the consumers in emerging economies such as China, India and Indonesia, growing packaging industries, rapid industrialization, and shift in technology used by automobile manufacturers for assembly.
Different types of hot melt adhesives such as styrenic block copolymers (SBC), polyamide (PA), polyurethane (PU), ethylene-vinyl acetate (EVA), majorly contribute to the global market size. These adhesives are well suited for applications where long-lasting adhesion is required as it doesn’t get easily interfered by different environmental applications.
The different types of hot melt adhesives available in the market are SBC, PA, PU, EVA, amorphous poly-alphaolefin (APAO), polyester, and metallocene polyolefin (MPO). Of all, EVA held the largest share in the market with its market size valued at USD 3.2 Billion in 2017 and is set to reach 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 a huge variety of temperatures.
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Among different applications including furniture, hygiene, bookbinding, packaging solutions, automobile, textile, electronics, and footwear, automobile application is expected to witness the fastest growth in demand for these adhesives, observing a CAGR of 7.0% during the forecast period. The fastest growth of this application is attributed towards the increasing use of these adhesives in the components of commercial and personal vehicles in the countries of developing the economy.
North America accounted for the major share in the hot melt adhesives industry in 2017, and its market is set to reach USD 3.9 billion by 2024. Asia-Pacific is expected to witness the fastest growth in demand for these adhesives due to the increasing purchasing power and increasing disposable income of the Asian countries such as China, India, Philippines, and others.
Increase in per capita income has led to the rapid growth in the automotive industry in the region which is the largest end user of hot melt adhesives. Also, high growth in textile, electronics and packaging industries in the region offers ample opportunities for the industry players to generate significant revenue in the coming years.
Key players offering products in the hot melt adhesives industry 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.
Global Hot Melt Adhesives Market Coverage
Type Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Hot Melt Adhesives Market by Region
Rest of the World