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Hot Melt Adhesives Market Size, Share & COVID-19 Impact Analysis, By Raw Material (Ethylene Vinyl Acetate (EVA), Polyolefin, Styrenic Block Copolymers (SBC), Polyurethane (PU), Polyester, and Others), By Application (Packaging, Assembly, Woodworking, Transportation, Building & Construction, Footwear & Leather, Nonwovens, Bookbinding, and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101724

 

KEY MARKET INSIGHTS

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The global hot melt adhesives market size was USD 6,745.2 million in 2019 and is projected to reach USD 9,702.2 million by 2027, exhibiting a CAGR of 5.3% during the forecast period.


Hot melt adhesives are polymer-based thermoplastic adhesives used in mechanical anchorage. The global HMAs market is projected to witness a substantial growth due to the increasing demand for advanced and improved products from various end-use industries, such as automobile, manufacturing, packaging, furniture, and non-woven/hygiene. Another main driver that is expected to drive the global market is the increasing cognizance of non-woven/hygiene products among buyers. Moreover, favorable government policies and heavy investment in advanced HMAs will contribute positively to the market.


COVID-19 Pandemic: Shortage of Skilled Labor May Hamper Production


The effect of the pandemic on adhesives & sealants can differ across industries. COVID-19 has augmented its impact on fast-growing sectors such as medical, hygiene products, and food packaging. The producers are extending their production bases to benefit from the low manufacturing rates amid the coronavirus pandemic. Due to the halt on operations in the automotive industry, a significant drop in demand will be witnessed in the short term. Due to the COVID-19 outbreak, European carmakers had to shut down their manufacturing facilities. To deal with the coronavirus outbreak, PSA, Renault, and Fiat Chrysler had to cut production at European plants. Renault halted manufacturing at 12 production sites affecting about 18,000 workers in France. However, increasing capital spending for roads and highways by the government to back business amid coronavirus. Meanwhile, because of plant shutdowns, the need for hot melts also dropped.


The middle class and young population will further contribute to adhesives & sealants' demand in the forthcoming years. There was a marginal influence during the COVID-19 pandemic in terms of the supply of raw materials for the adhesives & sealants industry. The countrywide pandemic and lockdown conditions have caused immense disruption in the adhesives industry's entire production and supply chain. Also, companies are facing the unavailability of skilled and unskilled labor, resulting in major losses.


LATEST TRENDS


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Rising Shift towards Online Shopping to Drive the Hot Melt Adhesives Market Growth


As the knowledge for convenient shopping increases, hence boosting the popularity of online purchasing among buyers. According to Business Insider’s BI Intelligence, Online shopping is anticipated to reach up to US$ 632 billion in sales by 2020, with the growth of e-commerce continuing to skyrocket. When sellers provide discounts or coupons in online shopping, more than 35% of shoppers regularly look for deals online, thus saving money by shopping online. As customer behavior moves towards store-to-door distribution, demand for these adhesive is also growing. This is because HMAs for box assembly and shipping components are the common go-to bonding choice. They are suitable for production lines that have to fulfill high-performance specifications with a fast fixed pace.


The fast rise and acceleration in e-commerce have been the greatest retail shift in this year of transition. E-commerce has become the favored shopping option for shoppers, particularly for those who are hesitant to go out and prefer home delivery. For e-commerce, HMAs are used in shipping labels on bags and boxes, corrugated box sealing, and others.


DRIVING FACTORS


Change from Solvent Adhesives to Hot Melt Adhesives to Promote Market


Hot melt adhesive is expected to experience a high growth rate relative to the current solvent-based adhesive because of its advantages such as high productivity induced by process automation, a wide variety of applicability, eco-friendliness, and re-adhesion possibility. As opposed to a solvent-based adhesive or water-based adhesive, the HMAs allow a limited working space and have high-speed adhesion without a drying phase. The high-speed adhesion allows for production line automation. HMAs may not lose thickness; solvent-based hot melt adhesives during drying can lose up to 50-70% of layer thickness. Therefore, HMAs have major economic benefits, such as improving efficiency, reducing the amount of material usage generated by spread control, lowering labor costs, and others. They demonstrate major advantages relative to conventional solvent-based adhesives that typically require evaporation and removal of solvents or polymerization to bind substrates together. For instance, the lack of carrier fluid or solvent in HMAs formulations overcomes the dangers involved with the use of solvents and volatile organic compound (VOC) pollutants. It allows for higher processing rates and lower transport/inventory maintenance costs.


