Hot Melt Adhesives (HMA) Market

Hot Melt Adhesives (HMA) Market Size-(2023-2028)

Hot Melt Adhesives (HMA) Market is expected to value at USD 9.2 billion in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period to become USD 13.91 billion market in 2028.

Hot melt glue is a thermoplastic that is put into a dispenser gun in the form of pellets. These pellets are heated by the gun and then the glue is dispensed to be used by the user. The dispensed glue is very hot to the touch and can even burn the skin.

Hot Melt Adhesives (HMA) Market Drivers

One of the major drivers identified in the global hot melt adhesives market is the rising spending power of customers in growing economies. Countries like India, China, and Indonesia have undergone fast economic development that is characterized by an increase in per capita and disposable income. This, in turn, has resulted in escalated demand for various products like clothes, footwear, and electronics, all of which utilize hot melt adhesives. For instance, in electronic products, a hot melt is employed for fixing the two substrates combined. Another driver identified in the hot melt adhesives market is the fast industrialization and growth of the packaging business. The rising economies of Asia Pacific are showcasing a high rise in the employment of hot melt adhesives, mainly in the automotive and packaging industries. The rising buying power of people and changing consumption trends have resulted in the advancement of more different, complicated, and eco-friendly products, hence calling for higher consumption of these adhesives.

High expansion in the packaging business has played a significant role in the development of the hot melt adhesives market. In addition to that, fast growth in the non-woven disposables business too has kept the prospects of the segment high. On the other hand, an increase in the consumption volume of food products is probable to create more excellent opportunities in years to come. Furthermore, a rise in the consumption of healthcare products is also estimated to open new avenues of expansion. Therefore, it is definite that increasing the use of packaged food items and changing lifestyles would keep the future of the market high.

Hot Melt Adhesives (HMA) Market Restraints:

A major constraint faced by the producers of these products is the changing raw material costs. The costs of the raw materials employed in adhesives are very volatile in nature, and the makers require minimizing any adverse effect on their profit margins owing to such volatility in raw material costs. Therefore, it becomes hard for producers to maintain a balance between the costs of production and the selling price which serves as a key restraint for the hot melt adhesives market expansion.

Hot Melt Adhesives (HMA) Market Opportunities:

Fast industrialization and easy availability of raw materials are also estimated to drive the call for hot melt adhesives in the future years to come.

Hot Melt Adhesives (HMA) Market Challenges:

The low thermal resistance of these adhesives may hinder the global hot melt adhesives market expansion in the future.

HOT MELT ADHESIVES (HMA) MARKET REPORT COVERAGE

Hot Melt Adhesives (HMA) Market segmentation with evaluated size, growth & trends until 2028.

Hot Melt Adhesives (HMA) Market On the basis of Type

• Styrenic Block Copolymers (SBC)
• Amorphous Poly-Alpha olefin (APAO)
• Polyurethanes, Polyvinyl Acetate (PVA)
• Metallocene Polyolefin (MPO)
• Ethylene Vinyl Acetate (EVA)
• Polyamides, acrylics
• Others.

The EVA segment was the market leader for HMAs worldwide both in terms of volume and value and it is expected to retain the lead during the forecast period.

Hot Melt Adhesives (HMA) Market On the basis of Application

• Nonwoven Hygiene Products
• Packaging Solutions
• Bookbinding
• Furniture & Woodwork.

Packaging solutions with their vast market and application scope lead the market in terms of Hot Melt Adhesive Usage. Packaging Solutions was the largest market for Hot Melt Adhesives in the year 2018 and is projected to keep the lead during the analysis period.

Hot Melt Adhesives (HMA) Market On the basis of Region

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle east and Africa 

Asia Pacific hot melt adhesives market was the biggest in the worldwide business. This expansion was majorly owing to the fast development showcased in marine and aerospace businesses in the region. Furthermore, the Asia Pacific region is estimated to be the quickest-rising market for hot melt adhesives in the next few years, due to the flourishing automotive business in the area. China and India are the key countries for the hot melt adhesives market in the region, due to the continuously growing businesses in these growing nations. Europe's hot melt adhesives market is growing due to its excellent strength, low surface tension, and sufficient adhesion. HMA’s employed in automotive applications helps in decreasing VOC emissions even under extreme heat conditions. Moreover, awareness relating to the emissions created by VOC is comparatively high in Europe when compared to other regions.

Recent Developments:

• President Donald Trump recently announced sanctions against the Maduro regime in Venezuela owing to the new anti-democratic developments under the leader. This has made crude oil in the international market ever scarcer.

• Bostik, a dominating global adhesive specialist for industrial, construction, and customer markets has declared it will introduce Kizen HEAT, the new hot melt adhesive in the Kizen product line for case and carton sealing applications, at this year’s PACK EXPO in Chicago, IL on October 14-17.

Hot Melt Adhesives (HMA) Market key players

Major companies plying their trade in the Hot Melt Adhesives (HMA) Market include Sika AG (Switzerland), Arkema (France), Henkel AG & Company KGaA (Germany), Jowat SE (Germany), Beardow & Adams (Adhesives) Limited (U.K.), 3M Company (U.S.), Dow Corning (U.S.) and H.B. Fuller (U.S.) among others. Sika AG is a specialty chemical company headquartered in Baar, Switzerland which specializes in chemicals for the building and motor industry. It has wholly-owned subsidiaries in 98 countries and has over 18,000 employees. It was headed by CEO Paul Schuler as of 2018.