Market Insights:
Hot melt adhesives are thermoplastic adhesives which can create a strong
and flexible bond between materials. They provide thermal resistance and
stability, environmental compatibility, and excellent finish to applied
surfaces owing to which they experience high demand from end-use industries
such as food packaging, building & construction, wood working,
carton-sealing, and others. The global hot melt adhesives market is likely to
showcase noteworthy expansion over the forecast period of 2017-2023, asserts
Market Research Future (MRFR) in a detailed study. Raising environmental
concerns regarding the use of solvent-borne adhesives has acted as major force
motivating the shift towards the use of hot melt adhesives. This has propelled
the demand for hot melt adhesives across diverse industry verticals. Expansion
of key end-use industries has induced demand within the market. On the other
hand, fluctuations in the price and availability of raw materials might hinder
the growth of the market over the forecast period.
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Market Segmentation:
The global hot
melt adhesives market has been segmented based on type and application. By
type, the global hot melt adhesives market has been into ethylene vinyl acetate
and polyolefin hot melts. The ethylene vinyl acetate segment is dominating the
market due to their extensive application in food packaging, electronics, and
construction industry. Ethylene vinyl acetate segment is expected to showcase
the maximum growth over the forecast period on account of high demand from
end-user industries. Hot melt adhesives are highly preferred over water-based
adhesives due to their high mechanical strength and excellent paraffin
solubility. Polyolefin hot melts are a combination of tackifiers and base
resins which make them moisture and water resistant as well as resistant to
polar solvents and solutions.
By application,
the global hot melt adhesives market has been segmented into food packaging,
buildings & construction, wood working, carton- sealing and others. The
packaging segment accounts for the largest share of the global market and is
expected to continue its dominance over the forecast period.
Competitive Landscape
·
Henkel AG
& Co. KGaA
·
Arkema
·
Dow
Corning Corporation
·
H.B.
Fuller Company
·
RPM
International Inc.
·
Huntsman
International LLC.
·
Sika AG
·
The 3M Company
·
the Dow
Chemical Company
Industry Updates
March 2019- LyondellBasell, a global leader in polyolefin technologies
announced that HPCL-Mittal Energy Limited (HMEL) had selected its fifth
generation Spheripol polypropylene process technology for a new polypropylene
plant in India.
Regional Analysis
By region, the Hot
Melt Adhesives Market has been segmented into North America, Latin
America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
Europe held the largest share of the market in 2015 and is expected to
retain its lead over the forecast period. High demand generated by end-use
industries such as automotive, construction, and defense spur the growth of the
market in Europe. The UK, France, and Germany are the country-specific markets
within Europe.
APAC is expected to be the fastest growing market for hot melt adhesives
on account of continuous demand from key end-use industries in the region.
Industries such as general consumer packaging, electronics, and woodworking
have shifted to hot melt adhesives due to their reliability and versatility
which generates high demand for hot melt adhesives. Moreover, hot melt
adhesives offer advantages such as low VOC emission, durable retention, and
quick setting due to which they are experiencing much demand from the
automobile and transport sector. Expansion of the automotive industry in the
region acts as a plus for the growth of the market. India and Japan are the key
contributors to the APAC market.
North America hot melt adhesives market is spurred by substantial
application and demand from the expanding packaging industry.
Accelerated production and manufacturing of polyurethane units in heavy
end use industries is expected to speed up the growth of the market in Latin
America. Countries such as Brazil, Uruguay, and Argentina are expected to
contribute majorly to the market growth in Latin America.
Meanwhile, the MEA market has suffered a setback due to declining crude
oil prices and economic slowdown in the region.
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