These adhesives have no solvents. HMAs dissolve the polymer using water. This is another reason that several different sectors of solvent-based goods are transitioning to HMAs. For example, In September 2020, SABA announced modern hot-melt adhesives and launched Sabamelt 4732 for pocket coil unit manufacturing. SABA reaffirms its pioneering role as the solvent-free foam bonding specialist, with more HMAs being released later this year. Due to the increasing demand for environmentally friendly adhesives from consumers. HMAs cause negligible emissions, which have little or no effect on the environment. There is no requirement for extra ventilation, unlike adhesives with solvents, nor are they flammable. The price point is very low because it holds prices down for packaging and manufacturing with high-volume operations. Therefore, the use of these adhesives over solvenft-based ones is supported by regulatory agencies, governments, and environmental organizations. Governments around the world's supportive strategies will continue to help grow HMAs, which is projected to boost its market for hot melt during the forecast period.


Growing Demand for Polyurethane Hot Melt Adhesives from Various End-use Industry to Drive the Market


The increasing demand for polyurethane HMAs is another driver for the rise in demand for polymer-based HMAs. Polyurethane is a low-volatile organic compound that also makes it popular because it can manufacture these adhesives as some raw materials. Polyurethane adhesives are specifically designed for holding together non-porous materials such as metal and wood, making them suitable for applications such as bookbinding, shoemaking, and product packaging. PUR is ideal for a broad range of woodworking applications, shoe repair, finish carpentry, broken glassware repair, furniture repair, remodeling, ceramic ceiling tiles, laminate countertops, and construction due to its higher strength, short set time, and durability. For instance, In February 2020, Jowat announced the introduction of an exceptional product at the forthcoming world-leading trade fair for the windows industry, Jowatherm-Reaktant MR 604.90 is the first PUR HMAs with a reduced monomer content and hence hazard-free marking approved according to RAL-GZ 716 for the wrapping of PVC window profiles.


Generally, polyurethane HMAs create a tighter bond than conventional ones. This is because a tight initial bond is formed by the PUR HMAs and then strengthens as the adhesive interacts in the air with moisture. This is a chemical method known as cross-linking in which the PUR HMAs bind to the glued object and forms a solid, permanent bond of its own. PUR adhesives absorb moisture from the substrates and the environment and cure it to create a tighter bond than most other adhesives, including adhesives dependent on water and other formulations of these adhesives. Since polyurethane HMAs are applied like most HMAs, using glue guns or related tools, operators can easily speed up enforcing best practices without learning all new techniques and equipment.


RESTRAINING FACTORS


Low Thermal Resistance of HMAs May Hamper the Market


HMAs are thermoplastics and more 'fragile' at low temperatures and 'smoother' at high temperatures as a result. The thermal load of the substrate, which restricts its application to substrates that are not susceptible to high temperatures and the lack of adhesion at elevated temperatures or those that are capable of melting the adhesive, are some of the drawbacks. This can be minimized by using a reactive adhesive, chemically healed after solidification due to moisture (e.g., reactive urethanes and silicones) or is treated by ultraviolet radiations.


A variety of drawbacks include thermal loading, limiting the use of substrates that are not exposed to higher temperatures, and lack of bond strength, especially at higher temperatures before the adhesive is fully melted. This can be minimized by means of a reactive adhesive that is further cured after solidification, e.g., by humidity (e.g., silicones and reactive urethanes) and ultraviolet radiation. Any hot melt adhesive might not be immune to weather and chemical attacks. A key factor limiting the market growth includes HMAs being susceptible to higher temperatures, which can lose bond strength at higher temperatures.


