What are the Latest Trends, Analysis & Insights of the Hot Melt Adhesives Market ? Major Key Players are Henkel AG & Co. KGaA, Jowat Nederland B.V., SIKA, Myanmar Limited, 3M, Bostik, Avery Dennison, H.B. Fuller, Arkema, Westlake Chemical, Beardow Adams,

The major trend witnessed in the hot melt adhesives market is the switch from traditional techniques to new assembly methods by automobile manufacturers are switching. Generally, traditional ways have been used to bond the different parts in automobiles, using mechanical fasteners or welds that offer high performance and strength. However, the preferences of consumers for vehicle designs are changing, leading to the development of new and more sophisticated vehicle designs using lighter gauge metals, plastics, nonferrous metals, and coated steels; thereby creating the need for new assembly methods. This is resulting in the increasing use of hot melts for joining automobile parts.

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Europe was the largest regional-level market for these products, accounting for more than 32.0% volume sales share in 2017. The dominance of the region is due to the high spending habits of European individuals which continue to generate significant demand for adhesives used in packaging. Further, European countries are among the leading producers as well as consumers of automobiles in the world, which continues to aid the growth of the hot melt adhesives market in the region.

The global hot melt adhesives market was valued at $7,353.1 million in 2017 and is expected to reach $10,259.7 million in 2023, advancing at a CAGR of 5.7% during the forecast period. The market growth is mainly driven by increase in consumer spending power in emerging economies and rapid expansion of the packaging industry.

The major trend witnessed in the global hot melt adhesives market is the shift from traditional techniques to new automotive assembly techniques. Increasing spending power in emerging economies and rapid expansion of the packaging industry are the major drivers identified in the market.

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A major restraint faced by the producers of these products is the fluctuating raw material prices. The price of the raw materials used in adhesives are highly volatile in nature, and the manufacturers need to minimize any negative impact on their profit margins due to such volatility in raw material prices. Hence, it becomes difficult for producers to maintain a balance between the cost of production and selling price, which serves as a major restraint for the hot melt adhesives market growth.

Some of the major players operating in the global hot melt adhesives market are 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., and DowDuPont Inc.

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