Hot Melt Adhesives Market Size By Products (Ethylene Vinyl Acetate (EVA), Styrenic Block Copolymer (SBC), Amorphous Poly-Alpha-Olefin (AMOP), Metallocene Polyolefins (MPO), Polyurethane (PU), Polyamide (PA), Polyester), By Application (Packaging, Disposab

Hot Melt Adhesives Market Size By Products (Ethylene Vinyl Acetate (EVA), Styrenic Block Copolymer (SBC), Amorphous Poly-Alpha-Olefin (AMOP), Metallocene Polyolefins (MPO), Polyurethane (PU), Polyamide (PA), Polyester), By Application (Packaging, Disposables, Pressure Sensitive Products, Book Binding, Furniture, Footwear, Automobile, Textile, Electronics, Healthcare, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The global hot melt adhesives market is speculated to exhibit steady growth by 2028 owing to mounting demand for low VOC content adhesives. In addition, growing product usage in various industries is likely to boost market growth through the forecast period.

During the coronavirus pandemic, the industry witnessed considerable impact as fast-growing industries, such as healthcare and food & beverage sectors, contributed to market growth. Meanwhile, non-essential sectors like automotive and manufacturing faced a threat attributed to restrictions on business operations and supply chain disruptions around the world. However, declining cases, coupled with widespread vaccination drives, have fueled market expansion in recent years.

Moreover, major players in the global hot melt adhesives market have been engaging in strategic collaborations and mergers, along with developing innovative product arrays. to maintain a steady position in the industry, thereby propelling overall business growth. For instance, in June 2022, H.B. Fuller introduced Open Sesame fiber-based tear tape product, a sustainable solution for packaging that is recyclable, unlike other packaging tapes. Earlier, in March 2022, H.B. Fuller, an adhesives manufacturing company, acquired Fourny NV, a provider of construction adhesives. The acquisition was slated to enhance H.B. Fuller’s position in the European market.

The global hot melt adhesives market has been bifurcated in terms of application, product, and region.

Based on product, the hot melt adhesives industry has been segmented into polyester, EVA, polyamide, SBC, PU, metallocene MPO, AMOP, and others. The AMOP market was valued at over $1.25 billion in 2021. Meanwhile, the polyamide industry is slated to witness a surge in demand, growing at a CAGR of about 6.5% through the analysis period.

The polyester market surpassed $265 million in revenue in 2021 and is projected to grow sturdily up to 2028. The others segment, which includes silicones, polyolefin elastomers (POEs), and polyolefin plastomers (POPs), is set to grow at above 4.5% CAGR over the study timeframe.

With regards to application, the global hot melt adhesives market has been divided into manufacturing, packaging, healthcare, disposables, electronics, PS products, textiles, bookbinding, automobiles, footwear, furniture, and others. Footwear exceeded $535 million valuation in 2021. Product demand in textile applications is estimated to cross $445 million by 2028.

The hot melt adhesives industry share from the electronics segment is expected to expand at a CAGR of approximately 5.5% from 2022 to 2028. Product uptake in manufacturing applications is likely to be worth more than $685 million by the end of 2028. In 2021, the others segment, which comprises building and construction applications, was valued at roughly $375 million.

In the regional landscape, the Middle East & Africa hot melt adhesives market attained a valuation of nearly $435 million in 2021 and is foreseen to observe strong growth up to 2028.