Transparency Market Research has released a new market report entitled “Hot Melt Adhesives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" on to their report store.
Albany, NY -- (SBWIRE) -- 05/11/2017 -- Due to presence of a number of small- and medium-sized chemical and material companies, the global hot melt adhesives market is demonstrating a fragmented competitive landscape, states a new study by Transparency Market research (TMR). In 2015, the top six players, namely, Henkel, H.B. Fuller, 3M Co., DOW Corning Corp., Jowat SE, and Sika AG, jointly held a share of nearly 75% in the overall market. The leading companies are aggressively focusing on using exports as a tool for geographical expansion in well-established as well as emerging markets, which is anticipated to result in a heightened rivalry between them, notes the research study.
According to the research report, the worldwide market for hot melt adhesives, which was worth US$6.00 bn in 2015, is expected to rise at a CAGR of 5.20% over the period from 2016 to 2024 and reach US$9.44 bn by the end of the forecast period. Currently, ethylene vinyl acetate (EVA)-based hot melt adhesives are witnessing a higher demand than other products available in this market. Thanks to the low price of EVA-based adhesives, their demand is anticipated to remain high over the period of the forecast.
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Packaging Industry to Surface as Leading End User of Hot Melt Adhesives
The report has considered packaging, construction, non-woven, book binding and paper binding, furniture, footwear, and the electronics industries as the prime end users of hot melt adhesives. Among these, the packaging industry emerged as the leading consumer for these adhesives in 2015 with a demand share of 31%. Analysts expect the scenario to remain so over the forthcoming years, thanks to the significant growth of the packaging industry, worldwide.
Regionally, the research study has classified the worldwide market for hot melt adhesives into Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. Europe dominated the global market in 2015 with a share of more than 33%. The region is anticipated to maintain its dominance on this market over the forecast period. However, Asia Pacific will surface as the most promising regional market for hot melt adhesives in the years to come.
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The rise in construction activities and the increasing demand for high-quality packaging of food and beverages, consumer goods, and various other products are projected to propel the Asia Pacific market for hot melt adhesives in the near future, reports the study.
Expansion in Construction and Packaging Sectors to Boost Market's Growth
"The substantial rise in the construction and the packaging industries has a major influence on the global market for hot melt adhesives," states the author of this report. These adhesives have found a widespread usage in converters and packaging applications, which is reflecting greatly on their sales. Apart from this, the increasing number of new construction projects is also having a positive impact on the demand for these adhesives across the world. These factors are expected to continue boosting this market substantially over the forecast period.
On the flip side, the volatile scenario of crude oil prices and easy availability of alternatives in the global market may restrict this market from growing smoothly over the next few years, states the research study.
The global hot melt adhesive market has been segmented as follows:
By Product Type
-Ethylene Vinyl Acetate
Metallocene based POE
-Styrene Block Copolymer
The study presented here is based on a report by Transparency Market Research (TMR), titled "Hot Melt Adhesives Market (Product Type - Ethylene Vinyl Acetate, Polyolefin (APAO and Metallocene based POE), Polyamide, Polyurethane, and Styrene Block Copolymers; End User (Packaging, Construction, Non-woven, Book Binding and Paper Binding, Furniture, Footwear, and Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."