HOT MELT ADHESIVES (HMA) MARKET

HMA is a solvent-free thermoplastic adhesive that is frequently found as solid cylindrical sticks and pellets in a range of diameters. No matter the surface texture, these adhesives should be spreadable, and at room temperature, they cool down quickly. At temperatures below 80°C (176°F), HMA is a 100% thermoplastic solid. However, depending on the applications and materials to be bonded, they are applied in a molten state at temperatures ranging from 120°C to 180°C (248-356°F).

Top HMA Companies

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Market Overview

Hot melt adhesives are completely solid polymers that are applied directly from the melt. They are one-part thermoplastic adhesives without solvents that are solid at room temperature and have a low to medium viscosity when dispensed. Hot melt adhesives quickly cool after dispensing to create a solid bind.

HMA's market size is predicted to increase by USD 11,423 million by 2027, at a CAGR of 4.8% over the same period, from USD 8,931 million in 2022. It is a developing market, and between 2022 and 2027, it is expected to increase moderately. The HMA market is primarily driven by a broad range of HMA applications, the capacity to replace conventional adhesives, and significant demand in growing regions.

Construction, automotive, packaging, and nonwoven hygiene goods, among other important industries, are expanding significantly, which is helping the HMA industry. During the forecast period, manufacturers are anticipated to switch from conventional solvent-based adhesives to HMA and consistent technological improvements are anticipated to have a medium impact on the HMA market.

During the forecast period, the HMA market in APAC is anticipated to develop at the highest CAGR. The developing economies in APAC, including those in China, India, South Korea, and Southeast Asian nations, are luring several major international companies to set up manufacturing operations there. To meet the rising demand for HMA from end-use industries, manufacturers are striving for a large client base in nations like China and India.

Competitive Scenario

The HMA market comprises several global market players. This section includes a study of the growth strategies adopted by market players. The major strategies include new product developments, joint ventures, expansions, and acquisitions. The preferred strategies adopted by major players in the global HMA market were new product developments, collaborations, partnerships, and mergers & acquisitions which accounted for a substantial share of all strategies adopted by companies during the period.

COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY

The competitive leadership mapping section gives information on the HMA vendors that offer the finest HMA solutions, describes the results and analysis, and ranks them based on HMA vendors' performance across each assessment criterion.  The evaluation criteria are based on 2 broad categories, namely, Product Maturity and Company Maturity on which HMA companies are rated. Each category encompasses various parameters based on which HMA companies are evaluated.

VISIONARY LEADERS

Visionary leaders are the HMA vendors leading in the market with their product launches, trending technologies, and implementation of growth strategies. The product features and functionalities offered by these HMA vendors are trending in the market and cater globally. HMA vendors listed under Visionary leaders mainly focus on acquiring the top market position through strong financial abilities and their well-established brand equity.

Top HMA Companies - Visionary Leaders

DYNAMIC DIFFERENTIATORS

Dynamic Differentiators are having strong business strategies and are established in the market. However, these players lack in product portfolio as compared with the visionary leaders. HMA vendors listed under Dynamic Differentiators focus on a particular type of technology related to the product.

Top HMA Vendors - Dynamic Differentiators

INNOVATORS

Innovators are the HMA vendors offering substantial product innovations as compared to their competitors. These HMA vendors offer trending product portfolios, but they lack growth strategies for their overall business.

Top HMA Companies- Innovators

EMERGING COMPANIES

Emerging HMA companies in the quadrant are the HMA vendors that offer niche product and service offerings. The growth strategies of these HMA vendors are not strong as compared of leading players in the market. Emerging HMA companies cater to the new entrants in the market in terms of product offerings and global presence and may need some time to get the leading position in the market.

Top HMA Companies- Emerging

Market Dynamics

Drivers for HMA Market

Wide range of high growth Applications

Because of its low volatile organic compound (VOC) content, high level of adhesion, superior heat resistance, and quick drying, HMA is widely utilized in a variety of applications, including packaging solutions, nonwoven hygiene goods, furniture & woodwork, bookbinding, and others.

The HMA market is also being driven by the rising demand for high-performance adhesives in numerous applications. As a result, goods with enhanced performance characteristics, like transparency and odorlessness, have been developed. Due to their advantages over conventional water-based and solvent-based adhesives, such as faster manufacturing, environmental friendliness, less need for floor space, and cost-effectiveness, HMA account for a sizeable market share in the adhesives sector.

