Also known as hot glue, hot melt adhesive is a commonly supplied form of thermoplastic adhesive. It is defined as adhesive that melts and flows when heated. After cooling, it solidifies and works as a strong adhesion. The capacity to adhere to a wide range of substrates is the biggest characteristic of hot glue adhesive. This product is present in 100% solid nature, which makes it cost effective. Wide range of applications, increasing demand from different industrial verticals and technological advancements in the market are driving the global hot melt adhesives market. According to the experts, the industry is expected to perform great in the near future, which is a positive sign for the industry.
After 2011, the global industrial sector from across the world started gaining momentum. The recovery from financial crisis has steered positive changes across different business verticals including automotive, construction, packaging and labeling. This recovery is the strong driver for increasing demand for hot melt adhesives in different parts of the world. Use of different types of chemical formulations to create adhesives and technological advancements in various industries has created huge demand for these products. Researchers observing the global hot glue market expect it to grow at a steady rate, which is estimated to be a great sign for the new businesses that want to break into this market.
The three basic factors used for categorizing the hot melt adhesives market include, the types of applications, chemical products and geographical regions. Based on the demand patterns across various geographic regions, the industry is segmented into four basic regions, which include North America, Asia Pacific, Europe and rest of the world (RoW). Based on the types of chemical products, the market is divided into styrenic block copolymer, ethylene vinyl acetate, polyolefin, polyurethane, polyamide, etc. Applications of hot glue or hot melt adhesive are spread across various industrial verticals. The major verticals include packaging, construction and furniture, pressure sensitive products, bookbinding and other industries.
Detailed analysis of all the aforementioned segments is vital in order to draw accurate conclusions about the trends, threats and opportunities in the hot melt adhesives market. Based on the detailed analysis, the market is expected to maintain a moderate growth rate. The market is anticipated to become worth more than $7 billion by the end of 2017. Key end users for hot melt adhesives include woodworking, bookbinding, footwear, transportation, non-woven products, packaging and automotive industries. According to the experts, the biggest restrain for the industry is the volatility in the costs of raw materials that are used for the production of these adhesives.