Global hot melt adhesives market is projected to reach $10,259.7 million by 2023, the market growth is mainly driven by the fast growing automotive and packaging industries, according to P&S Market Research.
Insights into market segments
On the basis of product, the hot melt adhesives market is categorized into ethylene vinyl acetate (EVA), styrenic block copolymer (SBC), polyurethane (PU), polyamide (PA), amorphous polyalphaolefins (APAO), metallocene polyolefins (MPO), polyester, and others. Of these, the volume sales of PU are expected witness the highest growth, with 5.9% CAGR during the forecast period, driven by high demand for hot melt adhesives from the automobile industry along with the growing construction activities worldwide.
Based on application, the hot melt adhesives market is segmented into packaging products, hygiene, furniture, footwear, textile, automobile, bookbinding, others. Among these, packaging products has been the leading category in the market, with more than 24.0% revenue contribution in 2017. Owing to the growing standard of living, the demand for packaged products is expected continue to remain high, which in turn will boost the market growth during the forecast period.
Browse report overview with detailed TOC on "Hot Melt Adhesives Market by Product (Ethylene Vinyl Acetate, Styrenic Block Copolymer, Polyurethane, Polyamide, Amorphous Polyalphaolefins, Metallocene Polyolefins, Polyester), by Application (Packaging Products, Hygiene, Furniture, Footwear, Textile, Automobile, Electronics, Bookbinding), by Geography (U.S., Canada, Mexico, Germany, France, U.K., Italy, China, Japan, India, South Korea, Taiwan, Brazil, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/hot-melt-adhesives-market
Hot melt adhesives market is expected to witness fastest growth in APAC
Asia-Pacific (APAC) is the fastest growing hot melt adhesives market. The market revenue in the region is expected to witness a CAGR of 6.7% during the forecast period. This is attributed to the increasing need of high-performance materials across various applications and industries such as automotive and electronics, in the region.
The growing environmental concerns in the region are pushing the manufacturers to use eco-friendly products to deal with such issues. Hot melt adhesives can be easily disposed without special instructions or hazardous environmental effects. As hot melt adhesives provide eco-friendliness as well as long shelf life, it is gaining popularity in the region day by day, resulting in the hot melt adhesives market growth.
Hot melt adhesives are considered ideal for various applications due to their superior properties of high speed manufacturing, large gap filling, bonding versatility, fast green strength (tensile strength), and minimal shrinkage. Along with that, they are very easy to store and do not require any special environment control and can also be applied in high humidity environments. All these factors are contributing to the growth of the APAC hot melt adhesives market.
Increasing development of bio-based hot melt adhesives to offer immense growth opportunities in the market
Due to the rising environmental concerns, companies are developing bio-based adhesives to replace the chemical-based ones. In order to enhance the sustainability efforts without compromising performance, companies are developing these bio-based hot melts. For example, DowDuPont Inc. has developed a new hot melt adhesive, MOR-AD, which offers benefits including improved water resistance, high flexibility, and good adhesion on a variety of substrates. Hence, it is expected to create ample opportunities for the industry players operating in the hot melt adhesives market.
Hot Melt Adhesives Market Competitive Landscape
Some of the major players operating in the global hot melt adhesives market are Henkel & Co. KGaA, Jowat SE, Sika AG, 3M Company, Bostik Inc., Avery Dennison Corporation, H.B. Fuller Company, Arkema Group, Westlake Chemical Corporation, Beardow & Adams (Adhesives) Limited., and DowDuPont Inc.
GLOBAL HOT MELT ADHESIVES MARKET SEGMENTATION