Hot Melt Adhesives Market Share, Business Overview, Applications, Leading Payers, Size with Forecast 2023
Hot Melt Adhesives, also known as hot glue are thermoplastic in nature. They are used for creating a strong molecular attraction between the materials. These adhesives are applied in their molten state and then solidify after cooling. Hot Melt Adhesives are known for their non-toxic and ecofriendly nature. They are of five types namely ethylene vinyl acetate, polyolefin, polyamide, polypropylene and polyurethane hot melt. Ethylene vinyl acetate Hot Melt Adhesives are light in color and widely used in the market due to their usage in several applications such as buildings & construction, food packaging and others.
Top Market Players:
Some of the prominent players in the Global Hot Melt Adhesives Market: Arkema (France), The 3M Company (U.S.A), Henkel AG & Co. KGaA (Germany), Huntsman International LLC. (U.S.A.), Dow Corning Corporation (U.S.A.), Sika AG (Switzerland), RPM International Inc. (U.S.A.), H.B. Fuller Company(U.S.A), The Dow Chemical Company( U.S.A.), among others.
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Hot Melt Adhesives Market Synopsis:
As per our market analysis, the Global Hot Melt Adhesives Market is segmented into type and application. On the basis of type, the market is classified into ethylene vinyl acetate and polyolefin hot melts. Among these, Ethylene Vinyl Acetate Hot Melt Segment holds a major share in the market on account of their growing use in food packaging, construction and electronics. Owing to their eco-friendly and reliable nature, ethylene vinyl acetate segment is expected to continue remain the strongest market share holder in coming years. Moreover, Hot Melt Adhesives holds an edge over water based adhesives due to high mechanical resistance and excellent paraffin solubility. During the forecast period, it is predicted that the Global Hot Melt Adhesives is set to witness a higher growth in the ethylene vinyl acetate segment due to increasing demand from end-use industries. Polyolefin hot melts are formed by an extraordinary combination of base resins and tackifiers. The use of polyolefin hot melts is predicted to grow in the appliance industry due to their ability to resist moisture and water vapor and provide exceptional resistance to polar solvents and solution including acids, bases and alcohols. These adhesives are used in difficult bonding of materials such as bonding of dryer drums and plastic hoses. Applications segment are further classified into food packaging, buildings & construction, wood working, carton- sealing and others. Among these, packaging segment hold the largest share in the market and is expected to continue its dominance during the forecast period, 2017-2023.
The Global Hot Melt Adhesives Market is fragmented by type and application.
Ethylene vinyl acetate, polyolefin, polyamide, polypropylene and polyurethane segments are known, on the basis of market type.
Among these, ethylene vinyl acetate segment holds the major share in the market due to growing demand in end-use industries such as buildings & construction, food packaging, product assembly, and others. It possess several advantages over water based additives such as environmental friendly nature and antioxidant characteristic.
The polyamide adhesives provide high thermal resistance and are used in extremely high temperature applications, however their growth in the market is being hindered by their cost. Growing demand from the polymer industry has propelled polyurethane segment to witness a higher CAGR during the forecast period. The polypropylene adhesives are used in spray formulations to generate delayed setting time properties. Food packaging, buildings & construction, wood working, carton-sealing, and others are classifications on the basis of application.
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Market Regional Insights:
The Global Hot Melt Adhesives Market is segregated into five key regions namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. During the forecast period, Asia Pacific has been emerged to grow at the highest CAGR during the forecast period owing to increasing usage in end-use industries such as wood working, general consumer packaging and electronics, among others. The success achieved in Hot Melt Adhesives Market has propelled investors and manufacturers to shift their focus from water based to Hot Melt Adhesives due to its reliable and versatile nature. Countries such as India and Japan have witnessed a significant development in the automobile and transport sector owing to advantages offered by the product such as low VOC emission, quick setting and durable retention.
Globally, European region led the Global Hot Melt Adhesives Market in 2015 and is expected to continue its rule during the forecast period, 2017-2023. The well-known players in this region are Germany, the U.K. and France due to increasing usage in heavy end industries such as automobile, defense, buildings & construction, among others.
The Global Hot Melt Adhesives Market has witnessed an enormous growth in the North American countries such as the U.S.A., Canada and Mexico due to rising demand in the packaging segment. The food packaging segment has been leading the market in this region and is anticipated to continue its dominance during the forecast period, 2017-2023. The Middle East & Africa has witnessed a stunted growth in the market due to economic slowdown of crude oil prices. Countries such as Brazil, Uruguay and Argentina in the Latin American region are estimated to witness a rapid growth in the Hot Melt Adhesives market due to rapid production and manufacturing of polyurethane units in heavy end industries.
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