The largest application of HMA is in packaging. HMA is also in high demand in a variety of other industries, including textile, footwear, automotive, consumer, and product assembly. Additionally, undeveloped application fields like road marking and graphics are seeing new growth potential thanks to the manufacturing of customized HMA by international manufacturers.

HMA substituting Other adhesives

Traditional solvent-based adhesives are gradually being replaced by high-performance goods like reactive HMA in the adhesives market. HMA is currently the most dependable adhesive solution for use in nonwoven hygiene products and packaging. The advantages provided by HMA are primarily responsible for this change in the adhesive repertoire.

High initial tack and quick setting time, 100% solid nature, low VOC emissions, and reduced cure times are the factors providing these systems with an advantage over solvent-based systems. Additionally, HMA is becoming more and more popular due to their less detrimental impacts on the environment; their use does not necessitate the energy-consuming and solvent-emitting drying process that is a crucial component of solvent-based adhesive applications.

Increasing Demand in the DIY sector

HMA is well suited for DIY applications since it can adhere to a broad range of substances and surfaces, including porcelain, fabric, paper, cardboard, metal, and plastics. The DIY uses range from crafts to woodworking to packaging for everyday items. Due to its simplicity of usage and the accessibility of HMA guns, the stick version of HMA is frequently used in various applications. In terms of needed personnel and floor area, hot melt systems are economical.

The cost of running huge drying and curing ovens and pollution control machinery has probably been eliminated as a result. Hot melt systems do away with the need for equipment for solvent recovery and incineration, which is necessary for solvent-based systems. This ultimately lowers the price of installing and maintaining these systems, rocketing their demand in DIY applications.

 

Restrains affecting HMA Market

Low Thermal Resistance of MHA

When the temperature is close to their flow point, HMA is particularly effective, which facilitates the movement and bonding of the adhesives for a variety of applications, including packaging and nonwoven hygiene goods. However, because of their lower thermal resistance, they show limitations at high temperatures. For such purposes, solvent and aqueous adhesives are used in their place.

 

Opportunities for HMA Market

Increasing Packaging and Nonwoven Applications

Due to significant market penetration and consistent economic growth, the food packaging industry in Europe and North America is mature. Due to this, developing nations like South America and the Asia Pacific now account for a larger portion of the packaging market. Due to changing lifestyles, especially in developed nations like China, India, and Malaysia's metropolitan centers, the use of packaged food products has surged over the past few years. Demand for HMA is rising in emerging regions due to the expansion of industrial and bulk packaging solutions.

Consumer awareness of nonwoven textile goods including infant diapers, sanitary napkins, and adult diapers has also increased because of changing lifestyles. Changes in consumer demographics, particularly in the aging, newborn, and female populations, are what is driving this. As a result, the major firms are concentrating on growth and investment strategies to increase their presence in these developing areas. The development of the whole HMA market is probably going to be positively impacted by this.

 

Challenges to HMA Market

Difficulty in the usage of Hard-to-bond Substances

It is difficult to connect surfaces with low surface energy, low porosity or low surface roughness, highly recycled paper stock, and other shiny and coated polymers. For bonding, these surfaces need cured adhesives. HMA take longer to harden than other light-cured adhesives like epoxy adhesives since they are not cured.

HMA is not thus preferred for materials that are difficult to bond. This could lead to the substitution of two-part acrylic-based adhesives. The acrylic adhesives deliver 1,000 PSI strength to a variety of conventional metal and plastic materials, including polycarbonate, PVC, steel, and aluminum, in addition to attaching difficult-to-bond plastics. These elements could seriously jeopardize the expansion of the HMA market.

Fluctuations in Raw Material Costs

The cost structure of an adhesive manufacturer's product is mostly determined by factors like raw material availability and price. Plastic resins, synthetic rubber, inorganic chemicals, and refined petroleum products are utilized as raw materials in the adhesive business. Most of these raw materials are derivatives of petroleum that are susceptible to changes in commodity prices. Due to rising global demand and upheaval in the Middle East, oil prices have been extremely volatile in recent years.

The imbalance between supply and demand is also causing price fluctuations for polymer resins. These situations make it more expensive for the manufacturers to produce the goods, which forces them to raise the price of the final goods overall. Because some end-use sectors, such as low-end adhesive bandages and general consumers, are price-sensitive, adhesive producers are compelled to pass these higher prices along to the end-users, which causes a demand reduction.

