Sellbyville, DE -- (SBWire) -- 10/31/2018 --GMI presents a most up-to-date research on "Hot Melt Adhesives Market– Global Industry Analysis, Size, Share, By Product (EVA, SBC, Amorphous Polyolefin, MPO, PU, Polyamide, Polyester), By Application (Packaging, Disposables, Pressure Sensitive Products, Bookbinding, Furniture, Footwear, Automobiles, Textiles, Electronics) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, South Korea, Malaysia, Thailand, Australia, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa, Tanzania, Kuwait) and Forecast 2017 – 2024".
Positive application outlook in disposables, footwear, automotive and packaging industry may enhance hot melt adhesives market. Supporting regulations by REACH and EPA pertaining to usage of eco-friendly products should propel product demand in North America and Europe.
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According to a new research report by Global Market Insights, Inc. Hot Melt Adhesives Market size is set to exceed USD 10 billion by 2024.
Industry Growth Drivers are
- Intensifying product usage across various industries
- Positive outlook of adhesive in Asia Pacific
- Low VoC content in adhesives
Hot melt adhesives offer benefits such as quick curing time, low VOC emissions and easy application by glue gun. Automotive application minimizes volatile organic compounds to stable and provide safety to vehicles under extreme heat conditions. Solvent based PURs are extensively used in food packaging and laminating applications.
Polyurethane, ethylene vinyl acetate, polyamide, polyolefin and styrenic block copolymers are the prominent raw materials used for production of hot melt adhesives. Ethyl vinyl acetate has positive application scope in automotive, woodworking, packaging and paper industries owing to its superior performance and low cost. Polyolefins based adhesives also have usage in paper and packaging industry. Volatility in raw material prices can increase supply demand gap and impact hot melt adhesives market price trend.
Ethyl vinyl acetate hot melt adhesives market may register growth of over 5% by the end of forecast period. Strong application outlook in woodworking, paper and automobile industries owing to its intact adhesion, dependability, durability and versality may boost product demand. They are designed to adhere to aqueous coating, paper stock and waxes, thereby encouraging their usage in labeling, carton sealing and plastic film.
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Polyurethane hot melt adhesives market may exceed USD 1 billion by 2024. It is widely used in pharmaceuticals, cosmetics and electrical & electronics industries due to its better adhesion, flexibility and temperature & moisture resistance properties. Increase in demand for bio-based products along with positive outlook towards using insignificant VOC content products may propel industry growth.
Packaging application of hot melt adhesives market may surpass USD 3 billion by 2024. They are widely used in corrugated case & paper board carton sealing along with glass, plastic bottle and cans. Increase in tapes, labels and films production for application in packaging along with regulations pertaining to safety of food contact materials mainly in India and China should boost product demand.
Europe, led by Germany, France and UK hot melt adhesives market may register growth of over 4.5% by the end of projected period. Strong application scope in automotive & packaging industry along with stringent regulations imposed by REACH and EPA regarding environmental concerns should drive regional growth. Rise in demand of high quality sportswear, footwear and protective shoes accompanied with usage of bio-based products in food packaging may spur product demand.
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Global hot melt adhesives market share is moderately consolidated with key manufacturing participants include H.B. Fuller, Henkel AG, Dow Chemical, Bostik, 3M Company, Hunstman Corp, Jowat, Ashland, Tex Year Industries and Avery Dennison.
U.S. Polyester Hot Melt Adhesives Market Growing at 5% CAGR Up to 2024 :Henkel AG, H.B. Fuller, Bostik, 3M Company, Dow Chemical, Jowat
Hot melt adhesives market size from footwear applications should witness gains at over 4%. Increasing fashion consciousness and availability of various international brands prominently in the U.S. and Europe has led to rise in high quality footwear demand.