Hot Melt Adhesives Market size was valued at USD 10.8 Billion in 2023 and is set to cross USD 28.68 Billion by the end of 2036, expanding at more than 7.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hot melt adhesives is estimated at USD 11.56 Billion. The unique properties of hot melt adhesives make them suitable for bonding and sealing in different projects of construction, such as flooring installation, panel bonding, window and door assembly, and others. Therefore, rising construction activities will drive market growth.
The rising preference for hot melt adhesives over traditional adhesives is also aiding the hot melt adhesives market growth. Hot melt adhesives are generally solvent-free, which makes them environmentally friendly and safer to use. Moreover, when used in various industries, such as packaging, and construction, the production process increases, since hot melt adhesives have a fast setting time and are thus preferred over normal adhesives.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
7.8% |
Base Year Market Size (2023) |
USD 10.8 Billion |
Forecast Year Market Size (2036) |
USD 28.68 Billion |
Regional Scope |
|
Product (Ethylene-Vinyl Acetate, Rubber)
The ethylene-vinyl acetate segment is estimated to hold 60% share of the global hot melt adhesives market by 2036. There are various applications of ethylene-vinyl acetate, including woodwork, paper, and the automobile sector. The growing demand for recycled packaging especially paper packaging significantly contributes to the segment growth, as ethylene vinyl acetate adhesive is primarily used in proving strength and rigidity to paper packaging. Paper packaging is the largest sector in the recycled materials market, accounting for approximately 65% of all recycled packaging.
Application (Bookbinding, Packaging Solutions, Furniture & Woodwork, Nonwoven Hygiene Products)
Hot melt adhesives market from the packaging solutions segment is expected to garner a significant share of around 46% in the year 2036. Hot melt adhesives are used in packaging processes to seal cases, boxes, containers, and cartons. They provide rapid and dependable bonding, ensuring packaging safety throughout handling and transportation. Furthermore, the increased use of flexible packaging, such as pouches, bags, and wraps, will drive up demand for these adhesives.
Our in-depth analysis of the market includes the following segments:
Type |
|
Product |
|
Application |
|
APAC Market Statistics
The hot melt adhesives market in Asia Pacific is projected to be the largest with a share of about 33% by the end of 2036. The rising production of footwear is driving market growth. Hot melt adhesives play a significant role in the footwear industry. It is used for attaching the soles and insoles, for bonding the lining materials, and for attaching decorating material on the footwear. China is the world's largest footwear-producing country, accounting for more than half of global shoe production. Moreover, Wenzhou, China, now has over 4,000 shoe firms and produces over 1 billion shoes every year.
North American Industry Analysis
The North American hot melt adhesives market is estimated to be the second largest, registering a share of about 28% by the end of 2036. The growing popularity of online shopping and expanding e-commerce platforms will increase the demand for hot melt adhesives. There were around 268 million digital buyers in the United States in 2022, and this number is expected to rise to 285 million by 2025. There are various uses of the adhesives in the e-commerce industry, such as for sealing boxes, attaching labels, product assembly, and others.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?