Hot Melt Adhesives Market Size, Share and Trends 2024 to 2034

Hot Melt Adhesives Market Size and Forecast 2024 to 2034

The global hot melt adhesives market size accounted for USD 8.79 billion in 2024 and is expected to be worth around USD 15.74 billion by 2034, at a CAGR of 6% from 2024 to 2034.

Hot Melt Adhesives Market Key Takeaways

• Asia Pacific has generated a revenue share of around 46% in 2023.
• Product Insights, ethylene-vinyl acetate (EVA) segment has held a revenue share of 43% in 2023.
• The rubber segment is expected to grow at a CAGR of 4.1% from 2024 to 2034.
• By application, packaging segment has generated revenue share of over 31% in 2023. 

Asia Pacific Hot Melt Adhesives Market Size and Growth 2024 to 2034

The Asia Pacific hot melt adhesives market size was estimated at USD 3.81 billion in 2023 and is predicted to be worth around USD 7.24 billion by 2034, at a CAGR of 6.2% from 2024 to 2034.

The Asia Pacific emerged as a dominating market and accounted for a revenue share of more than 46% in 2023. In addition, the region also registers the fastest growth rate of approximately 5.6%, in terms of value, during the forthcoming years. Significant expansion of manufacturing base for packaging industry along with rapid rise in demand for nonwoven products in the region accounted as the prominent factor that drives the market growth for hot melt adhesives over the forecast timeframe.

North America estimated to grow at a rate near to 4.4%, in terms of value, from the year 2024 to 2034. The region is a hub of some major packaging manufacturers that are International Paper, Ball Corporation, and Owens-Illinois packaging sector is the major factor that expected to be the crucial factor that drives the market growth for hot melt adhesives.

Hot Melt Adhesives Market Growth Factors

• Rising demand from the non-woven and packaging applications is a key factor that expected to drives the market growth. Increasing preferences for flexible packaging that provides extended shelf life and offer convenience in storage of products is the prime factors that expected to open new horizons for the hot melt adhesives market and hence drives its growth in the upcoming years.
• Unlike their water- or solvent-based counterparts, hot melt adhesives (HMAs) does not require curing or drying. They can be used in their liquid state and, hence, can be bonded instantly after the application; this provides them a distinct advantage in terms of faster processing times across various applications that includes nonwovens (female hygiene products and diapers), packaging, industrial assembly, furniture, and others. Furthermore, the product has gained significant popularity in the recent past because of their superior durability and low processing cost.
• Apart from all its advantages, the industry has witnessed a prominent decline in the year 2020 because of notable supply chain disruption as well as diminishing demand caused by the outbreak of COVID-19 pandemic. Out of the global market, the market for U.S. is the most affected one from this pandemic outbreak; however, it is likely to proliferate remarkably in the year 2021 and recover its demand similar to pre COVID-19 situation mainly due to rising demand from industrial assembly, packaging, and non-woven industries.

Market Scope

Product Insights

Ethylene-Vinyl Acetate (EVA) dominated the global hot melt adhesives market accounting highest revenue share in the year 2023. EVA is highly versatile, durable, and holds strong adhesion properties because of which, it is broadly used in woodworking and packaging sectors.

On the other hand, rubber (styrene block copolymer) predicted to expand at the fastest rate of around 5.5%, in terms of value, during the analysis timeframe. The product is generally used in the manufacturing of pressure-sensitive products such as labels, tapes, and graphics. Increasing demand for labels and tapes especially from the packaging industry estimated to prosper the growth of the segment over the upcoming years.

Apart from above discussed segments, polyolefin hot melts is the other most widely used product categories. Excellent chemical resistance, low moisture permeability, and good barrier properties are some of the prime factors that contribute towards the significant growth of the segment. Additionally, the aforementioned properties of the polyolefin product are significantly used in the nonwoven product manufacturing as well as packaging industries.

Application Insights

Packaging application segment captured the major market share in 2023. Hot melt adhesives superior bonding, speed, and adhesion capabilities makes them an ideal packaging solution in corrugated cases, sealing bottles, and paper board cartons compared to other packaging products.

Besides this, nonwovens segment expected to exhibit the fastest growth rate during the forecast period ranging from 2024 to 2034. Increasing disposable income levels along with growing awareness among consumers related to personal hygiene are the major factors anticipated to boost the market demand for nonwoven products that includes diapers and other hygiene products mainly used by females that in turn expected to fuel the growth of the segment.

In woodworking, hot melt adhesives are largely used as a general-purpose adhesive material for bonding wooden substrates in furniture application. Increasing number of restoration and refurbishment projects across developed nations along with new construction projects in developing countries predicted to flourish the demand for hot melt adhesives in woodworking applications.

Hot Melt Adhesives Market Companies

• H.B. Fuller Company
• Henkel AG & Co. KGaA
• Dow Inc.
• Jowat SE
• Sika AG
• Arkema Group
• 3M
• Ashland Inc.
• Beardow Adams
• Avery Dennison Corporation

Key Companies Share Insights

The global hot melt adhesives industry is highly consolidated in nature because of few market players capturing major market share. These industry players face stiff competition primarily on the basis of application characteristics and price of the product. Further, these players adopt strategies such as regional expansion and merger & acquisition to retain their competitive edge in the market.

Segments Covered in the Report

By Product

• Polyurethane
• EVA
• Polyolefin
• Rubber
• Others

By Application

• Assembly
• Packaging
• Woodworking
• Nonwovens
• Automotive
• Others

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World