Global Hot Melt Adhesives Market to Reach USD 12.5 Bn by 2026
Hot melt adhesives are solid form, thermoplastic glue which finds major applications in packaging and building & construction industry sectors. Hot melt adhesives are applied by using a hot glue gun. These adhesives are in solid form, which eliminates the risk of degradation in a humid environment. The most essential market for hot melt adhesives has been packaging industry in which the creation of packaging goods such as tapes and labels has been witnessing enormous growth. Moreover, enhancements in living standards and rising disposable incomes in developed as well as developing economies have resulted in demand for various products which require packaging. On the other hand, the rising market for online retail is acting as a catalyst in transforming the hot melt adhesive industry by offering numerous growth opportunities.
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The hot melt adhesives industry is primarily driven by demand from packaging and building & construction industry which require these adhesives on a regular basis. The demand is essentially seen from developing economies such as India and China which has resulted in the fastest growth rate for Asia Pacific region.
Based on the resin type, the ethylene vinyl acetate (EVA) segment is expected to grow at the highest CAGR of around 8% during the forecast period
Based on the distribution channel, in 2018, the offline segment is accounted for the highest market share in terms of value of almost 75% in the global market
Based on the end use industry, the packaging segment came out as a leading sector for the global hot melt adhesives market, in 2018
On the basis of region, North America region which is fuelled by growth in consumer goods segment, accounted largest market share globally by contributing more than 35% share in 2018
In September 2019, US based hot melt adhesives manufacturer 3M Company made an announcement of new Sealing Tape 375+ product launch which helps in providing superior industrial packaging solutions.
In May 2019, Sika AG (Switzerland) launched new hot melt adhesive Sikamelt -675 for United States market. This is a reactive polyurethane hot melt for sandwich panel bonding.
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