TAGS: Hot-melt Adhesives
Global Market Insights (GMI) anticipates that the hot melt adhesives market size is projected to surpass USD 26.5 billion by the end of 2032. Hot melt adhesives are witnessing lucrative demand in the textile and apparel sectors of Asia Pacific. Factors like lower production costs, easy availability of raw materials, and skilled labor have supported the expansion of these sectors across countries like India.
Hot melt adhesives are uniquely suited to textile applications as they provide good fabric bonding strength to almost all materials in use. Properties of these adhesives like cure profile, open-time, strength, and chemical resistance can also be tailored based on the requirement. Substantial demand across packaging and nonwoven applications should drive the need for hot melt adhesives over the forecast period.
Growing Demand for Infant Hygiene Products
Global hot melt adhesives market share from the SBC segment is estimated to surpass USD 2.75 billion by 2032. SBC-based hot melt adhesives are essential feedstock for pressure-sensitive products such as labels and tapes. These adhesives possess good heat resistance, low-temperature flexibility, and high elongation. They are primarily used in baby diaper products as it enhances the adherence of elastic strands to polyolefin and the bonding of rubber & lycra rubber strands.
Rising emphasis on infant care and hygiene by parents should boost the sales of baby diapers. Furthermore, high consumer spending on quality infant hygiene products will accelerate the demand for SBC-based hot melt adhesives over the forthcoming years.
HMA’s Bonding Strength to Drive Footwear Application
Hot melt adhesive market from the footwear application is estimated to witness a 7% CAGR from 2023 to 2032. These adhesives are of key significance to the footwear sector. They are widely used in areas like parts preparation, upper-stitching, and sole assembly operations.
Footwear products that are made using materials like leather, mesh fabrics, counter, and sponges mainly require these adhesives. Features like great thermal stability and excellent bonding strength will boost product penetration in the footwear sector.
Automotive Sector to Influence European Market Development
Europe hot melt adhesives industry size is likely to surpass over USD 6 billion by the end of 2032. The automotive sector significantly relies on hot melt adhesives for manufacturing fixing cables, bonding headlights, and cushioning materials.
The use of these adhesives allows a substantial reduction in vehicle weight that consequently helps improve fuel efficiency as well as reduce emissions. A rapid shift towards electric mobility and rising sales of EVs across European countries will generate lucrative demand for hot melt adhesives in the years to come.
Expansion of Product Portfolio Through New Mergers and Acquisition
Some of the leading companies operating in the hot melt adhesives market include HB Fuller, Sika AG, Henkel AG & Co, KgaA, Ashland, Inc, Arkema Group, 3M, Dow Chemical Company, Avery Dennison Corporation, Jowat Klebstoffe, Applied Adhesives, Power Adhesives Ltd, Hexcel Corporation, Worthen Industries, Huntsman Corporation, Beardow & Adams Ltd, Sealock Ltd, Grupodesa, Tex Year Industries, Inc, and Cattie Adhesives.
These companies are looking to expand their product portfolio by means of acquiring other related firms. For instance, in February 2022, Arkema acquired Shanghai Zhiguan Polymer Materials (PMP) which specialized in hot-melt adhesives made specifically for the consumer electronics sector. The acquisition was aimed to expand the company’s engineering adhesives portfolio as well as accelerate its growth in the Asian electronics market.
Source: Global Market Insights