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Hot-melt Adhesives Market to Reach USD 10.71 Bn by 2028: RM

Published on 2022-01-07. Edited By : SpecialChem

TAGS:  Hot-melt Adhesives      Sustainability / Natural Adhesives      Sealants    

Hot-melt Adhesives Market to Reach USD 10.71 Bn by 2028Research and Markets (RM) anticipates that the global hot melt adhesives market size is expected to reach USD 10.71 billion by 2028, according to the report. It is expected to expand at a CAGR of 4.8% from 2021 to 2028.

Related Read: Hot Melt Adhesives: Basics, Ingredient Selection & Formulation Tips

Increasing demand for hot melt adhesives in packaging applications, including cardboard and corrugated boards, is anticipated to propel market growth over the coming years.

Increased Demand for Bio-based HMAs

Easy handling, little waste, and good storage life are the key characteristics augmenting the market growth. Bio-based adhesives are hot melts and are gaining popularity owing to their sustainability as they are 60% renewable and economical and are usually deployed in carton sealing and tray forming.

Related Read: Hot-Melt Adhesives: Advances in Raw Materials

Rising demand for adhesives in bookbinding and bonding of shoe soles and applique is propelling the market growth. Hot melt adhesives are extensively used for bonding low-energy polymeric surfaces such as acetals, polyolefins, and polystyrene, thus driving the product demand in component assembly and the automotive industry.

Established key players are opting for sustainable methods for producing high-performance adhesives for various applications in the end-user industries. For instance, in 2021, Henkel in collaboration with Dow has launched Technomelt Supra ECO, a hot melt adhesive range that has low CO2 emission and is made by using bio-based materials.

The key players in the market are focusing on expanding their product portfolio and business verticals by mergers& acquisitions of small-scale specialty chemical manufacturers. For instance, in January 2021, Huntsman International LLC acquired Gabriel Performance Products, a company involved in manufacturing specialty additives, adhesives, and sealants.

Source: Research and Markets

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