The global hot melt adhesives market size was valued at USD 7.37 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. Increasing usage of hot glue adhesives in the packaging industry for various applications such as sealing of boxes and cartons for food and general consumer packaging is propelling the market growth. Hot melt adhesives (HMAs) offer adhesion to a wide variety of materials and surfaces, such as fabric, papers, ceramic, metal, cardboard, and plastics, which makes them suitable for DIY applications. Although DIY is leading in developed economies such as North America and Europe, it is a relatively new concept. The DIY applications include craft, general goods packaging, and wood working.

The U.S. is a prominent manufacturer and consumer of hot melt adhesives. The product demand increased drastically on account of the lockdown that occurred due to the COVID-19 outbreak. The shutdown led to the growth of e-commerce product delivery services, which augmented both production and consumption activities as hot melt adhesives are widely used in the packaging of parcel boxes.

Gather more insights about the market drivers, restrains and growth of the Global Hot Melt Adhesives Market

Hot Melt Adhesives Market Segments

Product Insights

The Ethylene-vinyl Acetate (EVA) segment held the largest volume share of more than 40.0% in 2020. EVA is a copolymer adhesive, deployed in various industries including packaging, assembly, paper, and automotive. Excellent adhesion, strong mechanical strength, paraffin solubility, and superior flexibility are the key features propelling the segment growth.

The rubber segment is anticipated to register a CAGR of 5.4%, in terms of revenue, from 2021 to 2028. The product is mainly used in the adhesion of pressure-sensitive products such as labels, tapes, and graphics. The immediate bonding offered by the product makes the manufacturing process faster, which saves time and labor cost; thus impelling the market growth.

Application Insights

The packaging segment accounted for the largest revenue share of more than 30.0% in 2020. HMA meets extreme challenges and thus is highly preferred in the packaged industry. It is used in closing the flaps of corrugated boxes and paperboard cartons in the packaging industry. Many electronic device manufacturers use HMA to affix parts and wires to insulate and protect the device components.

The nonwovens segment is expected to witness significant growth from 2021 to 2028. Rising concerns over personal hygiene and increasing disposable income are the key factors boosting the demand for nonwoven products, such as female hygiene goods, diapers, and personal care products, which, in turn, is anticipated to enhance the segment growth.

Regional Insights

In terms of revenue, Asia Pacific held the largest share of over 45.0% in 2020. Significant growth of e-commerce services in the region, along with swiftly rising demand for nonwoven products, is the key factor boosting the market growth in the region. The competitive business is bringing more opportunities owing to hot melt adhesives’ vast application, which helps propel the product demand.

North America is estimated to register a CAGR of 4.3%, in terms of revenue, from 2021 to 2028. The packaging sector in the region is anticipated to be the key factor for the market growth owing to the presence of some of the largest packaging manufacturers, including International Paper, Ball Corporation, and Owens-Illinois.

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Key Companies & Market Share Insights

The major companies operating in the market are primarily focusing on regional expansion, mergers & acquisitions, and high profit-margin segments. For instance, in September 2021, Meridian Adhesives Group, a leading manufacturer and formulator of water-based and hot-melt adhesives and coatings, had acquired Prime Blend LLC.

In addition, in October 2020, Pidilite Industries Ltd. had acquired Huntsman Group’sIndian subsidiary Huntsman Advanced Materials Solutions Private Limited (HAMSPL) worth USD 257 million (rupees 2,100 crores) with an aim to expand its product offering for do-it-yourself (DIY) consumer adhesives business. This enables the company to leverage the market growth.

Some prominent players in the global hot melt adhesives market include:

• Henkel AG & Co. KGaA
• B. Fuller Company
• Dow
• Sika AG
• Jowat SE
• Arkema Group
• Ashland
• 3M
• Avery Dennison Corporation
• Beardow Adams

Segments Covered in the Report

Grand View Research has segmented the global hot melt adhesives market on the basis of product, application, and region:

Hot Melt Adhesives Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Ethylene-vinyl Acetate (EVA)
• Polyurethane
• Rubber
• Polyolefin
• Others

Hot Melt Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Packaging
• Assembly
• Woodworking
• Automotive
• Nonwovens
• Others

Hot Melt Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Germany
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
  • Colombia
  • Argentina
• Middle East & Africa
  • GCC

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