The
global Hot
Melt Adhesive (HMA) Market is expected to be valued
around USD 9.7 billion over the forecast period and it is anticipated to grow
at an approximate CAGR of over 6% over the forecast period of 2016 to 2024.
Strong demand in the construction sector is expected to be a key driver for the
growth of HMA.
The
market is expected to be driven by factors such as the broad spectrum of
end-use industry, high demand of adhesives, HMAS are replacing other adhesive
technologies. Growing demand for pressure sensitive industries which use HMA is
expected to spur the market growth over the next eight years.
Restraint
in the hot melt adhesive is volatility in raw material price, loss of bond
strength at high temperature and fluctuating economic cycle. Volatility in
crude oil price is owing to the high bargaining power of suppliers.
Growing
demand for pressure sensitive industries which use HMA is expected to spur the
market growth. Booming non-woven disposable and packaging industry is expected
to offer lucrative growth opportunities in the hot melt adhesive market.
Key
industry participants are investing heavily in R&D to produce the advanced
new innovative product and to enhance the bonding performance of HMA. The HMA
exhibits the superior properties such as ability to bond with ceramics and
reengineered plastics are anticipated to drive the growth over the forecast
period.
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Increasing in application scope in an end-use industry such as automotive, labeling and packaging, footwear, construction, woodworking, and transportation is anticipated to boost demand significantly over the next eight years.
Other
applications include bookbinding, floor adhesive products, soap wrapper
coating, bubble gum wrapper coating, clear case bonding, automotive headlights,
tape manufacturing, glue sticks and stock manufacturing. Labeling bottles and
paper converting industries are the major end use industry which is expected to
boost the demand over the forecast period.
Packaging
industries have the maximum demand and it is expected to aid the market growth.
Continuous demand in these industries has led to the huge advanced
technological development and to enhance strong bonding properties.
The
HMA market has been segmented on the basis of product types such as
polyurethanes, ethylene vinyl acetate, amorphous poly alpha olefin, metallocene
Pe, styrenic block copolymers and polyamide.
Polyurethanes
are expected to have rapid growth in HMA market. Polyurethanes are used in many
industries such as emulsifier, binder, thickener, stabilizer, adhesion promoter
and film former.
Polymers
exhibit the superior properties such as control strength and flexibility, high
heat resistance, speed bond formation and easy storage. Growing demand for the
polyolefin-based adhesive is expected to spur the hot melt adhesive market
growth.
Hot
melt adhesives are used as a substitute for solvent-based conventional
adhesives owing to hazardous effects.
North
America has the most dominant market for hot melt adhesives and it is expected
to have one-third of global demand in these regions. Paper converting and
packaging industries are expected to drive the HMA market in this region.
Asia
Pacific has the second largest share in hot melt adhesives. The major factors
driving the growth in this region are cheap labor, competitive manufacturing
cost, and high economic growth rate. Investment in the construction sector in
emerging countries such as India, China, Indonesia, Malaysia and Vietnam are
expected to drive the growth of the market.
Europe
is also expected to have a significant growth in the hot melt adhesive market
over the forecast period. Central and south America is also anticipated to have
a rapid growth. Strict regulation in developed countries is the hindrance in
the growth of hot melt adhesives.
Some
of the major participants in the hot melt adhesive market include American
Chemicals Inc., 3M Company, Ashland Inc., Worthen Industries Inc., Henkel AG
& Co. KGAA, Avery Dennison Corporation, Wisdom Adhesives, Jowat AG, Evans
Adhesives Corporation Limited, Costchem SRL, Dynea OY, H.B Fuller Company,
Huntsman Corporation, Bostik Inc., Hexcel Corporation, SIKA AG, Dow Corning
Corporation, Beardow & ADAMS (Adhesives) Limited and BEMIS Associates Inc.
A
newer Industry player plays a major role in the growth of the hot melt adhesive
market. Investment in R&D for the innovation of new advanced product is
also expected to be highly competitive because of local and global industry
players.
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