Hot Melt Adhesives: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Hot melt adhesives (HMAs) are a crucial part of many products, including nonwovens, furniture, cars, construction, bookbinding, and packaging. Compared to conventional adhesive formulations, HMAs have a number of benefits, including quicker drying and setting, lower costs, and less volatile organic compound (VOC) emissions. HMAs’ market share will increase significantly over the next ten years because to their advantages over solvent- and water-based adhesives, which include longer shelf life, reduced waste, easier application processes, and lower costs.

Market Insights

The global market for hot melt adhesives was valued at $9.6 billion in 2022 and is expected to expand at a CAGR of 6.89% from 2023 to 2030. Globally, the HMA market is comparatively consolidated, with the top 5 manufacturers accounting for between 73% and 85% of the overall market share. Small domestic and regional manufacturers make up between 15% and 27% of the overall market revenue and are prevalent in certain nations or areas.

With its TECHNOMELT® and LOCTITE® brands, Henkel, the industry leader globally, provides HMAs. The other significant HMA producers are Bostik, H. B. Fuller, Sika, and 3M. HMA producers are creating chemistries that are bio-based, heat-resistant, affordable, and simple to use. The expansion of businesses in this sector depends on these innovation initiatives. These technologies are covered in more detail in the report’s section on growth opportunities.

There are numerous small-scale manufacturers in the Asia-Pacific region, the Middle East, and South America who compete by offering affordable solutions. Some of the significant small producers growing across areas include Shanghai Rocky Adhesives Co., Ltd., Nanpao Resins, Tex Year Industries, Om Midwest Industries, ACC Gulf, and Multibond Corporation.

Packaging continues to be the primary application area for HMAs. The expansion of sectors that require a lot of packaging, such FMCGs and e-commerce, is propelling this industry and has a big impact on the rise in demand for HMAs. Other end-use industries that will support the development in HMA demand include nonwovens, furniture and woodworking, automotive, construction, graphics and bookbinding, medical, E&E, textiles, and footwear.

By region, the demand for HMA will rise due to the sizeable, quickly developing markets in China, India, and Southeast Asia. This favorable scenario for healthcare sector development will increase the demand for HMAs in the next 10 years. Due to the development of an established end-use sector in the United States and Canada and rapidly expanding end-users in LATAM, the Americas hold the largest market share by revenue.

Commonly utilized HMAs By Chemistry Type, which serve a wide range of functional requirements across numerous end-use industry applications, include EVAs, polyolefins, and PUs. Due to their cost-effectiveness and ability to offer the appropriate bonding quality, EVAs are the most popular chemical type. The creation of novel, bio-based HMA solutions and cutting-edge chemistries that speed up production in end-use sectors will drive the creation of high-performance, high-priced goods and support revenue growth. Given that only rubber-based chemistries are included, non-PS HMAs will continue to be the predominant kind. The market share of PS HMAs in HMA applications is rather small.

The kinds and amounts of trace chemicals that HMA formulations can produce during the processing of raw materials are subject to restrictions set by numerous governments and regulatory agencies across the world. Because of this, MA raw material suppliers will increasingly offer raw materials with little influence on the environment. Important raw material advancements include bio-based raw material feedstock, low-odor hydrocarbon resins, amorphous poly-alpha-olefins for foam HMAs that need little adhesive volume consumption, and polar and non-polar ethylene copolymers for substrates that are challenging to connect.

HMA producers are creating more heat-resistant, compostable, and biodegradable solutions while also offering their clients strong technical support during the application procedure. Manufacturers of HMA will keep expanding their distribution systems in emerging markets. Direct sales are the primary means of commercialization since industries like automotive, electronics, and medical require considerable after-sales support and customer service. In the industries of woodworking, furniture, and construction, distributors offer a far more efficient way to deliver goods to small and mid-sized clients. Global juggernauts like Henkel, Bostik, H. B. Fuller,Sika, and 3M use direct sales and have a network of established local distributors that effectively meet the supply needs of HMAs across all markets in a region.

Market Dynamics: Drivers

• Demand for HMAs will increase as the packaging sector grows as a result of the rise of eCommerce
• Demand for HMAs will be driven by end-user expansion driving the nonwovens industry’s growth
• The need for HMAs will increase due to the expansion of the furniture sector
• Due to their respective benefits in packaging applications, HMA alternatives will eventually replace water- and solvent-based adhesives

 Market Dynamics: Challenges

• The amount of HMA needed for each unit of packing will decrease, resulting in a decrease in the volume of demand
• automobile HMA volume usage per assembled automobile part will decrease with the long-term commercialization of polyurea adhesive chemistries
• Ready-to-assemble (RTA) furniture industry growth will weaken HMA volume demand growth

Market Segmentation

• Based on Application, the Global Hot Melt Adhesives market is segmented into
  • Packaging
  • Nonwovens
  • Furniture and Woodworking
  • Automotive
  • Graphics and Bookbinding
  • Construction
  • Others
• Based on Coating, the Global Hot Melt Adhesives market is segmented into
  • Ethyl Vinyl Acetate (EVA)
  • Polyolefin
  • Polyurethane (PU)
  • Rubber-based
  • Polyamide
  • Others
• Based on Technology, the Global Hot Melt Adhesives market is segmented into
  • Reactive
  • Non-Reactive
• Based on Polymer, the Global Hot Melt Adhesives market is segmented into
  • Pressure Sensitive
  • Non-Pressure Sensitive
• Based on Geography, the Global Hot Melt Adhesives market is segmented into
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar, while the market volumes are given in tons.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

 Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Hot Melt Adhesives Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Hot Melt Adhesives Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Hot Melt Adhesives Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Hot Melt Adhesives Market study?