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Hot-melt Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global hot-melt adhesives market was valued at USD 8,169. 72 million in 2021 and it is expected to register a CAGR of 6. 02% during the forecast period (2022-2027). ? Key Highlights
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hot-melt Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06283183/?utm_source=GNW
Unfavorable conditions arising due to the COVID-19 outbreak hindered the growth of the market in the past year but it has recovered and the market is growing constantly.
Major factors driving the market studied are the increasing demand from diverse end-use industries, the shift from solvent-borne adhesives to hot-melt adhesive, and the growing demand for non-woven products.
Disadvantages associated with properties and regulatory compliances are the factors that may slow down the market.
Biodegradable hot-melt adhesives for sustainable packaging is likely to act as an opportunity in the future.
Key Market Trends
Souring Demand from the Paper, Board and Packaging Industry
An extremely high proportion of all industrial products are sold in packaging – either due to stability requirements for storage and transport or for aesthetic reasons.
Hot-melt adhesives are mainstream adhesives in the paper, board, and packaging industry. It is most widely used for carton closing, sealing, and pallet stabilization.
Applications of hot-melt adhesives range from corrugated box construction and lamination of printed sheets, to packaging materials used for all types of consumer products and the production of large industrial tubes and cores.
As of April 2021 stats, Americans use more than 90 million short ton of paper and paperboard. North America has the world’s highest per capita consumption of paper of any region, consuming 221 kilograms per capita.
China, the world’s largest paper manufacturing country, witnessed over 130 million metric ton of processed paper and cardboard production in 2021, as per the reports by the FAO.
Another contributing factor for the potential demand for hot-melt adhesives in the packaging industry is the traditionally low levels of automation. This has caused many packaging producers to use alternate forms of adhesives.
Asia-Pacific Region to Dominate the Market
Asia-Pacific dominated the global market with a share of more than 45%. With growing packaging and healthcare industries in countries like China, India, Japan, and South Korea, the consumption of hot-melt adhesives is increasing in the region.
Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) sector in the recent past. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by middle-class consumers in the country.
Additionally, India has the fifth-largest packaging industry worldwide which is growing at a significant rate. The country’s packaging industry is majorly driven by growing innovation in industries to make their products compact and portable.
According to the OICA, in 2020, India’s total vehicle production was about 3,394,446 vehicles, including passenger, commercial, three-wheeler, two-wheeler, and quadricycles, which declined by about 25% compared to 45,16,017 vehicles produced over the same period last year.
China has doubled the amount, which it had been pouring into public hospitals in the last five years, to USD 38 billion. It aims to raise the healthcare industry’s value to USD 2.3 trillion by 2030, more than twice its size now.
With increasing employment in the country, there is an increase in the use of ready-to-eat. In addition to this, the demand for cosmetic products is also increasing in the country.
Such aforementioned factors are likely to drive the adhesives and sealants market in the region, during the forecast period.
Competitive Landscape
The global hot-melt adhesives market is estimated to be fragmented in nature. Some of the major players in the market include (not in any particular order) 3M, Sika AG, Henkel AG & Co. KGaA, Arkema Group (Bostik), and H.B. Fuller, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06283183/?utm_source=GNW
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