Industry Overview
The global hot melt adhesives market size is set to reach USD 11.9 billion by 2024 from USD 7.9 billion in 2017. The market is anticipated to grow at a CAGR of 6.1% during the forecast period (2018 – 2024). The key factors leading to the growth in the hot melt adhesives market are the increasing per capita income especially in the emerging economies, growing packaging industry, technological advancements in the automotive industries, large application area of hot melt adhesives.
However, the however fluctuating raw materials prices, and limitations of conventional hot melt adhesives is expected to restrict the growth of the market in the coming years. The volatile raw materials make it cumbersome task for the industry players to retain their profit margin which negatively impacts the growth of the market.
Market Segmentation
1) Insight by Type
Based on type, the hot melt adhesives market is categorized into:
• Styrenic Block Copolymers (SBC)
• Polyamide (PA)
• Polyurethane (PU)
• Ethylene-vinyl Acetate (EVA)
• Amorphous Poly-Alphaolefin (APAO)
• Polyester
• Metallocene Polyolefin (MPO)
Among the types of these adhesives, the EVA hold the largest share in the market and is predicted to retain its largest share during the forecast period also. The EVA hotmelt adhesives market size was valued at USD 3.2 Billion in 2017 and is set to reach USD 4.6 billion by 2024. The largest share of the category is primarily attributed to the quicker time setting, durability, and suitability in different temperature environment of hot melt adhesives.
2) Insight by Application
On the basis of application, the market is segmented into:
• Furniture
• Hygiene
• Bookbinding,
• Packaging Solutions
• Automobile
• Textile
• Electronics
• Footwear
• Others
Of all, the automobile segment is the fastest growing application area for the hot melt adhesives. The hot melt adhesives market is witnessing a CAGR of 7.0 % for automobile applications during the forecast period, globally. This is primarily due to the increasing usage for the the passenger and commercial vehicles’ components.
Industry Dynamics
1) Growth Drivers
Factors that have been acting as the driving factors for the growth of this industry are:
i. Increasing per capita income especially in the emerging economies
ii. Growing packaging industry
iii. Technological advancements in the automotive industries
iv. Large application area of hot melt adhesives
2) Challenges
Key factors hindering the growth of the hot melt adhesives market are:
i. Fluctuating raw materials prices
ii. Limitations of conventional hot melt adhesives
Geographic Overview
• North America — US, Canada, and Mexico
• Europe — Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia Pacific —Japan, China, India, Australia, South Korea and Rest of Asia-Pacific
• RoW — Brazil, South Africa, Saudi Arabia, U.A.E., and Other Countries
Of all the different regions, North America account for the largest share of the hot melt adhesives market, globally. The hot melt adhesives market size in expected to observe a CAGR of 6.1% during the forecast period and reach a value of USD 3.9 billion by 2024. Asia-Pacific is anticipated to observe the fastest growth in the market during the forecast period. The fastest growth in the region is primarily due to the high growth of automobile industry in the region and developing infrastructure.
Competitive Insight
The key players operating in the global hot melt adhesives market are: Sika AG, Beardow & Adams (Adhesives) Limited., 3M Company, Westlake Chemical Corporation, Bostik Inc., Jowat SE, H.B. Fuller Company, Avery Dennison Corporation, Arkema Group, DowDuPont Inc., and Henkel & Co. KGaA.

Contact
Kundan Kumar
Manager: Client Care
Toll-Free:1-888-253-3960
Website:https://www.vynzresearch.com
Email:[email protected]
Connect With us:Linkedin | Twitter |Google | Facebook