Hot Melt Adhesives Industry Analysis:
The hot melt adhesive, also known as hot glue, is a type of thermoplastic adhesive that is supplied as sticks and are melted in hot glue guns. The growing packaging industry has tremendously boosted the market for hot melt adhesives. More recently, the product has also found applications in the non-woven disposable industry. Therefore, it is safe to say that changing lifestyles and growth in the pharmaceutical packaging industry will help the market grow substantially. There are various types of adhesives found in the market. Polyamide, Ethylene-vinyl Acetate (EVA), Styrenic Block Copolymers (SBC), Polyurethane (PU), Amorphous, Poly Alpha Olefin (APAO) and Polyolefin Elastomers (POE). The application industry of the adhesive ranges from bookbinding, furniture, construction, non-woven disposables, packaging, pressure sensitive uses and others.
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Hot Melt Adhesives Market Size, Forecast Analysis
The global market was valued at $7323.1 million in 2017 and is expected to grow at a CAGR of 5% to $10239.7 million by 2022. Geographically, the market is segmented into North America, Europe, Asia Pacific and LAMEA regions. North America was the dominant market and occupied over one-third of the global demand in 2016. Central and South America are also anticipated to boost the market because of their boom in infrastructure. The growing construction market in China, India, Brazil, Indonesia, Vietnam and Malaysia makes them hot markets for the product.
The key players active in the market are:
Toyobo Co. Ltd
Henkel AG & Company
H.B. Fuller Company
Footwear, labelling, paper converting are few new applications that big firms are trying to enter into in order to expand the product application portfolio.
Hot Melt Adhesives Market Demand Analysis:
The absence of the chemical formaldehyde has made the adhesive popular. Apart from this, the adhesive is 100% solid and does not get affected by humid climates. Also, the fact that its lifetime costs are less expensive than its alternatives, makes it a good bet for the users. Strong and ever-growing demand in the construction sector is expected to boost the growth of this market substantially. In order to stay competitive, firms are attempting to balance the supply-demand of the market by developing lucrative applications that help them gain a competitive advantage. Technological growth has also helped firms bridge the gap successfully. Of course, volatile crude oil prices and strict government regulation relating to the usage of the product in developed markets are expected to hinder the growth of the market. However, its growing demand and application in multiple industries have made the market stand strong and grow higher.
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