The packaging industry is a projected to witness substantial growth in the coming years, which can be attributed to the significant economic growth in a number of countries, the rapidly emerging trend of online shopping, and increasing disposable income of people. The global packaging industry is expected to register a growth of approximately 3% between 2018 and 2028, and is predicted to attain more than $1.2 trillion. In addition to this, the rising demand for sustainable packaging, owing to the growing concerns regarding the environment, is further resulting in the expansion of the packaging industry.
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This growing packaging industry is resulting in the rising need for hot melt adhesives, which are used widely in the packaging industry. These products are solid formations that are based on thermoplastic polymers. Hot melt adhesives are solid at room temperature and becomes liquid upon heating. They retain their ability after application to wet the substrate until they solidify, after which they return to the solid state, thereby maintaining the structural integrity. According to a PS Intelligence report, in 2017, the global hot melt adhesives market reached a value of $7,353.1 million and is predicted to generate revenue of $10,259.7 million by 2023, progressing at a 5.7% CAGR during the forecast period (2018–2023).
The various product types of hot melt adhesives are polyester, ethylene vinyl acetate (EVA), metallocene polyolefins, styrenic block copolymer, amorphous polyalphaolefins, polyurethane, and polyamide. Out of all these, the demand for EVA-basea dhesives was the highest in the past, which can be ascribed to its advantageous properties including durability, quicker setting time, and suitability in different ranges of temperature. In addition to this, the expansion of automotive and construction industries is projected to result in a growing requirement for EVA in the near future. Other than this, the demand for PU is also predicted to rise during the forecast period.
The different applications of hot melt adhesives are bookbinding, coatings, footwear, electronics, packaging products, automobile, hygiene, textile, and furniture. The automobile industry is expected to create a significant demand for hot melt adhesive is the coming years. These adhesives are extensively utilized for assembling components of commercial and personal vehicles. Furthermore, the packaging products made the most use of hot melt adhesives in the past because of the improving standard of living in emerging economies, as mentioned above.
Europe was the largest hot melt adhesives market in the past, which is on account of the high spending habits of people in the European region, thereby creating high demand for packaged products. Apart from this, Asia-Pacific is also expected to make considerable usage of hot melt adhesives in the near future. This is particularly because of the improving living standard, expansion of the automobile industry, and increasing demand for packaged products in the region.
In conclusion, the requirement for the hot melt adhesives is growing due to the expanding packaging industry and economic growth in several countries.
