The report forecasts the global hot melt adhesives market to grow at a CAGR of 5.89% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, a key growth driver is the increased use of hot melt adhesives in food packaging. The changes in lifestyles of the urban population worldwide have promoted the use of packaged food in the past few years. This has increased the need for packaging, consequently expanding the market for hot melt adhesives. Though rigid packaging requires less amount of hot melt adhesives; the growth of the rigid packaging segment will increase the consumption of these adhesives significantly. The rise in disposable income and the growing demand for packaged beverages and foods are boosting the market demand. Fish, meat, poultry, snacks and, pet food packaging require advanced flexible packaging
Further, the report states that one challenge that could restrict market growth is the growing demand for bioadhesives. Bioadhesives are usually made from soy or cellulose. These adhesives do not emit VOCs, are safer, and biocompatible.