At the present time, there is a surging need for
making vehicles lightweight in order to increase their fuel efficiency. Because
of this, there has been a shift in preference from traditional to new
automotive assembly techniques. Conventionally, mechanical fasteners and welds,
which provided increased strength and high performance, were utilized for
bonding different parts of vehicles. However, now that the need for
fuel-efficient vehicles had risen, manufacturers have started using lighter
gauge metals, nonferrous metals, plastics, and coated steels for new vehicle designs.
Attributed to this, the usage of holt melt adhesives for joining different
automobile parts is rising.
Hot melt adhesives, also known as hot glue, are
thermoplastic adhesives applied using a hot glue gun. As per a report by
P&S Intelligence, in 2017, the global hot melt adhesives market
generated a revenue of $7,353.1 million and is projected to attain a value of
$10,259.7 million in 2023, witnessing a 5.7% CAGR during the forecast period
(2018–2023). Among all the regions, namely Asia-Pacific (APAC), Europe, North
America, and Rest of the World, Europe created the largest demand for hot melt
adhesives during 2013–2017; however, during 2022–2023, the APAC region is
expected to create the highest requirement for these adhesives.
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The different product types of hot melt adhesives are styrenic block copolymer (SBC), polyamide (PA), metallocene polyolefins (MPO), ethylene vinyl acetate (EVA), polyurethane (PU), amorphous polyalphaolefins (APAO), and polyester. The EVA category was the largest in demand during 2013–2017 and is further predicted to retain its position during the forecast period. This is attributed to the different advantages of this product, such as long shelf life, quicker setting time, and suitability in a range of temperatures. In addition, the expansion of the construction and automobile industries is also creating increasing demand for EVA. The fastest growth in demand is projected to be witnessed by the PU category in the coming years.
When application is taken into consideration, the hot
melt adhesives market is divided into diapers, footwear, automobile,
bookbinding, packaging products, furniture, textile, electronics, and others
(which include filter and floristry industry). Out of these, the largest demand
for hot melt adhesives was created for the packaging products application
during 2013–2017 and situation is expected to remain the same in the near
future as well. The fastest growth in demand is predicted to be registered by
the furniture application in the coming years, owing to the growing need for
fulfilling the demand of the rising population in countries including Germany,
China, and India.
The rapid expansion of the packaging industry, which
is occurring due to swift industrialization, is a key factor driving the
requirement for hot melt adhesives. The rising purchasing power of individuals
and changing consumption trend have resulted in the development of varied and
eco-friendly products. The developing countries, primarily, are extensively
making use of hot melt adhesives in packaging and automotive industries. The
growing spending power in countries including Indonesia, China, and India has
led to an increase in demand for various products such as electronics, clothes,
and footwear, all of which use hot melt adhesives in different applications.
