Hot melt adhesive popularly termed as hot glue is a thermoplastic adhesive that is generally marketed in the solid cylindrical form of varied diameters. Hot melt adhesives have a unique benefit of quick processing over other adhesives. Hot melt adhesives begin bonding right after it is applied on the object because it cools down to its solidification point instantly. Hot melt adhesives market was worth USD 7.2 billion in 2018 and is estimated to grow at a CAGR of 6.6% during the forecast period to reach USD 9.91 billion in 2023.
Market drivers and restraints:
Rising call from high-speed manufacturing companies is driving the global hot melt adhesive market. In addition to that, the changing trend of the packaging is estimated to escalate the global demand for hot melt adhesive products. Also, government policy by EPA (environment protection agency) in the U.S. and European country for utilizing environment-friendly product is further estimated to escalate the call for hot melt adhesive products to some extent
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Report segmented as:
ethylene acrylic acid adhesives
ethylene vinyl acetate adhesives
styrenic block copolymer adhesives
building and construction
tiles and floor adhesive product
clear case bonding
soap & bubble gum wrapper coating
footwear & leather goods
stock & tapes manufacturing
North America has the biggest market for hot melt adhesives, followed by Europe and Asia-Pacific. China is the biggest customer of hot melt adhesive products in the Asia Pacific due to greater demand from manufacturing industry. North America is estimated to maintain its lead in the forecasted period, and Europe is estimated to show average growth.
Important market players:
Some of the key players operating in the global hot melt adhesive market are Avery Dennison Corporation, Dow Corning Corporation, Sika AG, Henkel AG, H. B. Fuller, Beardow & Adams (Adhesive) Ltd, Bostik Inc., Hexcel Corporation, Worthen Industries, Inc., Ashland Inc., American Chemical Inc. and 3M Corporation.
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