Europe hot melt adhesives market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of 4.95% during the forecast period 2020 to 2027.
Hot melt adhesives have been promoted by applications in several end-user industries due to their versatility. These adhesives accounted for a significant market share in the overall adhesives and sealants market. The market is anticipated to grow substantially owing to the need for solvent-free adhesives with a fast processing time. The overall market for hot melt adhesives has rebounded from the 2011 financial crisis of Europe. The rapid expansion in the construction and packaging industries are the principal factors accelerating the market for hot melt adhesives. Further, the growth in the hygiene product industry and the encouragement of eco-friendly and solvent-free adhesives are also contributing to the demand for these adhesives. Opportunities, including promising applications in the healthcare industry, are most likely to be observed during the forecast period. Other driving factors include user-friendliness of these adhesives over the traditional pressure-sensitive tapes. The market has seen many obstacles such as the shortage of supply of raw materials and fluctuating costs of raw materials. However, the market is anticipated to grow significantly due to advances in technology and product innovation. The major vendors in the market are competing over the quality and price reductions to stay competitive in the market.
Market Dynamics
Drivers
- Increased use of hot melt adhesives in food packaging
- Growing usage of hot melt adhesives in the construction industry
Restraints
- Growing demand for bio adhesives
- Scarcity and fluctuating prices of raw materials
Increased use of hot melt adhesives in food packaging
The changes in lifestyles of the urban population worldwide have promoted the use of packaged food in the past few years. This has increased the need for packaging, consequently expanding the market for hot melt adhesives. The European market for hot melt adhesives in the food packaging segment is poised for a healthy growth in terms of demand and volume during the forecast period. A larger proportion of the demand is generated by the flexible plastic packaging segment. Though rigid packaging requires less amount of hot melt adhesives; the growth of the rigid packaging segment will increase the consumption of these adhesives significantly. The rise in disposable income and the growing demand for packaged beverages and foods are boosting the market demand. Fish, meat, poultry, snacks and pet food packaging require advanced flexible packaging. The demand for convenient, flexible packaging is on the rise as individuals seek easy- to-open, high-quality, and lightweight flexible packaging materials. Further, flexible packaging patterns such as microwavable pouches and peel-off lids augment convenience for disposal and consumption. Therefore, the robust growth in the flexible packaging market is likely to boost the demand for hot melt adhesives.
Region Analysis
Germany's hot melt adhesives market was valued at USD 511.30 million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of 4.95% during the forecast period 2020 to 2027.
Germany's hot melt adhesives market volume was 117.18 KT in 2019 and is expected to reach 153.95 KT by 2027 with a CAGR of 3.75% during the forecast period 2020 to 2027. Germany is dominating the Europe hot melt adhesives market in 2019 and is expected to dominate the market during the forecast period and is also expected to witness the fastest CAGR during the forecast period. Increasing demand from the packaging industry and automotive industry are expected to drive the market in coming years. Germany leads Europe’s automotive market with 41 assembly and engine production plants that contribute to one third of the total automobile production in Europe. German automobile production amounted to 4.7 million vehicles in 2019. This was a decrease from the previous year at 5.1 million cars. Figures fluctuated during the specified time period, having peaked in 2011. The German automotive industry is one of the major revenue contributors of the German economy and also an established heavyweight on the global economic stage. Major automotive brands such as Volkswagen, Audi, and Mercedes-Benz are having their major presence in the country. Also, Europe was the leading export destination for German cars in 2019, followed by North and South America. In 2019, almost 3.5 million vehicles were exported from Germany.
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