The hot melt adhesives market will grow at a compound annual growth rate of CAGR 6.1% and reach USD 12,761.3 million by 2030. The growth of the industry is powered by the growing spending of the consumers and the increasing acceptance of these adhesives in packaging and automotive sectors. EVA had the largest share in the past, on the basis of resin type. This is because of the widespread use of these adhesives in furniture, electronics, automotive and packaging industries.
Since these sectors need adhesives, which are easy to apply, can set quickly, and work in different temperatures. Because of having all these qualities, EVA-based hot melt adhesives are highly demanded from all these sectors. The packaging industry will dominate the market in the future, based on application. This is because of the growing requirement for beverage and packaged food products, because of the increasing income of the people.
Also, growth in the pharma industry, powered by the snowballing healthcare expenditure globally, is bringing about an increased demand for packaging solutions, increasing the requirement for hot melts.
As a result of these factors, the packaging industry will continue to be the largest user of these adhesives in the future.
Developing nations like Indonesia, China and India have observed rapid financial growth recently, because of an increasing disposable income. This has led to the augmented requirement for footwear, clothes, and electronics, which require the usage of hot melt adhesives throughout the processes of production.
Therefore, the improved requirement for these goods is responsible for the growing demand for hot melt adhesives.
Hot melt adhesives market of the APAC had the largest share in the past. It is a hub of manufacturing with foremost production done in Japan, China, South Korea, and India.
Also, the shifting of quite a lot of industries from western nations to the region as a result of low cost of labor and raw material is one of the main factors for the large consumption of hot melt adhesives.
APAC did not just dominate the industry in the past, but it will also grow the fastest in the years to come. This has a lot to do with the rising population and snowballing per capita income.
On account of all these factors, the requirement for packaged goods, automobiles, and electronics will increase, because of which the requirement for hot melt adhesives would also go up in the future.
It is due to the rapid expansion of the packaging industry all over the world, that the demand for hot melt adhesives will continue to rise in the years to come.
