The hot melt adhesives are thermoplastic materials that are available in the form of granules, powder, blocks, ribbons, foil, slats, and others. They provide optimal hold by the process of melting and solidifying.
Global Hot Melt Adhesives Market Report, published by Variant Market Research, forecast that the global market is expected to reach $11.1 billion by 2024 from $6.7 billion in 2016; growing at a CAGR of 6.5% from 2016 to 2024.
Major growth factors of global hot melt adhesives market are, increasing development of non-woven industry, necessity to replace other adhesive technologies, expanding packaging industry, and increasing demand for high-performance solutions. However, fluctuating raw material prices, and low thermal resistance could hamper the market growth.
Besides, market expansion, and growing trend of printed and graphic products would provide ample opportunities in forecasted period.
The type, application, and geography are the key category of the global hot melt adhesives market. Type includes hot melt pressure sensitive adhesives (HMPSA), polyurethane (PUR), ethylene-vinyl acetate (EVA), styrene block copolymers (SBS/SIS), polyamide (PA), and other types.
Ethylene-vinyl acetate (EVA) held the majority of the market share in 2016, driven by its enhanced properties, increase in adoption among film and injection, and wire and cable applications. Application is bifurcated as packaging, automotive, non-woven/hygiene, electronics, wood and furniture, construction, and other applications.
Packaging accounted the highest market share over the forecast period. Whereas non-woven/hygiene dominated the application segment with fastest CAGR during the forecast period, owing to increasing capacity and demand development in emerging economies.
Based on geography, the global industry gloves market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 – 2024, driven by rising demand for end use products, and expanding technological advancements in the countries such as India and China among others.
Key market players of hot melt adhesives market are Sika AG, Toyobo Co., Ltd., 3M Company, Dow Corning, Jowat SE, Henkel AG & Company, American Chemical Inc., Palmetto Adhesives Company, Worthen Industries, and Beardow & ADAMS (Adhesives) Limited, among others.
Scope of Global Hot Melt Adhesives Market
- Ethylene-Vinyl Acetate (EVA)
- Polyurethane (PUR)
- Styrene Block Copolymers (SBS/SIS)
- Hot Melt Pressure Sensitive Adhesives (HMPSA)
- Polyamide (PA)
- Other Types
- Wood and Furniture
- Other Applications
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
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