According to the latest report by IMARC Group, titled "Hot Melt Adhesive Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global hot melt adhesive market size reached US$ 6.75 Billion in 2020. Hot melt adhesives refer to thermoplastic adhesives that are commonly non-volatile in nature. They are solid formulations under normal temperatures but turn into liquids upon being heated above their softening point. They are commonly manufactured by blending thermoplastics with waxes, plasticizers, fillers, resins, and antioxidants, with the help of numerous processes, such as extrusion, screen printing, melt blowing, spiral spraying, and slot die coating. They are widely used to form instantaneous bonds and minimize product weight while enhancing the overall product appearance. As a result, they find extensive applications across numerous industry verticals, including textile, packaging, automotive, and consumer electronics.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hot Melt Adhesive Market Trends:
The global market is majorly driven by considerable growth in the textile sector. Hot melt adhesives are widely used in the sector for forging durable bonds in moisture-resistant textiles that are generally pre-treated with hydrophobic polymers. Moreover, the increasing utilization of these adhesives in the packaging industry for assembling, sealing, and labeling corrugated boxes and paperboard cartons is also providing an impetus to the market growth. This is further supported by the growing preference for corrugated packaging across the food and beverages industry since they are sustainable and affordable in nature. Furthermore, these adhesives are increasingly being used in the automotive industry for trunk lining, emblem attachment, seat assembly, and air filter attachments. Significant growth in the automotive sector is creating a positive outlook for the market. Some of the other factors contributing to the market include the rising demand for fully-assembled and laminated furniture and the launch of advanced product variants that offer high heat resistance, UV protection, and excellent binding strength. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.5% during 2021-2026.
- On the basis of the resin type, the market has been divided into Ethylene Vinyl Acetate (EVA), Styrenic Block Copolymers (SBC), Mettalocene Polyolefin (MPO), Aamorphous Polyalphaolefins (APAO), polyolefins, polyamides, polyurethane (PU) and others.
- Based on the application, the market has been classified into packaging, automotive, printing and publishing, furnitures and woodwork, textiles, electronics, construction and others.
- On the basis of the product form, the market has been categorized into pellets, blocks, glue sticks and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include the 3M Company, Arkema S.A., Ashland Global Holdings Inc., Avery Dennison Corporation, Beardow & Adams Ltd., Dow Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, Jowat SE, Paramelt B.V., Sika AG and Wacker Chemie AG.
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