According to a report from Research Nester, the global hot-melt adhesives market is predicted to grow at a CAGR of over 7.8% from 2023 to 2035. The market is projected to garner revenue of $24.68 billion by the end of 2035, up from $10.02 billion in 2022.
Traditional hot-melt adhesive formulations include components derived from fossil fuels. Approximately 33 billion tons of CO2 are emitted globally each year due to the burning of fossil fuels. The need to adopt a sustainable approach is growing, which means the manufacturing of bio-based hot-melt adhesives is rising.
The growth of the market is expected to be dominated by a surge in demand for electric vehicles. In 2022, there were more than nine million electric vehicle sales worldwide. It is anticipated that this year's sales will increase by another 34% to a total of over 13 million. As a result, the market demand for hot-melt adhesives is surging.
The shift of people from rural regions to urban has boosted the need for construction activities. Adhesives are crucial in construction sectors, which include flooring, carpets, doors, and windows.
The hot-melt adhesives market in Asia-Pacific is estimated to grow by about 33%, the largest share in the forecast. The major driver of this growth is smartphones. The demand for smartphones in this region has been growing, and by 2030, 89% of the population is anticipated to own a smartphone. Hot-melt adhesives are used in assembling smartphones components.
The ethylene-vinyl acetate segment in the hot-melt adhesives market is projected to capture the highest share of about 60% over the forecasted period. This is due to the growth of the motor vehicle industry, in which hot-melt adhesives are vital. Approximately 84 million motor vehicles were produced globally in 2022, an about 4% increase from 2021.
The packaging solutions segment is estimated to capture a share of about 46% over the forecast period. This growth of the segment is projected to be dominated by growing e-commerce activities. There are three billion digital consumers worldwide. This represents close to 32% of the world's population. The demand for labels and boxes is increasing market revenue.
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