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. 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.
"Hot Melt Adhesives Market (By Type: EVA, PUR, SBS/SIS, HMPSA, PA, and Others: By Application: Packaging, Electronics, Wood and Furniture, Automotive, Non-Woven/Hygiene, Construction, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
High demand for high performing solutions to fuel the growth of Hot Melt Adhesives market
The global market is propelled by factors such as expanding packaging industry, necessity to replace other adhesive technologies, increasing development of non-woven industry, and increasing demand for high-performance solutions. Though, 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 major segments considered in the global hot melt adhesives market. Type comprises ethylene-vinyl acetate (EVA), polyurethane (PUR), styrene block copolymers (SBS/SIS), hot melt pressure sensitive adhesives (HMPSA), polyamide (PA), and other types. Application is bifurcated as packaging, electronics, wood and furniture, automotive, non-woven/hygiene, construction, and other applications. Based on geography, the global industry gloves market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
EVA accounted for the largest market share in the type segment
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. Polyurethane (PUR) accounted for the second largest share in this segment.
Global Hot Melt Adhesives Market , By Application
Packaging dominated the application segment with highest market share
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.
Global Hot Melt Adhesives Market Share by Geography, 2016 (%)
Asia-Pacific dominated the global market with highest market share over the forecast period
Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 - 2024 and also held largest market share, driven by the expanding technological advancements in the countries such as India and China among others, and rising demand for end use products. Europe is expected to gain second largest market share in 2016.
In August 2017, Sika acquired ABC Sealants, a manufacturer of sealants and adhesives. This acquisition will further expand the sealants and adhesives business in Turkey, Middle East and Africa.
Major manufactures competing in this market include Sika AG, 3M Company, Toyobo Co., Ltd., Dow Corning, Jowat SE, Henkel AG & Company, Palmetto Adhesives Company, American Chemical Inc., Worthen Industries, and Beardow & ADAMS (Adhesives) Limited, among others.