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The hot melt adhesives market size is expected to grow from US$ 8.10 billion in 2022 to US$ 12.47 billion by 2030; it is estimated to register a CAGR of 5.5% from 2022 to 2030. The growing demand from the packaging industry is likely to remain a key trend in the hot melt adhesives market.
Hot Melt Adhesives Market Analysis
Automotive manufacturers are demanding innovative, high-quality materials to produce automotive components. Hot melt adhesives are considered one of the most suitable materials for lightweight automobile parts. Carbon fiber-reinforced composites are used as vital materials to substitute the body and other parts in automobiles. In the automobile industry, the use of hot melt adhesives has improved brake, steering, durability, and fuel efficiency, which leads to energy conservation and reduces carbon dioxide emissions. Leading automotive manufacturers are using hot melt adhesives for manufacturing components. For instance, the Airbus A350 is 52% hot melt adhesives-reinforced polymer (CFRP) and the BMW i3 has mostly CFRP chassis. Hot melt adhesives are also used in high-end bike frames, tennis rackets, and surfboards. As hot melt adhesives offer high modulus and specific strength, fatigue strength, stiffness, and pressure-withstanding capacity, as well as lower thermal expansion coefficient, corrosion resistance, and other beneficial properties, these are being widely used in automotive and other industrial applications.
Hot Melt Adhesives Market Overview
Hot melt adhesives or hot glue are formulations of thermoplastic adhesives. Hot glue sticks are available with various diameters and designs. The sticks are fitted into the glue gun and heated up to the desired temperature till the glue stick starts melting. The glue pushes out through the heated nozzle on the surface of the application when the user pushes through the gun with the mechanical trigger. Some hot melt stick adhesives have been designed with a longer open time so that they can be sprayed on wider regions for bonding.
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Hot Melt Adhesives Market: Strategic Insights
Market Size Value in US$ 8.10 billion in 2022 Market Size Value by US$ 12.47 billion by 2030 Growth rate CAGR of 5.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Hot Melt Adhesives Market: Strategic Insights
| Market Size Value in | US$ 8.10 billion in 2022 |
| Market Size Value by | US$ 12.47 billion by 2030 |
| Growth rate | CAGR of 5.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Hot Melt Adhesives Market Drivers and Opportunities
Rising Adoption from Wind Energy Sector Bolsters Hot Melt Adhesives Market Growth
Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as hot melt adhesives are a growing part of the construction of wind turbines, specifically the blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. The hot melt adhesives play a very important role in the wind energy industry. Large blades are typically designed by stiffness and deflection rather than taking into consideration the material strength. The high stiffness characteristic of hot melt adhesives reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Hot melt adhesives are added to the spar cap, which is the backbone of the blade.
Increasing Usage of Hot Melt Adhesives in the Sporting Goods Industry
The high-strength, modulus, and lightweight characteristics of hot melt adhesives have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using hot melt adhesives. Hot melt adhesives provide design flexibility when designing highly specific applications. The precise shape of equipment, which is critical to its performance, is easily achieved with the use of hot melt adhesive materials. Hot melt adhesives help enhance the performance of bikers and golfers. The most specific use of hot melt adhesives in sporting equipment is seen in the tennis racket. Players can hit faster balls with the lighter racket and control the ball better with a larger area of the racket. These factors are driving the demand for hot melt adhesives in various sporting equipment. The increasing demand for hot melt adhesive-based sporting equipment provides a lucrative market opportunity for key and new market players.
Hot Melt Adhesives Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hot melt adhesives market analysis are product type, type, and application.
- Based on product type, the hot melt adhesives market is segmented into glue sticks, glue slugs, and others. The glue sticks segment held the largest market share in 2022.
- By type, the hot melt adhesives market is categorized into ethylene vinyl acetate, polyolefins, polyamides, polyurethanes, styrene block copolymers, and others. The ethylene vinyl acetate segment held the largest market share in 2022.
- By application, the market is divided into packaging, construction, automotive, furniture, footwear, electronics, and others. The packaging segment held the largest share of the market in 2022.
Hot Melt Adhesives Market Share Analysis by Geography
The geographic scope of the hot melt adhesives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has dominated the market. Emerging countries are witnessing an upsurge in industrialization, mainly in the manufacturing, automotive, packaging, and construction sectors, which further offer ample opportunities for the key market players in the hot melt adhesive market. Countries such as Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in diverse sectors, including chemicals, textiles, pulp & paper, and electronics. The manufacturing sectors in these countries experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators that include advanced technologies and processes. Over the past decades, manufacturing companies spending in the region has grown significantly and is further anticipated to grow at the highest estimated growth rate.
Hot Melt Adhesives Market Report Scope
Hot Melt Adhesives Market News and Recent Developments
The hot melt adhesives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- LINTEC announced that it has developed a permanent general-purpose hot-melt adhesive and is now using it in a new label stock series named HVT. On February 1, the company will release three new products using this new adhesive: two synthetic paper-based and one water-resistant paper-based livestock product. They are intended to be useful across a wide range of applications, including various kinds of display labels. (Source: LINTEC Corporation, Company Website, 2023)
Hot Melt Adhesives Market Report Coverage and Deliverables
The "Hot Melt Adhesives Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- H.B. Fuller Company
- Henkel AG & COMPANY, KGAA
- Arkema
- 3M
- Sika AG
- Jowat SE
- Hexcel Corporation
- The Dow Chemical Company
- Beardow Adams
- Gorilla Glue Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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