Hot melt adhesives are usually in the form of thermoplastic adhesive that is applied with the help of a hot glue gun as a result of which these adhesives are also known as hot glue. There is the presence of a huge array of polymers in this category that comprises both synthetic and natural adhesives.

The growth of this market is attributed to the increasing capability of consumers in spending power in developing countries along with the increasing expansion of the packaging industry.

It has been observed that automobile manufacturers are shifting trends from traditional methods to newly executed assembly techniques. These newly executed techniques are extensively being preferred by the consumers since the design of vehicles is changing pertaining towards the development of innovative vehicle designs that are using nonferrous metals, coated steels, lighter gauge metals, and plastics.

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 the fastest growth, registering a CAGR of 7.0% during the forecast period.

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Increasing disposable income of the consumers in developing countries such as China, India, and Indonesia is the major factor driving the growth of the global hot melt adhesives market.

The fluctuating prices of raw materials of hot melt adhesives are the major factor hindering the growth of the 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 reforms in order to maximize their profit margins.

Globally industry players of the global hot melt adhesives market are leveraging market growth through shifting trends from traditional methods to innovative automotive assembly methods.

Geographically, the North American hot melt adhesives market is projected to generate the 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 the 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.

Source: VynZ Research