Hot melt adhesives are made up of thermoplastic polymers that upon application of heat, become a viscous liquid which solidifies on cooling. These adhesives have numerous applications across various end use industries including packaging, automotive, footwear, furniture, construction, electronics and many others. They provide strong, durable and fast bonding between various materials such as plastics, metals, wood, paper and others. The global Hot Melt Adhesives Market is estimated to be valued at US$ 7.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics: The increasing demand for hot melt adhesives from packaging industry is one of the major drivers boosting the growth of this market. The packaging industry has been growing rapidly over the years owing to increasing demand for consumer goods globally. According to The European Chemical Industry Council (Cefic), the global packaging industry is estimated to reach US$ 1 trillion in size by 2022. Hot melt adhesives find extensive applications in packaging of food & beverages, pharmaceuticals and various consumer products. Their advantages such as high speed bonding ability and low application temperature make them a ideal adhesive solution for packaging applications. Moreover, their ability to provide water resistant bonds further supplements their demand from packaging industry. Additionally, growing demand for packaged food products with increasing urbanization is also expected to propel the growth of hot melt adhesive market over the forecast period.

SWOT Analysis
Strength: Hot melt adhesives are cost-effective and have a fast setting time. They do not require solvents for drying. Hot melt adhesives offer good initial adhesion to various surfaces.
Weakness: Hot melt adhesives have low shear strength and cohesion compared to other adhesives. They also have limited water and chemical resistance. The shelf life of hot melt adhesives is shorter than other adhesive types.
Opportunity: The growth of packaging and furniture industries will drive the demand for hot melt adhesives. These adhesives help improve productivity and reduce wastage in various manufacturing processes.
Threats: Stringent environmental regulations regarding VOC emissions can hamper the market. Development of substitutes like reactive hot melt and pressure sensitive adhesives also poses a threat.

Key Takeaways

The global Hot Melt Adhesives Market Share is expected to witness high growth. The market size is forecasted to reach US$ 7.84 Billion by 2024, growing at a CAGR of 5.2% during the forecast period.

North America currently dominates the market due to high demand from packaging and furniture industries in the region. Growing e-commerce sector is boosting packaging demand in the US and driving market growth. The Asia Pacific region is expected to be the fastest growing market for hot melt adhesives. Countries like China, India, and Japan are major consumers due to significant presence of automotive, electronics, and packaging sectors in the region.

Key players operating in the hot melt adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company.

For more insights, read- https://www.pressreleasebulletin.com/hot-melt-adhesives-market-trends-size-and-share-analysis/

For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity