Press release
How is the Shift from Conventional to New Automobile Assembly Techniques Driving Hot Melt Adhesives Market?
At the present time, there is a surging need for making vehicles lightweight in order to increase their fuel efficiency. Because of this, there has been a shift in preference from traditional to new automotive assembly techniques. Conventionally, mechanical fasteners and welds, which provided increased strength and high performance, were utilized for bonding different parts of vehicles. However, now that the need for fuel-efficient vehicles had risen, manufacturers have started using lighter gauge metals, nonferrous metals, plastics, and coated steels for new vehicle designs. Attributed to this, the usage of holt melt adhesives for joining different automobile parts is rising.Get a sample report of the market insights: https://www.psmarketresearch.com/market-analysis/hot-melt-adhesives-market/report-sample
Hot melt adhesives, also known as hot glue,are thermoplastic adhesives applied using a hot glue gun. As per a report by P&S Intelligence, in 2017, the global hot melt adhesives market generated a revenue of $7,353.1 million and is projected to attain a value of $10,259.7 million in 2023, witnessing a 5.7% CAGR during the forecast period (2018-2023). Among all the regions, namely Asia-Pacific (APAC), Europe, North America, and Rest of the World, Europe created the largest demand for hot melt adhesives during 2013-2017; however, during 2022-2023, the APAC region is expected to create the highest requirement for these adhesives.
When application is taken into consideration, the hot melt adhesives market is divided into diapers, footwear, automobile, bookbinding, packaging products, furniture, textile, electronics, and others (which include filter and floristry industry). Out of these, the largest demand for hot melt adhesives was created for the packaging products application during 2013-2017 and situation is expected to remain the same in the near future as well. The fastest growth in demand is predicted to be registered by the furniture application in the coming years, owing to the growing need for fulfilling the demand of the rising population in countries including Germany, China, and India.
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Hot melt adhesives market is expected to witness fastest growth in APAC
Asia-Pacific (APAC) is the fastest growing hot melt adhesives market. The market revenue in the region is expected to witness a CAGR of 6.7% during the forecast period. This is attributed to the increasing need of high-performance materials across various applications and industries such as automotive and electronics, in the region.
Hot Melt Adhesives Market Competitive Landscape
Some of the major players operating in the global hot melt adhesives market are Henkel & Co. KGaA, Jowat SE, Sika AG, 3M Company, Bostik Inc., Avery Dennison Corporation, H.B. Fuller Company, Arkema Group, Westlake Chemical Corporation, Beardow & Adams (Adhesives) Limited., and DowDuPont Inc.
GLOBAL HOT MELT ADHESIVES MARKET SEGMENTATION
By Product
Ethylene Vinyl Acetate (EVA)
Styrenic Block Copolymer (SBC)
Polyurethane (PU)
Polyamide (PA)
Amorphous Polyalphaolefins (APAO)
Metallocene Polyolefins (MPO)
Polyester
By Application
Coatings
Packaging Products
Hygiene
Furniture
Footwear
Textile
Automobile
Electronics
Bookbinding
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Rest of Europe
APAC
China
Japan
India
South Korea
Taiwan
Rest of APAC
Rest of the World (RoW)
Brazil
Saudi Arabia
South Africa
Others
Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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