Reactive HMAs Market to Reach USD 2.6 Bn by 2028: RM

Published on 2024-02-22

Research and Markets (RM) anticipates that the reactive hot melt adhesives market size is projected to reach USD 2.6 billion by 2028 at a CAGR of 7% from USD 1.6 billion in 2022. Reactive hot melt adhesives are widely used in the automotive industry for bonding various components, including plastic and metal parts. They contribute to structural integrity, noise reduction, and overall assembly efficiency.

Polyolefin: Fastest-growing Resin Type

Polyolefin-based reactive hot melt adhesives offer many advantages, including excellent bond strength, cost-effectiveness, reduced VOC emissions, and fast setting, etc. In the current scenario, a limited number of companies are using polyolefin chemistry for manufacturing and few companies are using polyolefin chemistry to manufacture moisture-cured adhesives.

Plastic is the largest substrate segment in the overall market. Industries utilize over 4,500 types of plastics, with ongoing developments in formulating new plastic materials. The processing and application of these plastics vary, and not all respond uniformly to bonding.

Challenges like poor compatibility, surface wetting, and inert surfaces may arise during plastic bonding. Reactive hot melt adhesives undergo a reactive process, including crosslinking, when exposed to heat. This process enhances the bond’s strength and durability, a crucial aspect for applications requiring a robust connection, such as assembling plastic components in automotive or electronics.

Automotive & Transportation: Largest Segment of Reactive HMAs Market

Rising demand for lightweight and fuel-efficient vehicles is encouraging automobile manufacturers to adopt advanced materials, including composites, which can be bonded by adhesives. This, in turn, is increasing the demand for reactive hot melt adhesives, which are increasingly replacing mechanical fasteners, such as screws, welds, bolts, and nuts.

The application of reactive hot melt adhesives in the automotive industry has resulted in cost savings, which are also driving the market in the automotive industry.

Highest Growth in Asia Pacific Region

Asia Pacific has been the most favorable destination for the manufacturers of reactive hot melt adhesives, even during the global economic slowdown. The growing middle-class population in numerous Asia Pacific countries has elevated consumer spending, resulting in increased demand for products containing reactive hot melt adhesives, including electronics, appliances, and furniture.

To leverage cost advantages and access the expanding market, several multinational companies have established or expanded their manufacturing facilities in the Asia Pacific region, further fueling the demand for reactive hot melt adhesives.

Source: Research and Markets