Global Hot Melt Adhesives Market is Estimated to Reach $11 Billion by 2024, Says Accurize Market Research
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, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing demand from packaging industry and rising need for replacing other adhesive technologies to drive the growth of the market
Increasing demand from packaging industry and growth in non-woven disposable industriesare fuelling the demand for the global hot melt adhesives market. Moreover,rising need for replacing other adhesive technologiesand need for high-performance solutions also boosts the growth of the market.
Market Segmentation
The global hot melt adhesives market has been bifurcated on the basis of type, application, and geography. 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 U.S., Canada, and Mexico whereas Europe consists of UK, Germany, Italy, France, and rest of Europe. Asia-Pacific is segmented into China, India, Japan, South Korea, and rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
“Ethylene-vinyl acetate (EVA)accounted for the largest market share in the type segment", says Accurize
Bytype 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 applicationsegment,packaging accounted 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 increasing capacity and demand in emerging economies.
“Asia-Pacificdominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacificdominated the global hot melt adhesives market with largest market shareand 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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