Meticulous Research® has released an extensive market report titled Hot Melt Adhesives Market by Type (EVA, Polyolefin, Polyurethane, Others), Form (Solid, Granular/Powder, Others), End-use Industry (F&B, Automotive, Electronics, Home Decor, Consumer Goods, Textile, Others), and Geography - Global Forecast to 2031.
The report forecasts that the hot melt adhesives market will grow to $12.8 billion by 2031, with a CAGR of 5.1% from 2024 to 2031. This growth is driven by innovations in raw materials and increasing packaging demands. However, the lower thermal resistance of hot melt adhesives poses a challenge to growth.
Emerging opportunities include the development of sustainable hot melt adhesives and their expanding use in non-woven applications. On the other hand, rising raw material costs represent a significant challenge.
The market is segmented by type into ethylene vinyl acetate (EVA), polyamide (PA), polyurethane, polyolefin, styrenic block copolymers (SBCs), amorphous poly alpha olefins (APAO), metallocene, and other types. In 2024, EVA is expected to dominate with over 39.0% of the market share. This dominance is due to EVA’s strong adhesion properties, versatility, and its increasing use in packaging, mattress production, woodworking, and automotive sectors.
EVA’s broad use is due to its excellent adhesive properties and adaptability. As technology evolves, the outlook for EVA hot melt adhesives remains positive, with manufacturers focusing on enhancing EVA’s performance, including improving temperature resistance and surface adhesion.
The market is also segmented by form into solid, granular/powder, and viscous liquid. The solid form is anticipated to hold over 42.0% of the market share in 2024. Solid hot melt adhesives are preferred for their ease of use, long shelf life, minimal waste, and lack of need for special equipment. This segment is expected to grow at the highest rate during the forecast period.
By end-use industry, the market is segmented into automotive, electronics, home decor, textile, food & beverage, healthcare & pharmaceutical, consumer goods, construction, fashion & apparel, manufacturing, and others. The food & beverage segment is projected to hold over 33.0% of the market share in 2024, driven by increased demand for packaging and advancements in sustainable hot melt adhesives.
Conversely, the automotive segment is forecasted to experience the highest CAGR, driven by the increased use of hot melt adhesives in high-speed production lines and automotive assembly.
Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to capture over 48.0% of the market share in 2024, driven by rapid industrialization, a strong automotive and furniture manufacturing sector, and high demand for hot melt adhesives. This region is also projected to grow at the highest CAGR of 6.5% during the forecast period, supported by increased demand for packaging, labeling, and textile applications and a focus on sustainability.
Key Players:
Some of the key players operating in the hot melt adhesives market are H.B. Fuller Company (U.S.), 3M Company (U.S.), Jowat SE (Germany), Henkel AG & Co. KGaA (Germany), Arkema (France), The Dow Chemical Company (U.S.), Sika AG (Switzerland), Avery Dennison Corporation (U.S.), Tex Year Industries Inc. (Taiwan), Huntsman Corporation (U.S.), KLEIBERIT SE & Co. KG (Germany), Power Adhesives Ltd. (U.K.), Evans Adhesive Corp. (U.S.), Wacker Chemie AG (Germany), and Paramelt B.V. (Netherlands).
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Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, form, and end-use industry?
- What was the historical market for hot melt adhesives?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the hot melt adhesives market?
- Who are the major players, and what shares do they hold in the hot melt adhesives market?
- How is the competitive landscape in the hot melt adhesives market?
- What are the recent developments in the hot melt adhesives market?
- What are the different strategies adopted by the major players in the hot melt adhesives market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global hot melt adhesives market, and how do they compete with the other players?
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