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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On the basis of application, the global hot melt adhesives market is segmented into furniture, hygiene, bookbinding, packaging solutions, automobile, textile, electronics, footwear, and others. Of these, automobile application is expected to witness fastest growth, registering a CAGR 7.0% during the forecast period. The fastest growth of this application is attributed towards expansive use of hot melts in the components of commercial and personal vehicles in the countries of developing economy. Furthermore, it has been observed that these adhesives are extensively being used by the automobile domain as a result it is expected to further bolster the growth of global hot melt adhesives market.

Increasing disposable income of the consumers in developing countries such as China, India and Indonesia is the major factor driving the growth of global hot melt adhesives market. As a result of increasing spending capability of consumers and demand for various products such as electronics, clothes and footwear the demand for hot melt adhesives is growing at rapid pace across the globe. For instance, in electronic offerings these adhesives are used in joining two substrates.

Moreover, extensive growth of packaging industry and industrialization are another factors driving the growth of global hot melt adhesives market. Furthermore, the developing countries in Asia-Pacific are witnessing substantial growth in the hot melt adhesives market owing to increasing disposable income of the consumers and evolving trends of the consumers. These factors are pertaining towards the development of complex, varied and environment friendly offerings that are further making these adhesives more accessible and popular among the consumers of this region.

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.

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.

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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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