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Global Hot Melt Adhesives Market Is Estimated To Reach $11 Billion By 2024, Says Accurize Market Res
Global hot melt adhesives market report published by Accurize Market Research forecast that the global market is expected to reach $11 billion by 2024; growing at a CAGR of 6.4% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing demand from the packaging industry and rising need for replacing other adhesive technologies to drive the growth of the market
Increasing demand from the packaging industry and growth in non-woven disposable industries are fuelling the demand for the global hot melt adhesives market. Moreover, the rising need for replacing other adhesive technologies and the need for high-performance solutions also boosts the growth of the market.
The global hot melt adhesives market has been bifurcated on the basis of type, application, and geography. The type segment includes ethylene-vinyl acetate (EVA), polyurethane (PUR), styrene block copolymers (SBS/SIS), hot melt pressure sensitive adhesives (HMPSA), polyamide (PA), and other types. Application is segmented as packaging, electronics, wood and furniture, automotive, non-woven/hygiene, construction, and other applications.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in the U.S., Canada, and Mexico whereas Europe consists of the UK, Germany, Italy, France, and the rest of Europe. Asia-Pacific is segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific, while RoW is bifurcated into South America, the Middle East, and Africa.
“Ethylene-vinyl acetate (EVA)accounted for the largest market share in the type segment", says Accurize
By type segment, Ethylene-vinyl acetate (EVA) accounted for the maximum market share in 2017, driven by its improved properties, increase in acceptance among film and injection, and wire and cable applications. Polyurethane (PUR) accounted for the second-largest share in this segment.
“Packaging accounted for the largest market share in the application segment", says Accurize
By the application segment, packaging accounted for the largest market share over the forecast period. Whereas, non-woven/hygiene also dominated the application segment with the fastest CAGR during the forecast period, owing to its increased capacity and demand in emerging economies.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific dominated the global hot melt adhesives market with the largest market share and is expected to attain the fastest CAGR during the forecast period 2017 - 2025, driven by the expanding technological advancements in the countries such as India and China among others, and rising demand for end-use products.
Top players in the market
The key market players include Dow Corning, Henkel AG & Company, Palmetto Adhesives Company, American Chemical Inc., Sika AG, 3M Company, Jowat SE, Toyobo Co., Ltd., Worthen Industries, and Beardow& ADAMS (Adhesives) Limited, among others.
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