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Hot Melt Adhesives Market: Size, Growth, Competitors Strategy, Regional Analysis and Forecast to 2023
Hot Melt Adhesives Market is boosted by applications in food packaging, buildings & construction, wood working, carton-sealing, general consumer packaging, electronics sectors registering a substantial CAGR through 2018 to 2023
The Global Hot Melt Adhesive Market is set to witness a rapid growth due to its benefits and advantages over solvent based adhesives.
Hot Melt Adhesives are composed of solvent free compounds which are used to develop a strong and flexible bond between the materials. They are found as solids at room temperature and are thermoplastic in nature. These adhesives are first melt, cooled and then applied on the surface to give the perfect finish. Hot Melt Adhesives also provide good thermal stability and resistance, environmental compatibility, as well as efficient, and safe storage. Owing to these benefits, they are used in various applications such as food packaging, building & construction, wood working, carton-sealing, and others.
The market has multiple significant players owing to which it experiences continuous development in the product and by offering new variants, brands try to stay afloat. For instance, the U.S. based packaging solution providers Pack size has recently launched a hot melt adhesive designed to remove stickiness from the product.
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The Global Hot Melt Adhesives Market is classified into type, and application.
On the basis of market type, it is further segregated into ethylene vinyl acetate and polyolefin Hot Melt Adhesives. It has been observed that Hot Melt adhesives have already substituted water based adhesives due to its eco-friendly nature and antioxidant characteristics.
Applications segment is further segmented into food packaging, buildings & construction, wood working, carton sealing, general consumer packaging, and others.
The Global Hot Melt Adhesives Market is categorized into five key regions namely;
- North America,
- Asia Pacific (APAC),
- Latin America,
- Middle East & Africa (MEA)
The European region is set to witness a rapid growth in the market owing to technological advancements and rising use in automotive, defense, and other industrial sectors.
The Asia Pacific is the major shareholder of this market owing to growing use in heavy end industries such as construction, packaging and others.
The hot melt adhesives has observed a stunning development in the North American region due to growing popularity of polyurethane adhesives. An increase in the number of manufacturing and production units has propelled the Latin American market to witness a notable growth.
The economic slowdown due to low crude oil prices has propelled the Middle East & Africa to witness a stunted growth.
Global Key Competitors:
The Prominent players available in the Global Hot Melt Adhesives Market: 3M Company (U.S.A), The Dow Chemical Company (U.S.A.), Henkel AG & Co. KGaA (Germany), Dow Corning Corporation (U.S.A.), Sika AG (Switzerland), RPM International Inc. (U.S.A.), H.B. Fuller Company (U.S.A), Arkema (France), and Huntsman International LLC. (U.S.A.).
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