Hot Melt Adhesives Market to Reach USD 10.10 Billion by 2029; Rising Demand for Improved and Strong Products to Foster Market Development

The global hot melt adhesives market size is expected to exhibit strong growth by reaching USD 10.10 billion in 2029. Fortune Business Insights™ in its report titled “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, 2022-2029” observes that the market size in 2021 stood at USD 6.69 billion and reached USD 7.10 billion in 2022, exhibiting a CAGR of 5.2% during 2022-2029. The rising demand for improved and strong products and extensive adoption of online shopping may foster the market development.

H.B. Fuller Strategically Invest in New Plants to Bolster Brand Image

H.B. Fuller strategically invested in its novel plants in Cairo in September 2021. The strategy may enable the company to satisfy the growing demand from the Middle East & Africa, Turkey, and Egypt. This strategy may enable the company to attract consumers and enhance its brand image globally.

Restrictions on Manufacturing to Hinder Industry Growth

This industry is likely to be negatively affected during the COVID-19 pandemic due to restrictions imposed on manufacturing. The alarming spike in COVID-19 infections led to the closure on manufacturing. This factor disrupted supply chain disruptions, thereby affecting market progress. Furthermore, regulations imposed on travel and transport created a raw material shortage. However, manufacturers adopt automated production techniques, part-time shifts, and reduced capacities to balance costs. This factor may enhance industry progress during the pandemic.

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Strong Adoption of Hot Melt Adhesives Over Alternative Adhesives to Boost Market Growth

Hot melt adhesives are polymer-based thermoplastics and are used extensively in mechanical anchorage applications. The increasing demand for advanced and improved adhesives may bolster sales. Further, increasing awareness regarding hot melt adhesives' superiority over alternative adhesives may enhance industry growth. Moreover, the robust demand for polyurethane adhesives from the end-use industry may foster adoption. These factors are expected to facilitate the hot melt adhesives market growth.

Companies Acquire Crucial Players to Boost Brand Image

Key players operating in the market acquire crucial players to expand their resources and bolster their brand image. For example, H.B. Fuller Company completed the acquisition of Apollo in January 2022. It is a maker of primers, coatings, and adhesives for construction, industrial, and roofing sectors. This development may bolster the company’s share and promote crucial constructions in Europe and the U.K. Moreover, this acquisition may also improve the company’s share. Furthermore, players incorporate acquisitions, mergers, collaborations, partnerships, and expansions to boost their industry growth.

Key Industry Development

• December 2020 – H.B. Fuller Company announced the launch of adhesive grades for intense cold handling of vaccinations and drug packaging with innovative hot melt processing. With tamper apparent fiber tear, Advantra adhesives have a stable bond at -70⁰C.

List of Key Players Profiled in the Report

• Exxon Mobil Corporation (U.S.)
• Dow Inc. (U.S.)
• 3M (U.S.)
• Henkel AG & Co. KGaA (Germany)
• MELER (Navarra)
• Sanyhot Adhesivos, S.A. (Spain)
• TEX YEAR INDUSTRIES INC. (Taiwan)
• H.B. Fuller Company (U.S.)
• Arkema Group (U.S.)
• Sika AG (Switzerland)
• Bostik (U.S.)
• Jowat SE (U.S.)
• AVERY DENNISON CORPORATION (U.S.)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• Embagrap SA (Spain)

Further Report Findings

• The market in Asia Pacific stood at USD 3.11 billion in 2021 and is expected to gain a huge portion of the global market share. The rising development in the furniture and building industries may propel market growth.
• Further, the rising demand for nonwoven goods is expected to enhance hot melt adhesives demand.
• In North America, the presence of various major companies such as Ball Company, International Paper, and Owens-Illinois may fuel the industry's progress.  

Report Scope & Segmentation