The hot melt adhesives market size is expected to grow from US$ 8.10 billion in 2022 to US$ 12.47 billion by 2030; it is estimated to register a CAGR of 5.5% from 2022 to 2030. The growing demand from the packaging industry is likely to remain a key trend in the hot melt adhesives market.
Automotive manufacturers are demanding innovative, high-quality materials to produce automotive components. Hot melt adhesives are considered one of the most suitable materials for lightweight automobile parts. Carbon fiber-reinforced composites are used as vital materials to substitute the body and other parts in automobiles. In the automobile industry, the use of hot melt adhesives has improved brake, steering, durability, and fuel efficiency, which leads to energy conservation and reduces carbon dioxide emissions. Leading automotive manufacturers are using hot melt adhesives for manufacturing components. For instance, the Airbus A350 is 52% hot melt adhesives-reinforced polymer (CFRP) and the BMW i3 has mostly CFRP chassis. Hot melt adhesives are also used in high-end bike frames, tennis rackets, and surfboards. As hot melt adhesives offer high modulus and specific strength, fatigue strength, stiffness, and pressure-withstanding capacity, as well as lower thermal expansion coefficient, corrosion resistance, and other beneficial properties, these are being widely used in automotive and other industrial applications.
Hot melt adhesives or hot glue are formulations of thermoplastic adhesives. Hot glue sticks are available with various diameters and designs. The sticks are fitted into the glue gun and heated up to the desired temperature till the glue stick starts melting. The glue pushes out through the heated nozzle on the surface of the application when the user pushes through the gun with the mechanical trigger. Some hot melt stick adhesives have been designed with a longer open time so that they can be sprayed on wider regions for bonding.
Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as hot melt adhesives are a growing part of the construction of wind turbines, specifically the blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. The hot melt adhesives play a very important role in the wind energy industry. Large blades are typically designed by stiffness and deflection rather than taking into consideration the material strength. The high stiffness characteristic of hot melt adhesives reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Hot melt adhesives are added to the spar cap, which is the backbone of the blade.
The high-strength, modulus, and lightweight characteristics of hot melt adhesives have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using hot melt adhesives. Hot melt adhesives provide design flexibility when designing highly specific applications. The precise shape of equipment, which is critical to its performance, is easily achieved with the use of hot melt adhesive materials. Hot melt adhesives help enhance the performance of bikers and golfers. The most specific use of hot melt adhesives in sporting equipment is seen in the tennis racket. Players can hit faster balls with the lighter racket and control the ball better with a larger area of the racket. These factors are driving the demand for hot melt adhesives in various sporting equipment. The increasing demand for hot melt adhesive-based sporting equipment provides a lucrative market opportunity for key and new market players.
Key segments that contributed to the derivation of the hot melt adhesives market analysis are product type, type, and application.
The geographic scope of the hot melt adhesives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has dominated the market. Emerging countries are witnessing an upsurge in industrialization, mainly in the manufacturing, automotive, packaging, and construction sectors, which further offer ample opportunities for the key market players in the hot melt adhesive market. Countries such as Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in diverse sectors, including chemicals, textiles, pulp & paper, and electronics. The manufacturing sectors in these countries experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators that include advanced technologies and processes. Over the past decades, manufacturing companies spending in the region has grown significantly and is further anticipated to grow at the highest estimated growth rate.
The regional trends and factors influencing the Hot Melt Adhesives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hot Melt Adhesives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 8.10 Billion |
| Market Size by 2030 | US$ 12.47 Billion |
| Global CAGR (2022 - 2030) | 5.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Hot Melt Adhesives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hot Melt Adhesives Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The hot melt adhesives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The "Hot Melt Adhesives Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas: