Rising demand from packaging in global market which is coupled with adoption of bio-based hot-melt adhesives is resulting into growth of hot melt adhesives market globally. The global Hot Melt Adhesives market was valued at USD 7.8 billion in 2018 and is expected to reach USD 12.5 billion in 2026, growing at a CAGR of 5.9% during the forecast period.
Hot melt adhesives are solid form, thermoplastic glue which finds major applications in packaging and building & construction industry sectors. Hot melt adhesives are applied by using a hot glue gun. These adhesives are in solid form, which eliminates the risk of degradation in a humid environment. The most essential market for hot melt adhesives has been packaging industry in which the creation of packaging goods such as tapes and labels has been witnessing enormous growth. Moreover, enhancements in living standards and rising disposable incomes in developed as well as developing economies have resulted in demand for various products which require packaging. On the other hand, the rising market for online retail is acting as a catalyst in transforming the hot melt adhesive industry by offering numerous growth opportunities.
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The hot melt adhesives industry is primarily driven by demand from packaging and building & construction industry which require these adhesives on a regular basis. The demand is essentially seen from developing economies such as India and China which has resulted in the fastest growth rate for Asia Pacific region.