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hot melt adhesives Market Research by Key players, Type and Application, Future Growth
Hot melt adhesives are chemicals that are thermally melted to develop cohesion (internal strength) by means of cooling. These adhesives primarily consist of three components: polymer or blend of polymers, tackifying resin, and wax/oil. Hot melt adhesives may also include an antioxidant, filler or UV stabilizers, or pigment as per the application. Base polymer is the key constituent of hot melt adhesives. It is used to provide inherent strength, chemical resistance, and application characteristics. Tackifiers are added to enhance initial adhesion and modify the base polymer, while processing oils and waxes are added to regulate viscosity and set times.
Ethylene vinyl acetate, polyolefins, polyamides, polyurethanes and styrene block copolymer are the key product types of hot melt adhesives available in the global hot melt adhesives market. Amorphous polyalphaolefin and Metallocene Polyolefin are the sub-types of polyolefin hot melt adhesives. The ethylene vinyl acetate segment holds significant share of the market due to its cost effectiveness and ease of manufacturing. It is used widely in packaging, furniture, bookbinding, and footwear industries. Polyurethanes and styrene block copolymers are the other key product segments of the market. Polyolefins and polyamides hot melt adhesives are gaining popularity due to their superior adhesion properties.
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Hot melt adhesives are solid at room temperature and require melting before their application. Various equipment are used to melt hot melt adhesives before they are applied onto a substrate.
Hot melt adhesives are employed in a wide range of applications such as packaging, construction, automotive, non-woven/hygiene, furniture, footwear, book and paper binding, and electronics. Packaging is a major segment of the global hot melt adhesives market. Hot melt adhesives are employed extensively in packaging applications such as case sealing, corrugated waxed board, trayforming, carton sealing of standard bleached sulfate, heat sealing, and container labeling. Hot melt adhesive is a cost effective type of adhesive that can adhere to all kind of papers, boards, plastics, and other substrates.
In terms of volume and value, the ethylene vinyl acetate segment held major share of more than 30% and more than 40% of the global market, respectively, in 2017. Polyurethanes is a rapidly expanding segment of the market. It is driven by the rise in demand in construction, furniture, and product assembly applications.
Growth in the non-woven/hygiene segment is anticipated to drive the global market. Hot melt adhesives play a key role in the manufacture of disposable non-woven/hygiene products such as baby diapers (nappies), feminine care products, adult incontinence articles, and others such as medical dressings, hospital bed pads, and surgical drapes. Development of the health care sector, especially in emerging economies such as China and India, and advantages of hot melt adhesives, such as high resistance to acids and solvents and cost-effectiveness over other types of adhesives, are estimated to propel the demand for hot melt adhesives in non-woven/hygiene products in the health care industry. Technical limitations of hot melt adhesives such as smaller temperature range to which it can be exposed than water-based and solvent-based adhesives are estimated to hamper the market in the near future.
In terms of volume, Asia Pacific held the leading share of more than 40.0% of the global hot melt adhesives market in 2017. China is a major country for hot melt adhesives; key players operate in the market in the country along with several local and unorganized manufacturers. China and India constitute prominent share of demand for hot melt adhesives in Asia Pacific, due to the expanding packaging construction sectors in these countries. Asia Pacific is estimated to maintain its dominance in the global market throughout the forecast period, led by the increase in demand for these adhesives in food packaging and rise in awareness about health care. The market in North America, Europe, and Asia Pacific is expected to expand at a rapid pace, while that in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace between 2018 and 2026.
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Around 70% of the global hot melt adhesives market is consolidated, while the rest is fragmented with the presence of regional and local players. The market has experienced acquisitions of key manufacturers by large chemical companies. For instance, Arkema acquired Bostik, an adhesive specialist company, in 2015. Prominent players operating in the market are H.B. Fuller Company, Henkel AG & Company KGaA, Arkema, 3M, Sika AG, Jowat SE, TEX YEAR INDUSTRIES INC., Hexcel Corporation, Dowdupont, Beardow Adams, HEARTLAND ADHESIVES LLC, REXtac, LLC, Toyobo Co., Ltd, Akzo Nobel N.V., and Exxon Mobil Corporation. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
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