Hot Melt Adhesives Market worth $10.9 billion by 2029 Globally, at a CAGR of 2.8% says MarketsandMarkets™

/EIN News/ -- Chicago, July 23, 2024 (GLOBE NEWSWIRE) -- The Hot Melt Adhesives Market size was USD 9.5 billion in 2024 and is projected to reach USD 10.9 billion by 2029, at a CAGR of 2.8% between 2024 and 2029  in terms of value, as per the recent study by MarketsandMarkets™. The main factors driving the hot-melt adhesives market are its diverse applications, the potential to substitute other adhesives, and high demand in emerging markets.

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List of Key Players in Hot Melt Adhesives Market:

• Henkel AG & CO. KGaA (Germany)
•  H.B. Fuller Company (US)
•  Jowat SE (Germany)
•  3M (US)
•  Arkema (France)

Drivers, Restraints, and Opportunities in Hot Melt Adhesives Market:

• Driver: Demand for hot-melt adhesives in packaging industry to drive the market
• Restrain: Lower thermal resistance of hot-melt adhesives
• Opportunity: Booming packaging and nonwoven applications in Asia Pacific and South America
• Challenge: Difficulty in usage on hard-to-bond substances

Key Findings of the Study:

• Ethylene Vinyl Acetate (EVA) by resin type accounted for the largest growing segment of hot-melt adhesives market.
• Asia Pacific is the largest growing hot-melt adhesives market.

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Ethylene Vinyl Acetate (EVA) resin type accounted for a largest share of the overall hot-melt adhesives market, in terms of value, in 2023.  This is due to its versatile properties and wide-ranging applications. It offers excellent adhesion to various substrates, including paper, cardboard, plastics, and metals, making it suitable for diverse industries such as packaging, woodworking, and automotive. EVA-based hot-melt adhesives provide strong bonding strength, flexibility, and thermal stability, ensuring reliable performance in different environmental conditions. The growth is attributed to its extensive use in manufacturing hot-melt adhesives for applications like baby diapers and feminine sanitary products. Additionally, EVA's cost-effectiveness compared to other resins is driving its demand. On the other hand, PU is the fastest-growing segment, mainly due to its rising use in nonwoven hygiene products, particularly in emerging markets.

Packaging Solutions application segment dominated the overall hot-melt adhesives market, in terms of value & volume, in 2023. This is due to the growing adoption of hot-melt adhesives across various packaging categories like bulk, industrial, commercial, and specialty packaging. The use of hot-melt adhesives in packaging covers carton boxes, envelopes, carton closures, cups, flexible packaging, specialty packaging, bags, and processed food products. Paperboard cases and cartons are employed for packaging a wide range of goods. These are essential in transporting and storing agricultural and poultry products, biscuits, chocolates, pharmaceutical items, and industrial products. Additionally, the shift towards sustainable packaging materials has further driven the demand for hot-melt adhesives, as they offer environmentally friendly alternatives to traditional solvent-based adhesives. This combination of efficiency, reliability, and environmental compatibility cements packaging as the leading application area for hot-melt adhesives globally.

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Asia Pacific is the leading market for hot-melt adhesives market. Improved living standards and the expanding middle-class demographic have heightened domestic requirements for packaging solutions, nonwoven hygiene products, and bookbinding, consequently propelling the hot-melt adhesives market within the region. The nonwoven hygiene products market in Asia Pacific is projected to grow at the highest CAGR due to increasing population, rising disposable incomes, and growing awareness about personal hygiene. Additionally, government initiatives and healthcare reforms are promoting better hygiene standards, further boosting market growth.

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