The Global Hot Melt Adhesive Market is anticipated to experience rapid growth during the forecast period (2017-2023), Market Research Future (MRFR) reports. This bio-friendly and non-toxic component has generated huge interest in various end-user industries and is aptly supported by its versatile usage.
Drivers and Restraints:
The product has a wide range of application in diverse industries such as food packaging, building & construction, woodworking, carton-sealing, and others. Hot Melting Adhesives allow a strong and flexible bond between materials and are solvent-free. It can be applied to the surface of the components to give them a perfect finish.
Hot Melt Adhesives provide excellent thermal stability and resistance owing to which a large number of industry verticals find it useful in their manufacturing process. The product is safe to store and eco-friendly. Growing call for reducing carbon footprints in industries can act as a driving factor for this industry.
The market has multiple significant players owing to which it experiences continuous development in the product and by offering new variants, brands try to stay afloat. For instance, the U.S.-based packaging solution providers Packsize has recently launched a hot melt adhesive designed to remove stickiness from the product.
Some of the prominent wielders in the Global Hot Melt Adhesives Market are Henkel AG & Co. KGaA (Germany), Arkema (France), Huntsman International LLC. (U.S.A.), The 3M Company (U.S.A), Dow Corning Corporation (U.S.A.), and Sika AG (Switzerland).
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The Global Hot Melt Adhesive Market is segmented into Type and Application.
Type-wise segmentation includes ethylene vinyl acetate and polyolefin hot melts. Among these, Ethylene Vinyl Acetate Hot Melt Segment commands the market owing to the rising demand for food packaging, construction, and electronics. Its eco-friendliness and reliability can prove to be driving factors in coming years as well. Moreover, it is cost-effective which gives it an advantage over others.
By Application, the market consists food packaging, buildings & construction, woodworking, carton-sealing, and others. Packaging solutions, primarily, food packaging lead the market and expected to do so in years to come.
Region-wise, the Global Hot Melt Adhesives Market can be segmented into five key regions namely Asia Pacific (APAC), North America, Europe, Latin America and the Middle East & Africa (MEA).
APAC is expected to emerge as the region with the highest CAGR during the forecast period. Rapid industrialization has prompted demand for hot melt adhesives in end-use industries such as woodworking, general consumer packaging, and electronics, and others. Japan and India are steering the progress owing to significant growth in automobile and transport sector.
Europe leads the global market with the most significant market contribution and is remained to be so during the forecast period. Increasing usage of Hot Melt Adhesives in heavy end-industries such as an automobile, defense, buildings & construction, others in Germany, the U.K. and France can propel the market growth further.
North American market has a huge packaging industry which triggers the sale of Hot Melt Adhesives. The U.S., Mexico, and Canada are regions that contribute the most.
MEA is experiencing a slack in the growth owing to the fall in crude oil prices.
In Latin America, countries such as Brazil, Uruguay, and Argentina are showing significant demand for hot melt adhesives due to rapid production and manufacturing of polyurethane units in heavy end industries.
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