SEGMENTATION


By Raw Material Analysis


EVA Segment to Generate High Revenue Due to Tremendous Growth Within the Packaging Industry


Based on raw material, the market is segmented into ethylene vinyl acetate (EVA), polyolefin, styrenic block copolymer (SBC), polyurethane (PU), polyester, and others. EVA fits well with paper and cellulosic products and has a wide formulation variety. These adhesives are easy to set and give high resistance properties and perform at a moderate temperature level. They are used in the packing, converting, paper, automotive, and assembly industries and are a very hot melt adhesive that is typically cheaper.


Polyolefin is produced with a catalyzed foundation of metallocene and has excellent adhesive properties and a quicker set pace. It is also highly resistant and provides a wide variety of temperatures. In the packaging, converting, and assembly industries, these adhesives are still used, but are constrained in their variety of available formulations. For heat-sensitive materials, polyurethane adhesives are especially ideal since the melting point is reached at a comparatively low temperature. This makes urethane a widely used polymer for adhesives in the furniture, shipping, and packaging industries.


By Application Analysis


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Packaging Segment to Hold a Significant Share Due to Growth Within the Packaging Industry


The market is segmented into packaging, assembly, woodworking, transportation, building & construction, footwear & leather, nonwovens, bookbinding, and others in terms of application. The packaging segment constituted the primary market share. Growing demand for packaging and non-woven goods is a critical factor in driving the market growth. They do not need drying or curing, unlike their solvent- or water-based counterparts. Owing to the rising need for adult incontinence products, infant diapers, and female safety products globally, the market for superior performance hygiene adhesives is increasing. Strong demand for HMA in the construction and packaging industry is a major factor driving the market's growth. Besides, the use of HMA for endpoint fixing in the automotive industry and increased demand for these materials in pressure-sensitive industries are expected to drive the market's growth.


REGIONAL INSIGHTS


Asia Pacific Hot Melt Adhesives Market Size, 2019 (USD Million)

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The market size in Asia Pacific stood at USD 3,138.3 million in 2019. Asia Pacific dominated the market and is likely to maintain its position during the forecast period. Emerging economies such as India, Japan, and China are high-growth markets for the use of these adhesives. The furniture and building industries are projected to drive the market's growth, combined with continued investment in infrastructure and manufacturing. The rapidly expanding packaging manufacturing base in the region, combined with the rapidly rising demand for nonwoven goods, is crucial to consumer growth in the Asia Pacific region.


Europe is expected to witness sluggish growth in terms of volume. In the near term, the halting of development activities due to the COVID-19 pandemic in many developed economies in Western Europe, such as Germany, Italy, the UK, Spain, and France, is expected to affect HMA’s demand dramatically.


North America's packaging industry is anticipated to be a significant driver for the market due to the involvement of some of the largest packaging producers, such as Ball Company, International Paper, and Owens-Illinois,


Brazil, Mexico, Argentina, Columbia, and Chile are the major growth countries for the market due to their robust manufacturing sector. Packaging, electronics, automotive, textiles, and footwear are the leading market segments. It is projected that countries such as Brazil, Uruguay, and Argentina are witnessing strong growth in the demand for these hot melt type of adhesives due to the rapid manufacturing and production of polyurethane units in heavy end industries.


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Population growth and growing tourism due to the hosting of mega-events are key growth factors for the construction industry. Investments in infrastructure, affordable accommodation, healthcare, education, and hospitality to encourage tourism. This is projected to play a key role in addressing the rising population's needs in the Middle East & Africa government's agendas. The UAE and Qatar are expected to be lucrative countries for the building industry as they move on with initiatives ahead of Expo 2020 and FIFA World Cup 2022. The building & construction industry is anticipated to drive the growth of the market.


KEY INDUSTRY PLAYERS


Key Companies to Adopt Strategies and Broaden their Market Presence


With a few global players capturing a significant share, the global market is concentrated in nature. Henkel AG & Co. KGaA, 3M, H.B. Fuller Company, Bostik, Sika AG, Arkema Group, and Dow Inc. are some of the key market players.


