Hot Melt Adhesives Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global hot melt adhesives market size is anticipated to reach USD 10.1 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The market is predicted to grow on account of rapidly expanding packaging sector and rising demand for nonwoven disposables, such as baby diapers and female hygiene products. The stringent regulations set by organizations, such as the Environmental Protection Agency (EPA) and the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), prohibit the usage of solvent-based adhesives, thereby providing lucrative growth potential for hot melt adhesives (HMAs) market. Hot melt adhesives have quicker bonding speed and are environmentally sustainable. The governments across the globe have enforced lockdown in major cities as a result of COVID-19 pandemic, which has led to shutdown of manufacturing activities. This is likely to hinder market growth as the product demand from industrial assembly, automotive, and woodworking applications is likely to take a severe hit. However, rapid boost in demand for packaged food & beverages during the first half of 2020 has resulted in upward trend, in terms of product demand, from the packaging sector. Similarly, increased production of medical devices has encouraged manufacturers to produce HMAs for the healthcare industry. Furthermore, the hygiene industry is predicted to experience significant growth over the coming years as a result of increasing consumer awareness regarding personal hygiene and rising disposable income levels, particularly in emerging economies of Asia Pacific. Therefore, the demand for polyolefin and rubber HMAs, which are widely used in the manufacturing of nonwovens is likely to witness substantial growth over the coming years.