The global hot melt adhesives market was valued at USD 7.1 billion in 2017 and is likely to expand to USD 10.7 billion by 2024, witnessing a CAGR of 5.8% over the forecast period. The growth can be primarily attributed to the increasing replacement of conventional solvent-borne adhesives with hot melt adhesives. Also, growing demand for hot melt adhesives across various end-use industries along with significant growth in construction activities in developing economies is expected to drive the demand over the forecast period.
In addition, increasing adoption of bio-based hot melt adhesives in light of environmental concerns is likely to boost the market demand. Hot melt adhesives may be defined as polymer based adhesives that are applied in the molten state onto the surface being bonded. These adhesives dry rapidly and primarily function by mechanical anchorage. Hot melt adhesives are solid at room temperature and can be reshaped and softened by heating above their melting point. Benefits offered by hot melt adhesives include fast processing, efficiency, large gap filling, tensile strength, and minimal shrinkage, among others.
Key findings from the report:
The global hot melt adhesives market is likely to reach USD 10.7 billion by 2024
Ethylene-Vinyl Acetate (EVA) segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
Packaging was the largest segment in 2017, and the trend is likely to continue over the next seven years
North America held the major share of the market in 2017, while Asia-Pacific is expected to emerge as the fastest growing region
Some of the key companies operating in the industry include DowDuPont; Avery Dennison Corporation; The 3M Company; Ashland Inc.; H.B. Fuller; Henkel AG & Co. KGgA; Jowat SE; Bostik Inc.; Sika AG; Arkema Group; Huntsman International LLC; Westlake Chemical Corporation; Toyobo Co. Limited; Pidilite Industries Limited; Evonik Industries AG; and American Chemical Inc.; among others
As of March 2018, Pidilite Industries Ltd., entered into collaboration with Jowat SE, based in Germany, to handle the sales and distribution of Jowat adhesives in India and other neighboring countries. Along with this, the companies have also entered into a technical collaboration for the specialized category of hot melt adhesives.
EVA segment accounted for the major share of the global market
Ethylene-Vinyl Acetate (EVA) held the largest market share in 2017, and the trend is likely to continue over the forecast period. EVA is a copolymer of ethylene and vinyl acetate that produces rubber like soft and flexible material. EVA is preferred as a hot melt adhesive owing to its properties such as flexibility, resilience, toughness, resistance and transparency. Also, the rising use of EVA in footwear, automotive and packaging industries is projected to fuel the segment growth over the coming years.
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