Expanding
packaging industry, and increasing consumer spending and environmental concerns
are some of the reasons behind the extensive growth of the hot melt adhesives market. In 2017, the market generated a revenue
of $7,353.1 million, and it is predicted to attain a size of $10,259.7 million
in 2023, progressing at a CAGR of 5.7% during the forecast period (2018–2023). Hot
melt adhesives are a thermoplastic adhesive, which are applied on the object
with the help of hot glue gun. These include both synthetic and natural polymers
that are available as cylindrical sticks.
On
the basis of application, the hot melt
adhesives market is categorized into packaging products, furniture,
automobile, diapers, footwear, textile, and bookbinding. Out of these, during
the 2018–2023 period, the furniture category is expected to see the fastest growth
in terms of sales volume. This is attributed to the rising usage of these
materials to meet the demand of the surging population for furniture in
countries such as India, China, and Germany. Such materials are used to plug
the holes in wooden boards and for edging and veneer surrounds, as these offer better
stability and longevity.
the
hot melt adhesives market is
classified into styrenic
block copolymer (SBC), amorphous polyalphaolefins (APAO), polyamide (PA), metallocene
polyolefins (MPO), ethylene vinyl acetate (EVA), polyurethane (PU), and polyester.
Among these, in 2017, the EVA classification led the market with a sales volume
contribution of more than 40.0%. This is ascribed to its beneficial properties
such as durability, flexibility, and suitability in different temperatures. With
the expanding automotive and construction industries, the need for EVA is
anticipated to escalate further during the forecast period.
The adoption of new assembly methods over traditional
ones by automobile manufacturers is gaining popularity in the hot melt adhesives market. Earlier,
mechanical fasteners or welds were used to bond various parts of vehicles as these
techniques offer high strength and performance. But, now consumer preferences
for vehicle design are changing, leading to the use of nonferrous metals, lighter
gauge metals, plastics, and coated steels for manufacturing. This is creating a
high demand for new assembly methods, which is resulting in the surging use of hot
melts for bonding automobile parts.
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One of the key drivers behind
the hot melt adhesives market is the
rising spending power of people in emerging economies. Countries such as China,
India, and Indonesia have been undergoing speedy economic growth, which is reflected
in the rising per capita and disposable income. This factor is leading to an
increasing usage of these adhesives and sealants in the production of footwear,
clothes, and electronics, as the demand for these products is growing here.
Thus, with increasing consumer spending power in
emerging economies and surging environmental concerns, the market is
anticipated to thrive.
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