Albany, NY -- (SBWIRE) -- 09/19/2017 -- The global hot melt adhesives market features a highly fragmented competitive landscape due to the presence of numerous small- and medium-sized enterprises. In a new study, Transparency Market Research (TMR) found out that the top six players in 2015 accounted for a cumulative share of 75% in the overall market. These players were Jowat SE, H.B. Fuller, Henkel, DOW Corning Corp., 3M Co., and Sika AG. "These players are focusing towards their exports capacities in order to increase their geographical outreach across developed as well as emerging nations, which is likely to intensify competition in the near future," says TMR's lead analyst.
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As per the findings of the report, the opportunity in the global hot melt adhesives market was pegged at US$6.00 bn in 2015 and is expected to rise at a CAGR of 5.20% between 2016 and 2024, reaching US$9.44 bn by 2024.
Europe to Maintain Leadership through 2024
On the basis of end users, the packaging industry will continue to be the leading revenue contributor in the global hot melt adhesives market until 2024. The construction sector will also be a promising end user during the review period. Geographically, Europe will command the lion's share in the market throughout the forecast horizon. Asia Pacific, on the other hand, will post a CAGR higher than any other region. The growth of the region can be attributed to the rising demand for high-quality packaging of consumer goods and food and beverages.
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Favorable Government Regulations to Escalate Adoption of Hot Melt Adhesives
The extensive application of hot melt adhesives in the packaging, construction, and electronics industries stimulating the growth of the market. "Therefore, the flourishing growth of these industries is reflecting positively on the sales of these adhesives," says a TMR analyst. In addition, developing countries such as India, China, Brazil, and Indonesia are high-profit destinations of key players owing to the increasing construction spending and widening packaging applications in the food and beverages sector.
These adhesives are said to be safe for human use, environment friendly, and VOC-free thermoplastics, which are suitable for production, storage, and transportation. Owing to these properties, governments worldwide are encouraging their usage through favorable policies, thereby stoking the growth of the market.
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Volatile Crude Prices to Keep Market from Realizing Utmost Potential
The turbulence in prices of crude oil is adversely affecting the overall revenue generation of the global hot melt adhesives market. This is further compounded by the abundant availability of alternatives. Moreover, manufacturers have to comply with stringent regulations, particularly in developed countries, which renders the pace of development of the market sluggish. Nevertheless, the spiraling demand for hot melt adhesives in various end-use industries is making way for technological advancements, which is likely to provide significant impetus to the market in the near future. Furthermore, the soaring demand for polyolefin based adhesives is creating ample growth opportunities for the global hot melt adhesives market.