Hot Melt Adhesives Market to be Valued Worth $12,761.3 Million by 2030

The rising per capita income is leading to massively increasing consumer spending, especially in developing countries. This factor is projected to propel the global hot melt adhesives market at a 6.1% CAGR between 2020 and 2030. At this rate, the industry revenue will surge from $7,717.0 million in 2019 to $12,761.3 million by 2030.

Sales of footwear, electronics, and automobiles are increasing rapidly, as people now have more to spare. This is why the hot melt adhesives market is growing, as such materials are widely used during the manufacturing process. Moreover, developing countries are also witnessing an increase in the number of production plants due to the availability of cost-effective labour and raw materials, which is leading to the rising consumption of such adhesives.

The COVID-19 situation is somewhat restraining the growth of the hot melt adhesives market on account of plant closures. During the pandemic, the movement of people has been restricted, there is widespread unemployment, and consumers are not spending on non-essential goods. Therefore, owing to the declining demand for end products, the requirement for hot melt adhesives has also gone down in 2020.

The ethylene-vinyl acetate (EVA) category generated the highest demand in the hot melt adhesives market, on the basis of resin type. EVA adhesives offer easy application, short setting time, and compatibility with a wide temperature range, which is why they are preferred in the furniture, automotive, packaging, and electronics industries.

In the coming years, the furniture category will witness the highest revenue CAGR in the hot melt adhesives market, of 6.8%, under the application segment. Apart from being environment-friendly, hot melt adhesives offer furniture durability and stability. Additionally, such materials are used during edging and veneering and to fill holes in wooden boards. Due to the growing furniture industry in India, China, and Germany, the demand for hot melts is rising sharply.

Asia-Pacific (APAC) is the largest and fastest-advancing hot melt adhesives market in the world. Japan, China, India, and South Korea are four of the largest manufacturing powers due to the rise of domestic producers and the shift of European and North American manufacturers to these countries. With the increasing demand for packaged goods, automobiles, and electronics, the consumption of hot melt adhesives continues to grow in the region.

Key Findings of the Global Hot Melt Adhesives Market Report

·The packing and automotive sectors draw the majority of the hot melt adhesive demand

·The market is witnessing subdued growth during the COVID-19 crisis

·Advanced automotive assembly techniques are trending in the market

·EVA is the resin of choice for hot melts

·Market investment opportunities galore in APAC

·The market presents a fragmented nature, thus prompting players to go for mergers and acquisitions