May 16, 2022 06:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 16, 2022 (GLOBE NEWSWIRE) -- The global hot melt adhesives market size was USD 6.69 billion in 2021 and reached USD 7.10 billion in 2022. The market is expected to reach USD 10.10 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period. The rising demand for improved and strong products and extensive adoption of online shopping may foster the market development. Fortune Business Insights™ presents this information in its report titled “Hot Melt Adhesives Market, 2022-2029.”
List of Key Players Profiled in the Report
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Manufacturing Constraints to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to the restrictions imposed on manufacturing activities. The sudden spike in COVID-19 patients led to a halt on manufacturing activities. This factor resulted in severe supply chain disruptions, thereby affecting the industry’s growth. Further, restrictions on transport and travel created a shortage of raw materials required to produce hot melt adhesives. However, the resumption of manufacturing activities and the adoption of reduced capacities, part-time shifts, and automated production machinery enabled manufacturers to enhance their market stance. This factor may propel the market development during the pandemic.
·Polyolefin, Styrenic Block Copolymers (SBC)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Rising Demand for Hot Melt Adhesives Over Alternative Products to Foster Industry Growth Hot melt adhesives are made from polymer-based thermoplastics and are used extensively in mechanical anchorage. The rising demand for improved and advanced products is expected to propel the demand for the product. Further, the rising awareness regarding its superiority over solvent adhesives is expected to enhance the demand for the product. Further, the rising adoption of polyurethane adhesives from the end-use industry is expected to bolster adoption. These factors may drive the hot melt adhesives market growth.
However, the low thermal resistance of the adhesives may hinder the market’s progress in the coming years.
Regional Insights Rapid Development of the Furniture and Building Industries to Foster Growth in Asia Pacific Asia Pacific is expected to dominate the hot melt adhesives market share due to the development in the furniture and building industries. The market in Asia Pacific stood at USD 3.11 billion in 2021 and is expected to grow positively in the coming years. Furthermore, the rising demand for nonwoven goods may propel market progress.
In North America, the presence of several major companies such as Owens-Illinois, International Paper, and Ball Company may propel the product demand. This factor may propel the industry's growth in the upcoming years.
In South America, the presence of a robust manufacturing sector is expected to enhance the product demand for hot melt adhesives. This factor may propel the market development.
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Competitive Landscape Major Companies Acquire Key Players to Enhance Brand Image The major players operating in the market acquire major players to expand their resources and enhance their brand image. For example, H.B. Fuller Company completed the acquisition of Apollo in January 2022. It is a maker of primers, coatings, and adhesives for construction, industrial, and roofing sectors. This development may boost the company’s share and boost crucial constructions in Europe and U.K. This acquisition may also enhance the company’s share. Further, companies incorporate acquisitions, mergers, collaborations, partnerships, and expansions to boost their market position.
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Adhesives and Sealants Market Size, Share & COVID-19 Impact Analysis, By Adhesive [Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive), Application (Paper & Packaging, Building & Construction, Woodworking, Consumer/DIY, Automotive & Transportation, Leather & Footwear)], By Sealant [Resin (Silicone, Polyurethane, Emulsion, Polysulfide), Application (Building & Construction, Automotive, Consumer), and Regional Forecasts, 2021-2028
Bioadhesives Market Size, Share & Industry Analysis, By Source (Plant Based, Animal Based), By Application (Paper & packaging, Personal Care, Construction, Woodworking, Medical, Others) and Regional Forecast, 2022-2029
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