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Reactive Hot Melt Adhesives Market Analysis & Opportunities 2024-2033
Reactive Hot Melt Adhesives Market Analysis
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According to The Business Research Company's, The reactive hot melt adhesives market size has grown strongly in recent years. It will grow from $1.26 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to growing end-use industries, shift towards sustainable adhesives, product performance and efficiency, stringent quality standards, cost-effective solutions.
The reactive hot melt adhesives market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rising demand in electronics assembly, expansion in automotive manufacturing, advancements in packaging industry, construction and infrastructure development, growing popularity in medical applications. Major trends in the forecast period include sustainability and circular economy practices, smart and functional textile applications, adoption of multi-material bonding, customized solutions.
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Market Drivers and Trends:
The rise in demand in the packaging industry is expected to propel the demand for the reactive hot melt adhesives market going forward. Packaging refers to enclosing or covering a product with a container to aid in its distribution, identification, storage, promotion, and usage. The packaging industry is involved in the packaging of goods for their manufacturers. The hot-melt adhesives sector has a diverse set of criteria to meet the ever-changing needs of the packaging industry with strong and durable packaging solutions. For instance, according to Smithers, a UK-based provider of testing, consulting, information, and certification services, demand for the global packaging sector will reach $1.05 trillion by 2024. Furthermore, according to the Indian Institute of Packaging (IIP), an India-based autonomous body that was set up by the packaging and allied industries and the Ministry of Commerce, Packaging consumption in India has increased 200% in the past decade, rising from 4.3 kg per person per annum (pppa) to 8.6 kg pppa as on FY20. Therefore, the rise in demand in the packaging industry is driving the demand for reactive hot melt adhesives.
Technological advancements have emerged as a key trend gaining popularity in the reactive hot melt adhesives market. Major companies operating in the reactive hot melt adhesives market are focused on innovating new technologies to sustain their position in the market. For instance, in February 2021, Henkel AG & Co., a Germany-based company that is into chemical and consumer goods industries launched Technomelt Supra ECO. This technology involved in this new hot melt adhesive range provides higher sustainability and fewer CO2 emissions while maintaining the Supra range's performance. As a result, the new ECO materials provide the same adhesion, set and open time, and heat resistance capabilities as the previous Technomelt Supra range while also providing a sustainable and low-carbon option for consumer goods and packaging.
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Major Key Players of the Market:
DOW Corning, 3M Company, Henkel AG & Co KGaA, Illinois Tool Works Inc., Royal DSM N.V., Freudenberg & Co KG Arkema SA, Eastman Chemical Company Sika AG, Avery Dennison, Huntsman Corporation, Konishi Co, Ltd., RPM International Inc., H.B. Fuller Company, Synthomer Plc Ashland Global Holdings Inc., Tesa SE, Kraton Polymers LLC, Nan Pao Resins Chemical Co Ltd., Tianyang, Beardow & Adams, Bostik Inc., Kleiberit, DL Chemical Co, Ltd., Tex Year Industries, Jowat SE, Novamelt GmbH Klebstofftechnologie, Renhe, Zhejiang Good, Momenti Group S.p.A.
Reactive Hot Melt Adhesives Market 2024 Key Insights:
• The reactive hot melt adhesives market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Packaging Industry Driving Surge In Reactive Hot Melt Adhesive Demand
• Rising Popularity Of Technological Advancements In Reactive Hot Melt Adhesives Market
• Asia-Pacific was the largest region in the reactive hot melt adhesives market share in 2023
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