Global Hot Melt Adhesives Market to Register a Moderate CAGR During the Forecast Period 2020
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On the bases of nature global hot melt adhesives market can be bifurcated into ethylene acrylic acid adhesives, polyolefin adhesives, polyurethane adhesives, amorphous polyolefin, ethylene vinyl acetate adhesives, styrenic block copolymer adhesives, polyamide adhesives and others. Hot melt adhesive are majorly applied by the packaging industry. Other major application of hot melt adhesives includes building and construction, paper converting, woodworking, tiles and floor adhesive product, bookbinding, clear case bonding, soap & bubble gum wrapper coating, footwear & leather goods, stock & tapes manufacturing, bottle labeling, automotive headlights and glue sticks.
North America has the largest market for hot melt adhesives, followed by Europe and Asia-Pacific. China is the largest consumer of hot melt adhesive products owing to greater demand from manufacturing industry. North America is expected to maintain its dominance in the forecasted period. Europe is expected to show average growth. However, Asia-Pacific region is expected to witness highest growth in the coming future. Increasing number of manufacturing units in the developing region such as India is expected to boost the Asian market.
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Increasing demand from high speed manufacturing companies is driving the global hot melt adhesive market. Additionally, changing trend of the packaging industry (largest end-user of hot malt adhesive) is expected to increase the global demand for hot melt adhesive products. Also, government policy by EPA (environment protection agency) in the U.S. and European country for using eco friendly product is further expected to increase the demand for hot melt adhesive products to some extent.
Some of the major companies operating in the global hot melt adhesive market are Avery Dennison Corporation, Dow Corning Corporation, Sika AG, Henkel AG, H. B. Fuller, Beardow & Adams (Adhesive) Ltd, Bostik Inc., Hexcel Corporation, Worthen Industries, Inc., Ashland Inc., American Chemical Inc. and 3M Corporation
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