Hot melt adhesives are usually in the form of thermoplastic adhesive that is applied with the help of hot glue gun as a result of which these adhesives are also known as hot glue. There is presence of huge array of polymers in this category that comprises of both synthetic and natural adhesives. The global hot melt adhesives market was valued at USD 7.9 billion in 2017 and is expected to contribute revenue of USD 11.9 billion by 2024, registering a CAGR 6.1% during the forecast period (2018 – 2024). The growth of this market is attributed towards the increasing capability of consumers in spending power in developing countries along with increasing expansion of the packaging industry.
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The fluctuating prices of raw materials of hot melt adhesives is the major factor hindering the growth of global hot melt adhesives market. It has been observed that the raw material prices that are used in the adhesives are volatile and manufacturers are developing reform sin order to maximize their profit margins. Balancing of cost of production and selling cost becomes difficult task for the producer which is thereby restraining the growth of global hot melt adhesives market.
Globally industry players of global hot melt adhesives market are leveraging market growth through shifting trends from traditional methods to innovative automotive assembly methods. Moreover, the key players in the global hot melt adhesives market are upgrading technology and developing new products in order to gain competitive edge in this industry.
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Geographically, North America hot melt adhesives market is projected to generate largest revenue of USD 3.9 billion by 2024, registering a CAGR of 6.1% during the forecast period. Moreover, Asia Pacific is expected to witness fastest growth during the forecast period owing to flourishing infrastructure development in countries such as India and China.
Some of the major players operating in the global hot melt adhesives market are Sika AG, Beardow & Adams (Adhesives) Limited., 3M Company, Westlake Chemical Corporation, Bostik Inc., Jowat SE, H.B. Fuller Company, Avery Dennison Corporation, Arkema Group, DowDuPont Inc., and Henkel & Co. KGaA.
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