Project report for Hot Melt Adhesives

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Introduction

India Hot Melt Adhesives Market has witnessed growth due to growing demand from the packaging and automotive industry. The major factors boosting the growth of the hot melt adhesive market in India are increasing environmental concerns about solvent-borne adhesives, rising demand from industrial manufacturers, and fast processing. The hot melt adhesives market in India looks promising with opportunities in packaging, disposable hygiene products, automotive, bookbinding, and other sectors. The major growth drivers for this market are growing demand for hot melt adhesives in end use industries like packaging, disposable hygiene products, and automotive industry due to fast processing and environmental friendly properties.  Major factors driving the market studied are the increasing demand from the automotive and packaging industries in India and the rising environmental concerns regarding solvent-borne adhesives.

Hot melt adhesive also known as hot glue is a form of thermoplastic adhesive that is commonly sold as solid cylindrical sticks of various diameters designed to be applied using a hot glue gun. The gun uses a continuous-duty heating element to melt the plastic glue, which the user pushes through the gun either with a mechanical trigger mechanism on the gun, or with direct finger pressure. The glue squeezed out of the heated nozzle is initially hot enough to burn and even blister skin. The glue is sticky when hot, and solidifies in a few seconds to one minute.

Market potential & Strategy

The global hot melt adhesives market size was valued at INR 5000 Crores in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. Increasing demand from the packaging and non-woven products application is a significant factor in driving the market growth. Unlike their solvent- or water-based counterparts, hot melt adhesives do not require drying or curing. The demand for HMAs from the packaging industry in the India is expected to witness moderate growth in 2020 amidst the COVID-19 pandemic owing to a significant uptick in demand for packaged food & beverages. This was due to a sudden shift in consumers’ buying patterns after the announcement of the government-enforced lockdown in the country.

Rising disposable income levels and increasing awareness regarding personal hygiene are likely to boost the demand for nonwoven products like diapers and female hygiene products, which, in turn, is expected to drive the segment growth. In woodworking, HMAs are used as general-purpose adhesives for bonding wooden substrates in furniture. An increasing number of refurbishment & restoration projects in the developed economies coupled with new construction activities in emerging economies are likely to propel product demand in woodworking applications. In assembly application, the product is used in a variety of industries including medical, electrical & electronics, and other industrial manufacturing. The fast setting speed and wide temperature range of HMAs are the crucial factors that drive the segment growth.

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