The global hot melt adhesives market is projected to exhibit a significant growth, at a CAGR of around 7.0%, during the forecast period. Packaging industry has observed significant growth globally. Several factors are responsible for the growth such as growing pharmaceutical, FMCG, healthcare sector, food processing and manufacturing industry in the emerging economies such as China, India, and few other East European countries. Additionally, it has several applications in industrial sectors and became an essential everyday item, with its rising usage with the global economy. Moreover, opportunities for growth driven packaging industry owing to rising consumption of packaged as well as general growth across a range of consumer goods areas are widespread across the countries.
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For instance, packaging is the 5th largest sector of India’s economy and steady growth has been reported over past several years which show high potential for further expansion. Additionally, in India, cost of processing and packaging food is almost 40% lower than parts of Europe due to resources of skilled labour in country which make it an attractive venue for investment. Furthermore, higher potential is available for almost all user segments enhancing hard and soft drinks, appreciably-processed foods, fruit and marine products. Moreover, packaging industry in India has made a mark with its exports comprising printed sheets and components, flattened cans, crown cork, craft paper, lug caps, plastic film laminates, paper board and packaging machinery.
Hot melt has been widely used in packaging & converting applications since 1960’s. A number of benefits of using amorphous poly alpha olefins such as its greater adhesion than water-based adhesives have been driving its usage. Amorphous poly alpha olefins based hot melt adhesives are considered superior when compared to water-based adhesives due to its water resistance, shorter set time, and reduced in packaging lines or space. Hot melt adhesives are used to bind small detailed cartons to heavy duty wraparound cases. Additionally, they are considered ideal for binding all types of packaging due to the availability of variety of formulas which make them fit in every application. These adhesives have high heat resistance as well as there are several formulas that allow them to withstand temperatures as low as -40 degrees Celsius and humid environment.
Additionally, hot melt is considered as better choice when it comes to case sealing and erecting. These adhesives are considered cost effective when used in conjunction with hot melt systems running continuously. Furthermore, in case sealing and erecting with hot melt, the adhesive is applied to the flaps that creates a strong bond which enable the cases stay intact and sturdy during transit. Below is the summarized form of amorphous poly alpha olefins adhesives properties which makes them ideal for packaging industry and drives the hot melt adhesives market growth.
Global Hot Melt Adhesives Market-Segmentation
By Type
- Ethylene Vinyl Acetate (EVA)
- Styrenic Block Copolymers (SBC)
- Amorphous Polyalphaolefins (APAO)
- Polyamide
- Polyvinyl Acetate
- Others (Metallocene Polyolefin (mPO) and Polyurethane)
By Application
- Packaging Solutions
- Furniture & Woodwork
- Nonwoven Hygiene Products
- Automotive
- Others (Electronics)
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