TAGS: Hot-melt Adhesives Sealants
Research and Markets (RM) anticipates that the global hot melt adhesives market which was valued at USD 7473.37 million in 2020 and is projected to reach USD 10982.38 million by 2028; is expected to grow at a CAGR of 5.1% during the 2020-2028 forecast period.
Growing Application to Boost HMA Market
Hot melt adhesives are also known as hot glue, and these are 100% formulations of thermoplastic adhesives. Hot glue sticks are available with different diameters and designs. The growing application from several end-use industries is the major driver for the growth of the hot melt adhesives market.
Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives an ideal choice for many applications. Many industries are adopting hot melt adhesives over solvent-based adhesives.
Based on product type, the hot melt adhesives market is segmented into glue sticks, glue slugs, and other product types. The glue sticks segment accounted for the largest market share in 2020 and is expected to register the highest CAGR in the market during the forecast period.
Highest Growth in Asia-Pacific Region
Hot melt glue sticks are cylindrical sticks with varying diameters, and they are used with a hot glue gun. These sticks are in solid form at room temperature. These products are designed in both high and low-temperature glue guns variants. A few hot melt stick adhesives have been created to deliver longer open time so that they can be sprayed on wider areas for bonding. Hot melt glue stick adhesives generate minimal waste and have a relatively small environmental impact, which makes them suitable for a wide range of applications in food packaging, carton-sealing, printing, publishing, textile manufacturing, electronics, woodworking, and building and construction industries.
Geographically, the global hot melt adhesives market is segmented into five regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the largest market share in 2020, followed by North America and Europe. Asia Pacific is further expected to register the highest CAGR during the forecast period. Asia Pacific has the presence of major market players such as H.B. Fuller Company, Henkel AG & Co. KGaA, Arkema, and many others.
Ingredients Suitable for Hot-melt Adhesives
Source: Research and Markets