by Hot melt adhesives are thermoplastic polymers that melt upon application of heat and solidify upon cooling to form bonds between surfaces. They are used in a wide range of packaging applications such as case and carton sealing, folding cartons, assembly of corrugated boxes and case erecting. In packaging industry, hot melt adhesives offer advantages over other adhesive technologies like solvent-based adhesives as they are odorless, non-toxic and can form permanent strong bonds on a variety of substrates. They also allow high production speeds while using minimal labor. With rising e-commerce sales and growing demand for packaged food and consumer goods, the packaging industry has witnessed robust growth over the past few years. This in turn is driving the hot melt adhesives market.
The global hot melt adhesives market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fostering the growth of Global Hot Melt Adhesives Market Size is increasing demand from packaging industry. As mentioned in the heading, packaging industry has been flourishing over the years due to rising e-commerce sales, growing demand for consumer goods and food products. Hot melt adhesives offer several advantages over other adhesive technologies for packaging applications such as high speed production, odorless and non-toxic properties. Their ability to form strong bonds on a variety of substrates at ambient temperature makes them ideal for high-speed packaging lines. Moreover, minimal labor requirement and quick setting properties of hot melt adhesives reduce production costs for manufacturers. These factors have resulted in their increased consumption for case and carton sealing, carton assembly and other packaging applications. Another major driver is their use in other industries such as automotive, footwear, electronics, building & construction, among others.
Segment Analysis
The hot melt adhesives market is dominated by the packaging segment. Within packaging, paper and flexible packaging sub-segments account for the major share of demand. Hot melt adhesives are widely used for case and carton sealing, flexible packaging lamination, and other packaging applications. This is because hot melt adhesives allow for high production speeds in packaging operations. Their ability to bond dissimilar substrates immediately without clamps and high pressure also makes them suitable for packaging applications.
PEST Analysis
Political: No significant political factors are expected to impact the hot melt adhesives market.
Economic: Growth of end-use industries such as packaging, furniture, and footwear is driving demand for hot melt adhesives. Rising disposable incomes are also supporting the sales of finished consumer goods which employ hot melt adhesives.
Social: Rising e-commerce activities have increased the need for efficient packaging solutions. This is positively impacting the hot melt adhesives market.
Technological: Adhesive manufacturers are focusing on developing hot melt adhesives that are compatible with high-speed packaging lines. They are also formulating products that can withstand heavy loads and high heat during distribution and storage.
Key Takeaways
The global hot melt adhesives market is expected to witness high growth. The global Hot Melt Adhesives Market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regional analysis related content comprises The Asia Pacific hot melt adhesives market is expected to grow the fastest during the forecast period owing to large packaging and furniture manufacturing industries in countries such as China and India.
Key players related content comprises Key players operating in the hot melt adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company. Evonik Industries AG and Henkel AG & Co. KGaA are some of the leading manufacturers of hot melt adhesives globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
