ALBANY, New York, September 27, 2018 /PRNewswire/ --
The global hot melt adhesives market is expected to grow notably in coming years. According to research by Transparency Market Research (TMR) 2015, six of the key players from the global hot melt adhesives market together represented a significant share of 75.0%. Some of the major firms such as DOW Coming Corning Corp., Sika AG, Henkel, Jowat SE, H.B. Fuller, and 3M Co. are key organizations who have figured out how to sustain their position in the market. Most organizations are attempting to build their fares for enhancing regional impact. This, alongside the advent of new small and medium firms in this market is estimated to make intense competition in the close term.
The global market is prognosticated to grow at a steady CAGR of 5.20% within the forecast period from 2016 to 2024. On the basis of revenue, in 2015, the global hot melt adhesives market was valued around worth of US$6.00 bn. This value is foreseen to grow around worth of US$9.44 bn by the end of 2024.
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On the basis of the end-use segments in the global hot melt adhesives market, the packaging sector holds a main position in terms of revenue produced and is likely to sustain the lead in future as well. Geography-wise, Europe holds a dominant position in the global hot melt adhesives market as per the market share because of a steady packaging sector.
Rising Applications to Fuel Market Demand
Due to various utilizations of hot melt adhesives in enterprises, for example, packaging, construction, and electronics the market is accepting a significant rise in sales globally. Numerous organizations managing the adhesives have legitimately settled themselves in various developing and developed economies, the former in Latin America and Asia Pacific. Such a regional growth has impacted the development of the global hot melt adhesives market. A general change in the packaging technique of food and beverages as well are contributing towards a thriving market. The majority of the adhesive items are environment-friendly and skillfully protected while utilizing in various conditions. Because of these qualities, numerous administrative organizations are empowering the utilization of these adhesives by changing different strategies and directions. This has caused an impressive upsurge popular in the global hot melt adhesives market.
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Fluctuation in Oil Price to Hinder Market Growth
Nevertheless, the global hot melt adhesives market is influenced by a couple of hindrances, which may prompt decrease in sales. Fluctuation in oil prices and the general sketchy nature of the unrefined petroleum industry is a conspicuous obstacle to the market. This is fundamentally a direct result of the broad requirement for utilizing oil items for manufacturing of the adhesives. Be that as it may, with diminish in strife and war in the Middle East, the oil costs are estimated to come back to their previous state, driving towards a decline in the obstructions influencing the hot melt adhesives market.
This analysis is based on a recent market research report by Transparency Market Research, 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."
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The global hot melt adhesive market has been segmented as follows:
By Product Type
- Ethylene Vinyl Acetate
- Metallocene based POE
- Styrene Block Copolymer
By End User
- Book Binding & Paper Binding
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