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"Hot Melt Adhesives Market Is Estimated to witness a CAGR Of 8.7% to reach a market value of US$ 9394.01 Mn By 2028."
The hot melt adhesives are highly admired by various industries for their unique characteristics as they are chemicals and thermally melted and cooled in order to create cohesion between the metals. Adhesives are primarily categorized into polymer, resin, and oils that are widely utilized among various manufacturers. These also include antioxidants, UV stabilizers, and pigment according to the application in various product manufacturing purposes. Polymers are key constituents of hot melt adhesives enabling them to perform highly when used on different substrates. These adhesives have high strength, chemical resistance, and have various applications hence they have a high market demand.
These adhesives are commonly known as hot glues and are thermoplastics that could be easily used by means of hot metal guns for easy melting. There are several advantages in the usage of hot melt adhesives such as it has a speed processing upon various substrates thus driving the market growth. The hot melt adhesives have a fast cooling time and solidified for bonding with dissimilar materials. These adhesives are significantly utilized for applications including high-speed manufacturing lines, filling large gaps, bonding versatility, fast green strength, and less shrinkage.
The hot melt adhesives that are bio-based have a high growth rate in the market because of its compliance with the environmental friendly regulatory policies. These adhesives are especially in high demand for the manufacturing of paper binding, pallet stabilization, sealing, packaging, board, and carton packaging boxes. The consumption of hot melt adhesives are ranging from a lamination of printed materials, corrugated box construction, in packaging goods among various consumer goods and in the manufacturing sector of huge industrial tubes and cores.
The Packaging segment held a significant share in Global Hot Melt Adhesives Market:
Most of the packaging materials are currently being laminated together in order to cater to various needs of advanced market trends. The hot melt PUR adhesives are hot melts having significant bondage and have a higher cure in contrast with the traditional hot melts in the adhesive industry. These adhesives are prudent options for growing industrial packaging markets across the globe because of their peculiar qualities. A most important factor that is limiting the growth of hot-melt adhesives in the packaging industry is it requires automation in contrast to other types of adhesives.
Such limiting factors have caused the packaging producers to utilize substitute of these adhesives in order to decrease their production cost of packaging materials. The industry is being exploited by the introduction of advanced hi-tech machinery & equipment enabling manufacturing organizations to offer better adhesives that deliver high quality and eco-friendly thermoplastics of hot melt adhesives in various forms because of technological advancements with fewer amounts of solvents usage.
Moreover, they have high reliability and are in compliance with Eco-friendly policies. The reason for the advent in the demand of hot-melt adhesive is because of a need in the adhesive solutions that could withstand the extremities and protect the products. The hot melt adhesives have good qualities that are strong in adhesion, with good aesthetics, and low VOC emission is contributing to the demand increase of these adhesives by various industrial manufacturing companies.
Asia Pacific region to exhibit rapid market growth:
In consumption of hot melt adhesives is estimated to achieve higher market share during the forecast period. The packaging industry is exponentially growing at a rapid rate especially in countries including India, Japan, Indonesia, China, and South Korea among others due to the flourishing FMCG industry in these countries.
The region is the second-largest manufacturer of packaging materials globally. Because of an increase in the growth of consumers globally this industry has a significant contribution to the global market in consumer goods. The rise in hot melt adhesives is more among these nations due to the increase in the demand for customized packaging among the commercial goods market.
However, the region observed substantial growth in the fast-moving consumer goods (FMCG) market. The rise in the FMCG market is mainly attributed to an increase in the purchasing power of customers in luxury goods for a better life especially in middle-class consumers in the market. The region is majorly contributed by the growing innovation among various industries for an increased impact on the consumer durable and commercial market that is boosting the demand for hot melt adhesives. There is an improvement in the employment rate in this region due to industrialization, had contributed to the market demand for ready to eat food products that require a substantial amount of packaging materials is propelling the hot melt adhesives.
The competition among the hot melt adhesives is moderate because this market constitutes of players that are moderate in numbers offering on a global scale. There is substantial demand for hot melt adhesives that are encouraging the companies in the global landscape to enter this market in order to take advantage.
Prominent players that are competing in the hot melt adhesives market are listed as follows: Toyobo Co., Ltd., 3M Company, Sika AG, Ashland Inc., Jowat AG, Bostik S.A., Henkel AG & Company, Dow Corning, H.B. Fuller Company, Jowat SE., Mactac, Mapei SpA., Paramelt BV., Pidilite Industries Ltd
Key segment Hot melts adhesives:
By Resin Type:
- Amorphous Polyolefin
- Metallocene Polyolefin
- Ethylene Vinyl Acetate
- Styrene Block Co-Polymers
- Thermoplastic Polyurethane
By End User:
- Paper, Board & Packaging
- Woodworking & Joinery
- Footwear & leather
- North America
- Latin America
- Middle Ease & Africa