Hot Melt Adhesives Market: Regional & Type Estimates and Trend Analysis
The global hot melt adhesives market size is anticipated to reach USD 10.1 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The market is predicted to grow on account of rapidly expanding packaging sector and rising demand for nonwoven disposables, such as baby diapers and female hygiene products. The stringent regulations set by organizations, such as the Environmental Protection Agency (EPA) and the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), prohibit the usage of solvent-based adhesives, thereby providing lucrative growth potential for hot melt adhesives (HMAs) market.
Hot melt adhesives have quicker bonding speed and are environmentally sustainable. The governments across the globe have enforced lockdown in major cities as a result of COVID-19 pandemic, which has led to shutdown of manufacturing activities. This is likely to hinder market growth as the product demand from industrial assembly, automotive, and woodworking applications is likely to take a severe hit. However, rapid boost in demand for packaged food & beverages during the first half of 2020 has resulted in upward trend, in terms of product demand, from the packaging sector.
Similarly, increased production of medical devices has encouraged manufacturers to produce HMAs for the healthcare industry. Furthermore, the hygiene industry is predicted to experience significant growth over the coming years as a result of increasing consumer awareness regarding personal hygiene and rising disposable income levels, particularly in emerging economies of Asia Pacific. Therefore, the demand for polyolefin and rubber HMAs, which are widely used in the manufacturing of nonwovens is likely to witness substantial growth over the coming years.
Asia Pacific was the largest regional market in 2019 and is estimated to expand further at the fastest CAGR of 5.6% from 2020 to 2027. The long established markets of Europe and North America are predicted to witness moderate growth with a dip in 2020. The Middle East & Africa market is small although the future growth is likely to be vibrant owing rising private and public spending in non-oil sectors of the region.
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Hot Melt Adhesives Market Report Highlights
• Packaging application segment led the market in 2019 owing to increased demand for HMAs from the segment due to the quick bonding speed provided by them
• Nonwovens application segment is projected to register the fastest CAGR of 6.8%, in terms of revenue, from 2020 to 2027 owing to rapidly growing demand for baby diapers, adult diapers, and female hygiene products
• EVA led the market in 2019 and accounted for a volume share of over 39% due to the extensive utilization of the product in packaging sector
• Rubber is poised to experience the fastest growth with a CAGR of 4.5%, in terms of volume, from 2020 to 2027. The rising demand for pressure sensitive tapes and labels is likely to benefit segment growth
• Packaging, medical assembly, and nonwovens are estimated to be the least affected end-use sectors for HMAs while transportation and industrial assembly are estimated to be the worst affected end-use sectors due to COVID-19 pandemic in 2020
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