The global hot melt adhesives market Growth Accelerated by Increasing Demand in Packaging Industry

 

Hot melt adhesives are used for packaging applications such as case and carton sealing due to their ability to form strong and durable bonds between various materials. Hot melt adhesives are available in different forms such as blocks, pellets or ribbons and provide instantaneous bonding when applied with heat.

The global hot melt adhesives market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand from the packaging industry has been a major factor driving the growth of the hot melt adhesives market. Packaging manufacturers are increasingly utilizing hot melt adhesives for case and carton sealing applications as well as other purposes such as application of labels, product assemblies and bookbinding. Hot melt adhesives allow for high production speeds, quick setting times and wide range of substrates to be bonded compared to other adhesive alternatives. This has further increased their preference over other adhesives such as water-based adhesives in the packaging industry.

Segment Analysis

The Global Hot Melt Adhesives Market Size is dominated by the packaging sub-segment. Hot melt adhesives have wide applications in packaging industries for carton sealing and case and tray sealing. They provide greater speed of production and reduced complexity of systems. Hot melt adhesives eliminate solvents and are 100% solid adhesives which makes them environment friendly and suitable for food packaging applications which is driving the demand in the packaging sub-segment.

Key Takeaways

The global hot melt adhesives market is expected to witness high growth over the forecast period of 2024 to 2031. The global hot melt adhesives market is estimated to be valued at US$ 9.04 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis

The Asia Pacific region holds the highest share in the global hot melt adhesives market and is expected to continue its dominance through 2031. China accounted for over 35% of global hot melt adhesives demand in 2024. Countries like China and India are manufacturing hubs, have rising disposable income and growing middle class which is increasing the demand for packaged goods thereby driving the hot melt adhesives market in the region.

Key players related content comprises
Key players operating in the hot melt adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH. Hot melt adhesives are increasingly replacing solvent-based adhesives owing to their eco-friendly nature. Key players are focusing on developing bio-based and sustainable hot melt adhesives to further drive the market growth.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/hot-melt-adhesives-market-size-share-analysis-2023-2030/

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