ALBANY, New York, May 9, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Hot Melt Adhesives by Product Type(EVA, Polyolefin, Polyamide, Polyurethane, Styrene Block Copolymers and Others) and by End-user ( Packaging, Construction, Non-woven, Book Binding & Paper Binding, Furniture, Footwear, Electronics and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."According to the report, the global hot melt adhesive market was valued at US$ 6.00 Bn in 2015 and is projected to reach US$ 9.44 Bn by 2024 at a CAGR of 5.2% from 2016 to 2024.
Hot melt adhesive is a form of thermoplastic adhesive which is usually supplied in solid cylindrical sticks of various diameters, which is intended to be melted in an electric hot glue gun. Based on product type, hot melt adhesives is segmented into Ethylene Vinyl Acetate (EVA), polyolefin, polyamide, polyurethane, Styrene Block Copolymer and Others. Hot melt adhesive is used in packaging, construction, non-woven, book binding & paper binding, furniture, footwear, electronics and others. Rising trading activities which contributed the demand for packaging industry and increasing construction activities in regions such as Asia Pacific and Middle East are the main drivers for the growth of hot melt adhesives market. However, volatility in crude oil prices and availability of substitutes are the major challenge restricting higher adoption for hot melt adhesive.
Based on product type, ethylene vinyl acetate was the major segment and is anticipated to dominate the market during the forecast period. Low prices of EVA-based hot melt adhesives and the increasing popularity in packaging and construction sectors are factors expected to drive the EVA segment during the forecast period. However, polyurethane is anticipated to exhibit significant CAGR and is expected to grow at CAGR of more than 5% during the forecast period.
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Based on end-use, packaging held a major share of more than 30% for hot melt adhesive in 2015 and is expected to grow at significant CAGR compare to other segment during the forecast period.
Construction is another major segment after packaging and is anticipated to grow at moderate rate for hot melt adhesive between 2016 and 2024.
In terms of revenue, Europe dominated the hot melt adhesive market in 2015 in terms of revenue followed by Asia Pacific and North America. However, Asia Pacific is anticipated to exhibit significant CAGR compare to other regions during the forecast period. It is expected to grow at CAGR of more than 5% between 2016 and 2024. Increasing demand for packaging due to rising trading activities and growth in construction industry which is anticipated to contribute the demand for hot melt adhesive market.
The global hot melt adhesive market is fragmented. Henkel AG & Co. KGaA, 3M Company, Avery Dennison Corporation, H. B. Fuller Company, Jowat SE, DOW Corning Corporation, Sika AG, Hexcel Corporation, Toyobo Co. Ltd, Bostik Inc., Heartland Adhesives LLC
The global hot melt adhesives market has been segmented as follows:
Hot Melt Adhesives Market: By Product Type
- Ethylene Vinyl Acetate
- Metallocene based POE
- Styrene Block Copolymer
Hot Melt Adhesives Market: By End-use
- Book Binding & Paper Binding
Hot Melt Adhesives Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Browse Other Related Market Research Reports:
- Amorphous Polyalphaolefin (APAO) for Hot Melt: http://www.transparencymarketresearch.com/amorphous-polyalphaolefin-market.html
- Electroactive Polymers Market: http://www.transparencymarketresearch.com/electroactive-polymers.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research