North America Hot Melt Adhesives Market Key Trends in 2021 and Beyond
The North America hot melt adhesives indstry stood at USD 1.86 billion in 2021. The market is anticipated to surge from USD 1.98 billion in 2022 to USD 2.80 billion by 2029 at a 5.1% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “North America Hot Melt Adhesives Market, 2022-2029.”
According to the analysis, hot melt adhesives (HMAs) will be highly sought-after for manufacturing solid materials based on thermal polymers. Prominently, expanding the packaging and construction sector will augur well for the regional growth. For instance, HMAs have become trendier to maintain storage space in the automotive sector amidst soaring demand for pressure-sensitive adhesives.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the North America Hot Melt Adhesives Market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
The ethylene vinyl acetate segment is likely to expand at a notable CAGR owing to surging demand for solar panels, packaging and pharmaceutical products. Moreover, rising investments in leather and footwear will encourage companies to invest in the portfolio.
Packaging to Gain Traction from the Presence of Leading Companies
In terms of application, the industry includes packaging, woodworking, transportation, assembly, footwear & leather, building & construction, bookbinding, nonwovens and others segments. The packaging application will account for a notable share of the North America market due to the trend for convenient options. Besides, leading players have infused funds into innovations and R&D activities.
Drivers and Restraints
Trend for Biodegradable Adhesive Packaging to Underpin Regional Growth
North America hot melt adhesives market growth will be noticeable on the back of the trend for biodegradable packaging across packaging, lamination and bookbinding industries. The global push for sustainable packaging solutions has prompted investments in biodegradable hot melt adhesives. Furthermore, traction for online shopping has augured well for leading companies vying to boost their footfall. Adhesive manufacturers could gain an uptick from the e-commerce sector across the U.S. and Canada. It is worth mentioning that durability, tremendous adhesion and adaptability to surfaces will play a pivotal role in boosting the industry growth.
Meanwhile, possible chances of downtime could mar the regional growth in the ensuing period.
Regional Insights
The U.S. to Spearhead Growth Outlook with Expanding Construction Activities
The U.S. market forecast will be strong in the wake of surging demand from commercial and residential activities across the region. Prominently, rising investments in the furniture sector could propel the penetration of polyurethane-based adhesives. It is worth noting that HMAs receive impetus from the rising production of automotive interior panels.
Canada will contribute significantly toward North America hot melt adhesives market share in the light of bullish demand for advanced infrastructure. End-users are likely to bank on burgeoning industrialization and urbanization over the next few years. Industry players are likely to invest in hot melt adhesives with a surge in demand for the paper board.
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