The hot-melt adhesive market is expected to grow at a CAGR of over 5.57% during the period 2020−2026. This is according to a new report form Arizton Advisory and Intelligence, a quality-driven firm research firm. Hot-melt adhesives are a form of thermoplastic adhesive, also known as hot glue.
In North America, the demand for hot-melt adhesives primarily comes from the packaging industry and it’s likely to continue as the key driving factor for this market — reaching an absolute growth of 39% between 2020 and 2026, with an incremental growth of U.S. $870.85 million.
The U.S. will be the highest revenue generator in the region during the forecast period.
Additionally, bio-based adhesives are gaining attraction with the demand for sustainable products. Bio-based hot melts contain around 60% renewable, naturally obtained resin content. These bio-based, hot-melt adhesives are economical and typically offer a higher penetration into fibers of cartons and other materials, ensuring a strong bond.
Most bio-based packaging adhesives are hot melts, and these are significantly greener than their conventional alternatives. These bio-based adhesives are used for tray forming, top and bottom case sealing, carton sealing, and wraparound carton sealing. EVA hot-melt adhesives are flexible and compatible with various other polymers and additives, which makes the manufacturing processing fairly simple.
Hot-melt adhesives also come in pellet form are made up of chemical compounds that help in quick adhesion on permeable and impermeable surfaces. These adhesives in pellets are available in form of slugs, sachets, firm, powder, and tablets. They’re most suitable for application in the manufacturing process where rapid melting is required.
Key highlights from Arizton Advisory’s report include:
- The Global hot-melt adhesives market is expected to witness absolute growth of 39% during 2020 to 2026.
- The paper and packaging segment is expected to grow at a CAGR of 6.53% during the forecast period.
- The consumer product market is expected to exhibit a significant growth of the assembly segment. The assembly segment is expected to reach U.S. $2,980.63 million by 2026, growing at a CAGR of 5.73% between 2020 and 2026.
- The market for pellets is expected to grow at a CAGR of 5.66%, with an incremental revenue of $2,246.97 million between 2020 and 2026.
- The industrial end-user segment of the hot melt adhesives market is expected to witness an incremental revenue of $3,421.55 million and absolute growth of 39% between 2020 and 2026.
- Glue guns are expected to experience steady growth during the forecast period. The demand for glue guns is seeing a steady recovery in the short term amid COVID-19 and is likely to witness high growth in the long run.
- The hot-melt adhesives market in Europe has the largest market for hot melt adhesives. The market is expected to witness an absolute growth of 36% during the forecast period, at an incremental growth of $1,296.70 million.
To learn more or download the report, click here.