Furthermore, capacity limitations in primary chemicals, polymers, and resin feedstock have restricted supply and raised raw material prices. The performance of an adhesive maker is threatened by this raw material price fluctuation, which also lowers its profit margins.

 

Hot Melt Adhesives – By Resin Type

HMAs are thermoplastics that are employed after the polymer has been melted past its melting point. The three main components of hot melt adhesives are polymer or a combination of polymers, tackifying resin, and wax or oil. This resin is a key element that is utilized to modify and improve the adhesive's processing and performance characteristics. This glue helps with initial adhesion, or tack, by promoting adhesion and wetting.

HMA can be classified into EVA, SBC, APAO, mPO, polyolefins, PU, polyamide, PVA, and acrylic. Epoxy, polyethylene, polyimide, acrylics, PVA, and polyester are the other resins. The market for PVA-based adhesives has struggled to expand due to the advent of substitute systems including Vinyl Acetate Ethylene (VAE) copolymers and VA/acrylic copolymers. Polyesters are high-temperature polyamides like HMA, although they are significantly weaker.

ETHYLENE VINYL ACETATE (EVA)

HMA is made from EVA copolymers as the foundation polymer. EVA is a modified PE or ethylene-vinyl acetate copolymer that gives more flexibility or the capacity to endure unfavorable temperature changes than PE. It is produced in three grades, ranging in Vinyl Acetate (VA) composition from 7% to 15%, 15% to 20%, and 20% to 40%. EVA-based hot melts confront a few challenges despite their popularity in the packaging sector, including smoke and odor from melt tanks, expensive maintenance and replacement costs for nozzles and filters in the manufacturing line, low viscosity, and unreliability at high temperatures.

STYRENIC BLOCK COPOLYMER (SBC)

SBC resins lack strong adhesive qualities by nature. Since they don't have a lot of tack by nature, tackifiers must be added when creating HMA using SBC. However, SBCs are highly useful at temperatures ranging from -40°C to 70°C (104°F to 158°F) and have good heating qualities as well as a lower moisture absorption than natural rubber. Because of their high VOC concentration, these cannot be used for food packaging or nonwoven materials.

Tackifiers, plasticizers, antioxidants, and other additives are added to SBC adhesive compositions when a high level of adhesion is required in a particular application. HMAs based on SBC are widely used in the building and packaging industries. They provide design versatility, enabling the creation of varied structures to satisfy a variety of end-use needs (like as soft and tacky, hard, and cohesive, or UV resistant).

METALLOCENE POLYOLEFIN (mPO)

Typically, the metallocene is made up of two cyclopentadienyl anions. HMA made from mPO is clear, odorless, and has great thermal stability. Fast-setting and appropriate for colorless applications, mPO-based HMA is an HMA. High-quality laminates can be produced using either a direct contact method or a spray application method. Case and carton sealing, nonwoven hygiene products, food and beverage packaging, carpentry, film lamination, graphic arts, and bottle labelling are all applications for mPO. HMA based on mPO has less expensive manufacturing than EVA.

AMORPHOUS POLYALPHAOLEFIN (APAO)

APAOs are created through the (co-)polymerization of -olefins like propylene or 1-butene. The amorphous structure of the (co-)polymers makes them ideal for producing HMA. HMA made from APAO exhibits good acid and solvent resistance. These are widely utilized to create adhesive compositions. As a result, this relatively new class of HMA is utilized in a variety of industries, including electronics, paper & packaging, product assembly, woodworking, textiles, wires & cables, footwear, personal hygiene products, and asphalt modifiers. Metallocene is currently used as a catalyst in the production of APAO-based HMA.

POLYOLEFINS

Polyolefin elastomers are created by combining the basic elements ethylene and propylene. The Ziegler-Natta catalytic technique, which offers great toughness, elongation, and flexibility, is used to create these resins at a single site. These qualities make these resins the favored choice for producing HMA. They offer great sealant performance for a variety of packaging applications, including packaging for meats, cheeses, dry goods, fresh-cut fruit, and fluid substance pouches. They also have high resistance and excellent optics.

POLYAMIDES

One of the best HMAs for bonding is based on polyamide. Since they are used when melted at temperatures above 200 °C (392 °F), these are known as high-temperature glues. Between 60% and 80% of their total weight is made up of dimer acid. These HMAs exhibit strong heat, pressure, solvent, fuel, and moisture resistance. Due to its high cost, polyamide-based HMA is only employed in specific situations where great strength is required. The construction, assembly, and automotive industries are the most prevalent end uses.

