Hot melt adhesives Market Size, Industry Growth, Share and Futuristic Developments During 2022-2028

According to our latest market study on "Hot melt adhesives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type ( Ethylene Vinyl Acetate, Polyolefins, Polyamides, Polyurethanes, Styrene Block Copolymers, Others ), Product Type ( Glue Sticks, Glue Slugs, Others ), Application ( Packaging, Construction, Automotive, Furniture, Footwear, Electronics, Others)," the market was valued at US$ 7473.37 million in 2020 and is projected to reach US$ 10982.38 million by 2028; it is expected to grow at a CAGR of 5.1% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market.

Hot melt adhesives are also known as hot glue, and these are 100% formulation of thermoplastic adhesives. Hot glue sticks are available with different diameters and design. The growing application from several end use industries is the major driver for the growth of hot melt adhesives market. Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives an ideal choice for many applications. Many industries are adopting the hot melt adhesives over solvent-based adhesives.

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Major key players covered in this report:
A few well-established players operating in the global hot melt adhesives market are H.B. Fuller Company; Henkel AG & Company; KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech, and Gorilla Glue Company.

Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives as the ideal choice for many applications. Hot melt adhesives are used when the glued products can be in contact with water or moisture, including boxes for shipping food. Utilizing traditional glues in such cases can take several minutes, and further they can cause a worker to hold on to the items to keep the two surfaces together until the glue dries. With hot melt adhesives, the drying time has been cut down to seconds, leaving the person free to continue with the next task. Hot melt adhesives are nowadays preferred among various end-use industries to solvent adhesives, owing to advantages such as eco-friendliness, high productivity induced by process automation, and re-adhesion possibility. Hot melt adhesives do not need any drying or curing like solvent-based adhesives.

Hot melt adhesives can further apply in the molten state itself, so that it can be bonded immediately post application. This further provide hot melt adhesives a significant advantage of faster processing time while applied to food packaging, consumer goods packaging, furniture, crafting, and others. Volatile organic compounds can be reduced or eliminated, and the drying or curing step can be eliminated while using hot melt adhesives. Hot melt adhesives can also be disposed with taking special precaution and it have long shelf life as compared to typical adhesives. Due to all these benefits industries are adopting the hot melt adhesives over solvent-based adhesives.

Hot melt adhesives can also dissolve the polymer using water, owing to which most of the sectors are adopting these adhesives over solvent-adhesives. Moreover, manufacturers are offering innovative products to cater to this demand. In September 2020, SABA announced the launch of a new hot melt adhesive in the market - Sabamelt 4732, which was meant to produce pocket coil units. The company could see an increased demand for environment-friendly, solvent-free foam bonding solutions. Expansion of the company's product portfolio with new, high-quality hot melt adhesives brought more value to bedding, as well as furniture manufacturers. SABA's pocket coil hot melt is the first addition, and the company is planning to bring more such products to the market.

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Impact of COVID-19 Pandemic on Hot Melt Adhesives Market
The ongoing pandemic has drastically altered the status of the adhesive industry and has negatively impacted the growth of the hot melt adhesives market. The COVID-19 outbreak has interrupted the operational efficiency and agitated the value chains, owing to the sudden closure of national as well as international boundaries, creating revenue loss along with damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the hot melt adhesives market. However, as the economies are planning to revive their operations, the demand for hot melt adhesives is presumed to rise globally. Post-pandemic, the demand for hot melt adhesives from the food packaging industry is rising since consumers are tending to order food products online. Also, postponed construction projects are presumed to resume, which will further provide opportunity for the hot melt adhesives market to grow.

It is also presumed that the DIY residential segment will bring growth opportunity for the hot melt adhesives market in the upcoming future. As a large number of people are confined to their homes due to this pandemic, re-designing and home improvement projects are expected to increase. In this case, DIY products such as hot melt adhesives should be beneficial from the short-term trend. This is especially true for home interior applications. Further, positive measures have been taken by the governments of various countries, and incorporation of advanced technology, is another factor anticipated to bolster the market growth. Safety measures followed by the companies include limiting direct contact with truck drivers & visitors, strengthening & communicating proper hygiene practices, and conducting complete sanitations & eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for hot melt adhesives from some application segments will take a hike.

The report includes the segmentation of the global hot melt adhesives market as follows:

By Product Type
• Glue Sticks
• Glue Slugs
• Others Product Type

By Type
• Ethylene Vinyl Acetate
• Polyolefins
• Polyamides
• Polyurethanes
• Styrene Block Copolymers
• Other Type

By Application
• Packaging
• Construction
• Automotive
• Furniture
• Footwear
• Electronics
• Others
Reason to Buy:
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global stainless steel, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.