NEW YORK, Sept. 15, 2021 /PRNewswire/ -- According to new research study on "Hot Melt Adhesives Market Forecast to 2028 – COVID-19 Impact and Global Analysis– by Type, Product Type, and Application," the market was valued at US$ 7,473.37 million in 2021 and is projected to reach US$ 10,982.38 million by 2028; it is expected to grow at a CAGR of 5.1% from 2020 to 2028. Factors such as growing application in several end-use industries and changing trend from solvent adhesive to hot melt adhesive drive the market growth. However, low thermal resistance restrains the growth of the market.
The hot melt adhesives market in APAC is anticipated to grow fastest in the coming years. Its applications mainly include composite containers, carton side seam & closures, cups, tubes, bags, labels, specialty envelopes, films, disposables, foil laminates, and corrugated boards. The paper, paperboard, and packaging are a few largest end-use industries for hot melt adhesives in the region. Also, the growing adoption of online purchasing is propelling demand for packaging, which would create lucrative opportunities for the hot melt adhesives market in APAC during the forecast period.
Rising Utilization of Hot Melt Adhesives in Road Marking Boosts Growth of Hot melt Adhesives Market
The use of hot melt adhesives in construction possesses certain advantages over other typical adhesives, such as solvent-based adhesives. The hot melt adhesives offer various benefits, such as the ability to bind different substrates together, high flexibility in case of design, and cost-effectiveness of any smooth machinated process. The use of hot melt adhesives for road marking is a proprietary and innovative technology, and an application process, which creates a retro-reflective marking effect on bitumen base roads or concrete surfaces to offer safe night driving. The utilization of polybutene in holt melt adhesives benefits the thermoplastic road marking paints since it dries fast with strong adhesion to the road surface. Polybutene further offers good UV and thermal resistance, which helps reduce the brittle point and modify the softening point, along with an increase in the total hardness of the finishing road mark. A hot melt kettle heats up the road marking material up to 200°C, and it is then sprayed over the road surface. After it cools down, the paint becomes wear-resistant, quite reflective, and bright. For easy identification of road markings, even in the dark, reflective glass beads are further added since they improve the brightness along with durability.
Many companies are contributing to hot melt road marking product manufacturing with their novel products. However, as compared to other applications of hot melt adhesives, the road marking application segment still needs to grow, and it would offer growth opportunities for the market players in the coming years. After the COVID-19 pandemic, it is presumed that construction activities are going to rise again in the emerging economies, and the projects which were postponed will to be resumed during the forecast period, which would further influence the growth of the hot melt adhesives market during the forecast period. For instance, JiangSu Faer Wax Industry Co., Ltd is offering hot melt marking paint, which is a type of road marking material created by utilizing the thermoplastic petroleum resin as the binder, high-quality fillers, and additives as auxiliary. This road marking material has numerous advantages such as quick drying, smooth construction, good reflection capacity, and long service lifespan. KEMAT Polybutenes company is also offering hot melt road marking paints. KEMAT polybutenes offer an excellent pour-point, which enhances the road marking paint flow even in winter. KEMAT delivers the largest range of viscosities combining the Polybut along with Polybol Polybutenes with a very narrow MW distribution for the road marking paints. Thermoplastic road marking materials are utilized in several places such as car parking and roads. The common colors available for road marks are white and yellow. Yellow pigments consist of yellow lead, while white pigments are mostly zinc oxide, titanium dioxide, and lithopone.
In terms of type, the ethylene-vinyl acetate segment led the hot melt adhesives market in 2020. Ethylene vinyl acetate (EVA) is utilized in many hot melt adhesives because of its rubber-like flexibility. EVA-based adhesives are flexible enough to withstand cracking, especially when exposed to UV light. These adhesives are durable, even in harsh temperatures. In terms of product type, the glue sticks segment dominated the market in 2021. Hot melt glue sticks are cylindrical sticks with varied diameters, and they are used with a hot glue gun. These sticks are in solid form at room temperature. The products are designed to sustain both high and low temperature glue gun. In terms of application, the packaging segment dominated the hot melt adhesives market in 2021. The packaging applications of hot melt adhesives mainly comprise carton or box sealing, bottle labeling, paper bag manufacturing, and bags assembly. Glue sticks, ethylene vinyl acetate-based hot melts, polyurethane hot melt adhesives, and waxes are used in these applications.
Hot Melt Adhesives Market: Competition Landscape and Key Developments
H.B. Fuller Company, Henkel AG & Company, KGaA, Arkema, 3M, Sika AG, Jowat SE, Hexcel Corporation, The Dow Chemical Company, Beardow Adams, Adtech, and Gorilla Glue Company are a few key companies operating in the global hot melt adhesives market. The market players are continuously looking forward to tapping prevailing business opportunities by expanding and diversifying their market presence and acquiring new customer bases.
In December 2019, Arkema had announced the acquisition of LIP Bygningsartikler AS (LIP) by Bostik. LIP provides tile adhesives, waterproofing systems and floor preparation solutions. This acquisition has enabled Bostik to offer an extended range of high value-added products to its customers, while boosting its presence in Nordic countries..
In 2020, H.B. Fuller Company announced readily available adhesive grades with hot melt advanced technology for extreme cold storage of vaccines and medication packaging. The company offers readily available extreme cold resistant adhesive grades with Advantra 9280 EU and Advantra BOLD 9480.
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