POLYURETHANE (PUR)

PUs are built on polymers that, regardless of the remainder of the chain's chemical makeup, have urethane links in the molecular backbone. Urethane adhesive can therefore be made from a variety of polymers if those reactions can result in the formation of a urethane bond. As a result, a variety of raw ingredients for various formulations are readily available.

In contrast to other resins, moisture cures HMA based on PU. This accelerates their drying process and lowers their moisture content. They are so frequently utilized in food packing. Polymer additives can be used with other adhesives to create a variety of adhesives. Reactive HMA are PU adhesives. Applications for PU-based HMA include the manufacture of shoes, paper packaging, bookbinding, carpentry, and automobiles.

 

Hot Melt Adhesives – By Application

HMAs are used in numerous industries, including bookbinding, furniture and woodworking, nonwoven hygiene goods, and packaging. According to the demands of their applications, numerous HMA manufacturers provide end users with a wide range of HMA grades. To address some of the issues with a conventional amorphous poly alpha olefin (APAO) and styrenic block copolymer (SBC) based structural HMA, several innovative and high-performance materials have recently been created. The producers have been able to lower prices and increase manufacturing efficiencies because of these technological advancements. HMA is also consumed by electronics, footwear, automotive & transport, and consumer DIY sectors.

PACKAGING SOLUTIONS

Carton boxes, envelopes, carton closure, cups, flexible packaging, specialty packaging, bags, and processed food products are all included in the HMA's packaging application. Paperboard is used to make cases and cartons, which are used to package items. They have many uses, including storage and transportation. Because it is stackable, customizable, recyclable, and has cheap shipping costs, corrugated packaging has many advantages. Adhesives are utilized more frequently in this application because corrugated paperboard is used to package goods in the food and beverage, pharmaceutical, and personal care industries, HMA is also used for applying labels to bottles, cartons, and containers in paper and packaging.

Environmental standards and governmental restrictions are the key forces behind flexible packaging, which returns to its original shape after use. Due to its qualities, flexible packaging is becoming more and more important. The rising demand for flexible packaging will play a vital role in driving the HMA industry. The proper packaging of a product depends greatly on the adhesives' correct setting time. The number of tackifiers to be used in the production of HMA depends on the type of resin selected. Choosing the right tackifiers is essential to creating hot melts that can satisfy the required setting time.

NONWOVEN HYGIENE PRODUCTS

HMA are manufactured from a variety of materials and are widely used in a variety of goods, including tissues, pet & medical pads, towels & napkins, and baby diapers. Other significant markets for HMA include feminine hygiene, adult incontinence, and child training pants. HMA is positioned in a fluid medium that is held within a disposable object that is made of an absorbent substance. When the hot-melt moisture indicator material comes into touch with the moisture source, the article changes color. EVA, SBC (such as styrene-isoprene-styrene and styrene-butadiene-styrene), and APAO are the main components of HMA used for disposable items.

FURNITURE AND WOODWORK

Due to shortages of lumber, the usage of HMA has grown in woodworking applications, leading to the gluing of subflooring to beams. Different laminated glued wooden parts for floor joints have been developed because of the lack of longer sizes of wood. HMAs are increasingly used in this application because of their strong adherence to wooden surfaces. Furniture and decorative wood goods are examples of structural wood products. Plywood, boards, and wood panels are examples of non-structural wood products. HMA is a fast binder, hence they are frequently utilized in the production of these items as adhesives.

 

BOOKBINDING

Books, magazines, and other binding applications are all included in bookbinding. The distribution of the books and periodicals presents some difficulties for the adhesives business since water must be absorbed or evaporated before the adhesive can set. Additionally, water disposal in the glue takes a substantial amount of time and effort. HMA offers the benefit of reducing the need for water elimination and offering a quick setup time compared to other technologies.

HMA is made from basic materials such as EVA, polyolefin, polyethylene, and SBC for bookbinding applications. HMA is frequently used in spine binding because it bonds with paper nicely without damaging or destroying it. Paperback and softbound books tend to have it more frequently. Hard-bound books, novels, and notebooks frequently have the cover page and edge bound. Due to the cardboard or hardboard backing that hard-bound books have, HMAs are the ideal adhesives to utilize in this situation.