Rise in product demand from healthcare and packaging industries in Asia Pacific is augmenting market expansion
Wilmington, Delaware, United States, Jan. 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global hot melt adhesives market is estimated to grow at a CAGR of 8.7% between 2022 and 2031, according to the market outlook by TMR.
Ethylene vinyl acetate, or EVA hot melt adhesive refers to a copolymer adhesive that finds application in a wide range of end-use industries, such as paper, automotive, assembly, and packaging. This can be ascribed to several properties, such as strong mechanical strength, outstanding adhesion, superior flexibility, and paraffin solubility, of EVA hot melt adhesives. Moreover, these products are gaining traction owing to their cost-effective nature and ability to work at a broad range of service temperatures, such as from −22°F to 176°F. As per the TMR research report, the EVA product segment is estimated to expand at a CAGR of 8.5% during the forecast period.
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- Hot melt adhesives are utilized in a wide range of packaging applications, such as corrugated waxed board, case sealing, carton sealing of standard bleached sulfate (SBS), tray forming, container labeling, and heat sealing. They also find application in packaging and converter applications. Water-based adhesives are being increasingly replaced by these adhesives owing to their advantages in terms of water resistance and set time. The e-commerce industry is expanding at a rapid pace due to increase in disposable income of people and rise in trend of online shopping in developing countries, such as India and China. This factor is expected to boost the demand for advanced packaging solutions, which in turn, is anticipated to create lucrative opportunities in the global market in the next few years.
- Hot melt adhesives find application in the manufacturing of various disposable non-woven hygiene products, such as hospital bed pads, surgical drapes, feminine care products, baby diapers (nappies), medical dressings, and adult incontinence products. Thus, increase in adoption of non-woven hygiene products in the healthcare industry is likely to create substantial growth prospects in the market during the forecast period. Usage of hot melt adhesives is increasing across the globe over other alternatives owing to their advantages, such as cost-effectiveness and high resistance to solvents and acids. Demand for hot melt adhesives is projected to surge in the next few years as the need for hygiene products increases due to rise in aging population and technological advancements in medical procedures.
Hot Melt Adhesives Market: Growth Drivers
- Growing consumer inclination toward consumption of ready-to-eat products is likely to drive market demand
- Rise in demand from construction and packaging industries is bolstering market development
- Increase in usage of disposable non-woven products in the healthcare industry is expected to fuel industry growth
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- Players are anticipated to gain significant business avenues in Asia Pacific during the forecast period, owing to fast-growing end-use industries, such as healthcare and packaging
- Europe and North America are likely to maintain prominent positions and offer lucrative opportunities in the next few years, owing to the implementation of stringent government regulations regarding usage of materials with high volatile organic compound content
Hot Melt Adhesives Market: Competition Landscape
- Companies are investing in R&D projects focused on the development of environmentally friendly products
- Players are adopting strategies such as mergers, acquisitions, and product launches in order to strengthen their position in the market
Hot Melt Adhesives Market: Key Players
- Henkel AG & Company KGaA
- H.B. Fuller Company
- Avery Dennison Corporation
- Hexcel Corporation
- Jowat SE
- Sika AG
- Beardow Adams
- Exxon Mobil Corporation
- Akzo Nobel N.V.
- REXtac, LLC
- Heartland Adhesives LLC
- Tex Year Industries Inc.
- Toyobo Co., Ltd.
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Hot Melt Adhesives Market Segmentation
- Ethylene Vinyl Acetate
- Amorphous Polyolefin
- Metallocene Polyolefin
- Styrene Block Copolymers
- Others (including Polycarbonate and Polycaprolactone)
- Book and Paper Binding
- Others (including Textiles and DIY)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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