The global Hot Melt Adhesives Market is estimated to be valued at US$ 7.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Hot melt adhesives are solid polymeric formulations that melt and flow upon heating to form bonds with the adherents. They provide high bonding strength, quick setting, and are moisture resistant. The key advantages are speed of production, adjustability of melt viscosity and set time by adjusting resin and additives.

Market key trends:
One of the major trends in the hot melt adhesives market is the development of bio-based and sustainable adhesives. Adhesive manufacturers are increasingly focusing on developing hot melt adhesives from renewable resources like plants, to reduce dependence on petroleum-based polymers and address sustainability concerns. For instance, Henkel launched Vivopolymer, a bio-based hot melt adhesive made from annually renewable biomass instead of fossil fuels. It provides equivalent technical performance as traditional adhesives.
SWOT Analysis
Strength: Hot melt adhesives provide instant bonding and are easy to use. They do not require clamps, solvents or drying time.
Weakness: Hot melt adhesives cannot withstand high temperatures and have low sheer strength. They also exhibit low uv and chemical resistance.
Opportunity: Increasing use of hot melt adhesives in packaging, footwear and construction industries owing to their fast bonding properties offers growth opportunities.
Threats: Shift towards eco-friendly adhesives and availability of substitutes like contact adhesives and epoxy pose threats. Price fluctuations of raw materials also impact the hot melt adhesives market.

Key Takeaways
The  Global Hot Melt Adhesives Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from the packaging industry. The packaging industry accounts for over half of the global hot melt adhesives market due to growing e-commerce and double packaging needs.

Regional analysis: Asia Pacific dominates the global hot melt adhesives market and is expected to continue its dominance over the forecast period. This can be attributed to robust growth of the packaging and footwear industries in China and India. Increased foreign investment in the manufacturing sector of emerging economies furthers the market growth.

Key players operating in the hot melt adhesives are Henkel AG & Co. KGaA, H B Fuller, Sika AG, Arkema Group, Ashland Inc., The 3M Company, Jowat AG, Sipol SpA, Palmetto Adhesives Company, and Sealock Ltd. The market is consolidated in nature with top players accounting for over 50% of the global revenue. Companies are focusing on expanding their footprints in emerging markets through partnerships and new product launches.

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