Hot Melt Adhesives Market, By Polymer base (Ethylene Vinyl Acetate (EVA) , Polyolefin, Polyamide, Styrenic Block Copolymers (SBC), Others), By Application (Packaging, Automotive, Construction, Healthcare Products, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 11.18 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 6.8% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Hot melt adhesive is a thermoplastic polymer that is melted at high temperatures and obtains adhesion properties on cooling when applied to the surface. Polyester hot melt adhesives, ethylene vinyl acetate hot melt adhesives, polyamide hot melt adhesives, polyolefin hot melt adhesives, and polyurethane hot melt adhesives are some of the hot melt adhesives.
Global hot melt adhesives market– Impact of Coronavirus (COVID-19) Pandemic
The global hot melt adhesives market has been negatively impacted by the COVID-19 pandemic. The pandemic led to a decline in industrial activity and a disruption in the supply chain, resulting in lower-than-anticipated demand across all regions compared to pre-pandemic levels. However, the market is expected to grow at a steady pace in the coming years, driven by increasing demand from the packaging, automotive, and construction industries. The impact of the COVID-19 pandemic has been negative in the short term, but the market is expected to recover and grow in the long term. The COVID-19 pandemic led to a decline in industrial activity and a disruption in the supply chain, negatively impacting the market in the short term. The supply chain for hot melt adhesives has been significantly affected by the COVID-19 pandemic. The pandemic caused a shutdown of the global freight transport system, leading to disruptions in the supply chain for the adhesives industry. These disruptions manifested in issues with transporting necessary materials for production and distribution, as well as sourcing challenges. Additionally, there were disruptions in transport and logistics due to a shortage of workers and fluctuating consumer demand. While efforts have been made to recover the supply chain to pre-pandemic levels, challenges such as increased raw material prices and shipping disruptions have persisted, impacting the adhesive industry. These disruptions have contributed to the lower-than-anticipated demand for hot melt adhesives across all regions compared to pre-pandemic level.
Global hot melt adhesives market: Key Developments
- In June 2023, Arkema acquired a controlling stake in PI Advanced Materials, a South Korea-based company specializing in high-performance polymers, which further enhanced its technological profile in the Advanced Materials segment. Arkema S.A. is a publicly listed, multi-national manufacturer of specialty materials. It has three specialty materials segments; adhesives, advanced materials and coatings. A further segment covers chemical intermediates.
- In February 2022, Arkema finalized the acquisition of Ashland's Performance Adhesives business, a leader in high-performance adhesives. This acquisition strengthened Arkema's portfolio of high-performance technologies, particularly in the Adhesive Solutions segment. Ashland (NYSE: ASH) is a global, consumer market-focused additives and specialty ingredients company that is responsibly solving for a better world. Through science and a conscious and proactive mindset for sustainability, we serve customers in pharmaceutical, personal care, architectural coatings, construction, energy, food, beverage, and nutraceuticals.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global hot melt adhesives market”- Forecast to 2031, Global hot melt adhesives market, By Polymer Base (Ethylene Vinyl Acetate (EVA) , Polyolefin, Polyamide, Styrenic Block Copolymers (SBC), Others), By Application (Packaging, Automotive, Construction, Healthcare Products, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/hot-melt-adhesives-market-4387
Key Takeaways of the Global Hot Melt Adhesives Market:
- Major players operating in the global hot melt adhesives market are Henkel AG & Co., KGaA, H B Fuller, Sika AG, Arkema Group, Ashland Inc., The 3M Company, Jowat AG, Sipol SpA, Palmetto Adhesives Company, and Sealock Ltd.
- Among regions, Asia Pacific is expected to witness the fastest growth during the forecast period and eventually surpass 1.9 billion in terms of revenue in 2020. The hot melt adhesives market in Asia Pacific is expected to create growth opportunities for players in the industry primarily due to increasing infrastructure activities in the electronics, transportation, energy, automotive, and industrial sectors in countries such as India and China. China is the largest consumer of hot melt adhesive products owing to increasing demand from the manufacturing sector. According to Coherent Market Insights analysis, China accounted for 637.8 million in 2022 and is expected to exhibit a CAGR of around 12% during the 2024-2031 period. This scenario is expected to drive growth of the global hot melt adhesives market during the forecast period.