Industry players operate principally based on the product's price and application characteristics. To boost their market share, and achieve a competitive advantage, several major players are engaged in numerous strategic alliances. For instance, the potential of Exxon Mobil Corporation for silane-modified amorphous poly-alpha-olefins has been greatly increased. Exxon Mobil Corporation can manufacture 30% more of this unique adhesive raw material by finishing the Marl Chemical Park plant expansion. Amorphous poly-alpha-olefins that are sold under the VESTOPLAST 206 brand name are silane-modified specialties. They are ideal for the formulation of high-quality hot melt type of adhesives, especially suitable for bonding polar substrates that are difficult to bind, such as glass, ceramics, and metals.


LIST OF KEY COMPANIES PROFILED:



  • Exxon Mobil Corporation (Texas, U.S.)

  • Dow Inc. (Michigan, U.S.)

  • 3M (Minnesota, U.S.)

  • Henkel AG & Co. KGaA (Düsseldorf, Germany)

  • MELER (Orkoien, Navarra)

  • Sanyhot Adhesivos, S.A. (Tarragona, Spain)

  • TEX YEAR INDUSTRIES INC. (New Taipei City, Taiwan)

  • H.B. Fuller Company (Minnesota, U.S.)

  • Arkema Group (Pennsylvania, U.S.)

  • Sika AG (Baar, Switzerland)

  • Bostik (Wisconsin, U.S.)

  • Jowat SE (North Carolina, U.S.)

  • AVERY DENNISON CORPORATION (California, U.S.)

  • LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)

  • Embagrap SA (Barcelona, Spain)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • February 2020 – Jowat SE announced a Jowatherm-Reaktant MR 604.90 is the first PUR hot melt adhesive with a reduced monomer content and hence hazard-free marking, approved according to RAL-GZ 716 for the wrapping of PVC window profiles.

  • September 2019 – Henkel AG & Co. KGaA at FachPack 2019 introduced hot melt type of adhesives for palletization. The TechnomeltSupra PS product line from Henkel AG & Co. KGaA enables palletization to be done with no or reduced plastic film. A hot melt adhesive connects the exterior packages to hold the pallets together.


REPORT COVERAGE


An Infographic Representation of Hot Melt Adhesives Market

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The global market report provides a detailed market analysis and focuses on crucial aspects such as leading companies, products, and raw materials. Also, the report offers insights into hot melt adhesives market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years.


This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.


Report Scope & Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million) and Volume (Tons)



Segmentation



  Raw Material; Application; and By Region



By Raw Material




  • Ethylene Vinyl Acetate (EVA)

  • Polyolefins

  • Styrenic Block Copolymers (SBC)

  • Polyurethane (PU)

  • Polyester

  • Others



By Application




  • Packaging

  • Assembly

  • Woodworking

  • Transportation

  • Building & Construction

  • Footwear & Leather

  • Nonwovens

  • Bookbinding

  • Others



By Region




  • North America

    • By Raw Material

    • By Application

    • By Country

      • The U.S. (By Application)

      • Canada (By Application)





  • Europe

    • By Raw Material

    • By Application

    • By Country

      • Germany (By Application)

      • UK (By Application)

      • France (By Application)

      • Italy (By Application)

      • Spain (By Application)

      • Russia & CIS (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific

    • By Raw Material

    • By Application

    • By Country

      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • ASEAN (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America

    • By Raw Material

    • By Application

    • By Country

      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • Middle East & Africa

    • By Raw Material

    • By Application

    • By Country

      • GCC (By Application)

      • South Africa (By Application)

      • Rest of the Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 6,745.2 million in 2019 and is projected to reach USD 9,702.2 million by 2027.

In 2019, the Asia Pacific market size stood at USD 3,138.3 million.

Growing at a CAGR of 5.3%, the market will exhibit steady growth during the forecast period (2020-2027).

The packaging segment is expected to be the leading segment in this market during the forecast period.

The shift from solvent adhesives to HMAs is likely to aid the market growth.

Henkel AG & Co. KGaA, 3M, H.B. Fuller Company, Bostik, Sika AG, Arkema Group, and Dow Inc. are major players in the global market.

Asia Pacific dominated the market share in 2019.

The increasing popularity of online shopping is expected to drive the market in the forthcoming years.

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Hot Melt Adhesives Market Size, Share and Global Industry Trend Forecast till 2026
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