Pune, 06, Dec 2022: According to Maximize Market Research, the Hot Melt Adhesives Market is expected to be worth USD 12.63 billion by 2029, with a 20.71% CAGR. Asia Pacific is expected to remain a key regional market, which is expected to progress at the highest CAGR during the same period.
Hot Melt Adhesives Market Scope and Research Methodology
The report is based on both primary and secondary data sources. The research approach entails data collection from businesses and industries using primary and secondary sources in order to identify the challenges or problems or to evaluate the system’s past, present, and future performance. Two of the various tools used for organization analysis are the financial viewpoint and the SWOT (strengths, weaknesses, opportunities, and threats) models. Other approaches, including Value Chain Analysis, are helpful in the analysis of corporate processes.
A bottom-up approach has been used to determine the size of the market. The major market players are identified, and their market revenues are calculated, through primary and secondary research. While secondary research included a review of the annual and financial reports of leading manufacturers, primary research includes interviews with major opinion leaders and industry experts such as competent front-line personnel, business owners, and marketing specialists.
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Hot Melt Adhesives Market Overview
Hot melt adhesives are increasingly being used in the packaging sector for a variety of purposes, including the sealing of food-related boxes and cartons as well as general consumer packaging. Hot melt adhesives (HMAs) are appropriate for DIY applications as they offer adhesion to a wide range of materials and surfaces, including fabric, paper, porcelain, metal, cardboard, and plastics. DIY is a relatively recent idea, although dominating in developed countries like North America and Europe. The DIY uses include woodworking, craft, and packaging for everyday items.
Hot Melt Adhesives Market Dynamics
Hot melt adhesive consumption is increasing due to the increase in small art and craft e-commerce businesses offering a variety of gifts and home décor items, which is expected to fuel market revenue growth over the forecast period. Hot melt adhesives are also frequently employed in the assembly of gift boxes, DIY projects, and the building of wooden and paper cases. The global market for hot melt adhesives is also expected to be influenced by customers’ increasing use of these products to sew fabric together to create fashionable clothing.
By 2029, the EVA segment’s market share for hot melt adhesives is expected to increase highest rate. EVA (ethyl vinyl acetate) hot melt adhesives are widely used in the paper, automotive, and woodworking industries. The product demonstrates qualities such as dependability, adaptability, and durability, as well as intact adhesion. EVA adhesives were created specifically to stick to paper stock, paper, waxes, and aqueous coatings. This makes it essential for carton sealing, labelling, plastic films, and card stock boxes in the packaging industry. Product demand may be boosted by a change in consumer preferences for products that come in good packaging.
Hot Melt Adhesives Market Regional Analysis
In 2021, with the largest revenue share, the Asia-Pacific region dominated the market for hot melt adhesives, and it is expected that it continues to do so throughout the forecast period. The main factors propelling the market growth are the enormous rise in e-commerce services in the region and the quickly rising demand for nonwoven materials. Due to the numerous uses for hot melt adhesives, the competitive industry is opening up new prospects, which raises consumer product demand.
North America is expected to increase at the highest CAGR through the forecast period. Given the presence of several of the top packaging producers in the region, including International Paper, Ball Corporation, and Owens-Illinois, the packaging industry is expected to play a large role in a growing market. The forecast period is expected to witness steady growth throughout Europe. Economy has evolved in the region and will be aided by rising construction activity, the expansion of the automobile industry, and expanded online product delivery services in major Western European countries like Italy, the United Kingdom, Germany, France, and Spain.
Hot Melt Adhesives Market Segmentation
By Product
- Ethylene-vinyl Acetate (EVA)
- Polyurethane
- Rubber
- Polyolefin
- Others
By Application
- Packaging
- Bookbinding
- Assembly
- Woodworking
- Automotive
- Nonwovens
- Others
Hot Melt Adhesives Market Key Competitors:
- Henkel &Co. KGaA
- Jowat SE
- Sika AG
- 3M Company
- Bostik Inc.
- Avery Dennison Corporation
- H.B. Fuller Company
- Arkema Group
- Westlake Chemical Corporation
- Beardow& Adams (Adhesives) Limited.
- DowDuPont Inc.
- Arkema Group
- Ashland
- Delo Industrial Adhesives
- BASF SE
- Huntsman International LLC
- RPM International Inc.
- Evonik Industries AG
- Westlake Chemical Corporation
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Key questions answered in the Hot Melt Adhesives Market are:
- How is the hot melt adhesives market performing in Asia Pacific?
- Who are the key players in the Hot Melt Adhesives Market?
- Which region has the most countries that are key producers and exporters of hot melt adhesives?
- Which top 5 countries are responsible for the majority of the demand for hot melt adhesives?
- What percentage of the market do the top 5 hot melt adhesive suppliers comprise?
- What major trends are witnessed in the international market?
- What major factor is influencing the need for hot melt adhesives?
Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:
Adhesives and Sealants Market– Adhesives and Sealants Market size is expected to reach USD 129.8 billion by 2029 at a CAGR of 4.53 percent during the forecast period. The advent of safe and sustainable adhesives & sealants along with significant growth in the automotive, construction, electronics, aerospace, and packaging industries are driving the market growth.
Acrylic Adhesives Market – The Acrylic Adhesives Market size is expected to reach USD 17.41 billion by 2029 at a CAGR of 5.81 percent during the forecast period. Acrylic adhesives distinguish for their excellent performance and versatility across a range of end-use markets, including the construction, packaging, and pharmaceutical industries are driving the market growth.
Adhesive Tapes Market – The Adhesive Tapes Market size is expected to reach USD 99.34 billion by 2029 at a CAGR of 5.9 percent during the forecast period. Growing demand for Recycled PET packaging tapes across the world boosting the Adhesive Tapes Market growth.
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