The massive growth rate of hot melt amorphous polyalphaolefin market can be, without doubt, credited to its extensive application spectrum, the paper and packaging sector being one of most pivotal domains. Scarcely a couple of days earlier, the paper magnate, International Paper, announced the investment of around USD 300 million for the conversion of its paper machine at Alabama, U.S. The deal has been touted to allow the company to expand its packaging business, along with the addition of around 450,000 tons of annual capacity. This would inevitably necessitate the deployment of hot melt APAOs in the production process, thereby carving out a positive growth path for hot melt APAO industry. It is therefore, prudent to mention that the growth of the paper & packaging segment has a rather sizable impact on hot melt APAO market expansion, given that hot melt APAO finds extensive applications in this domain as an adhesive, subject to its beneficial characteristics such as moisture resistance, easy usability, quick setting, and harsh weather endurance.
Health hazards associated with the use of these adhesives may hinder the global hot melt APAO market during the period of study. Fumes that are released during the application of these adhesives are toxic in nature up to a certain extent. Prolonged exposure may cause eye irritation and respiratory problems in people. Special care must also be taken while using these adhesives due to their high temperature which may burn a person’s skin if it comes in direct contact.
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Speaking along the same lines, the paper & packaging sector has been at its game in the last few years, having garnered rather appreciable returns, especially in the U.S. belt. Estimates claim the U.S. paper industry size alone, to have stood at a valuation of more than USD 95 billion in 2015. The year 2016 witnessed paper giants International Paper and Kimberly Clark, generating more than USD 20 billion and USD 18 billion in sales. This in a way, depicts the massive demand for packaging in the country, which has undoubtedly had a profound influence on the expansion of U.S. hot melt amorphous polyalphaolefin industry. Globally speaking, paper & packaging applications accounted for more than 33% of the overall hot melt APAO market share in 2016, and are likely to expand at a healthy CAGR over 2017-2024, thereby impelling the industry size.
Global hot melt APAO market, in terms of application, is segmented as paper & packaging, woodworking, product assembly, personal hygiene, bookbinding, and other application types. Woodworking application segment market value is forecasted to be above USD 45 million in 2024, growing at CAGR exceeding 5.5%. Product assembly segment of the global hot melt APAO market will likely grow with a CAGR of almost 6% to a value of above USD 55 million by 2024.
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Asia Pacific share for global hot melt APAO market is projected to be valued at above USD 100 million by 2024. This region will witness high growth due to increasing packaged products demand from food & beverages and e-commerce sector. Rising income levels in developing economies of Asia Pacific such as China, India, Indonesia, etc. will augment the hot melt APAO market as willingness to spend on personal hygiene will increase. High industrial growth in the region will also boost the industry due to increased demand for hot melt adhesives in product assembly and other applications such as textiles, plastics, woodworking, etc.
The competitive hierarchy of hot melt amorphous polyalphaolefin market is inclusive of other renowned chemical biggies such as Huntsman Corporation, Arkema, REXtac, Henkel AG & Company, Evonik Industries, H.B. Fuller, and Eastman Chemical Company. Having encompassed such a broad spectrum of companies that have been striving endlessly to augment the overall business size, experts are no longer skeptical regarding the fact that hot melt APAO industry will chart out a lucrative growth map in the years to come. If estimates are to be relied upon, global hot melt amorphous polyalphaolefin market size is proclaimed to surpass a revenue frontier of USD 380 million by 2024, with a CAGR estimation of 6% over 2017-2024.
Browse key industry insights spread across 110 pages with 143 market data tables & 11 figures & charts from the report, “Hot Melt Amorphous Polyalphaolefin (APAO) Market Size By Product (Homopolymers, Copolymers), By Application (Paper & Packaging, Personal Hygiene, Bookbinding, Woodworking, Product Assembly), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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