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Hot Melt Adhesives (HMA) Market - Industry Perspective and Comprehensive Analysis 2024
Hot Melt Adhesives Market
The molten thermoplastic adhesive is then dispensed out of a heated nozzle by a mechanical trigger system located within the hot glue gun. The dispensed hot melt adhesive solidifies and starts bonding with the substrate within minutes, depending upon the adhesive’s chemical composition. Hot melt adhesives, unlike solvent-based adhesives, retain their density subsequent to solidification and bond strongly with the substrate.
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The HMA market is fueled by rising demand from end-user industries including packaging, construction, book-binding, automotive, transportation, wood-working, textiles, and footwear. Additionally, broad swing away from solvent-based adhesives due to the harmful effects of volatile organic compounds (VOCs) emitted from these adhesives is anticipated to boost the market growth of hot-melt adhesives over the long term. Steady pressure from regulatory bodies including REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals), and EPA (Environment Protection Agency) is likely to limit the use of solvent-based adhesives in a bid to reduce the severe impact on environment, thus alleviating the hot melt adhesives market. Furthermore, strong bonding without the need to cure these adhesives after dispensing is an argument for designing easier and low-cost industry processes.
The rising market demand and incessant push for eco-friendly adhesives has led to a rise in strategic initiatives by market players in the recent past. Key players are prying new markets through agreements, joint-ventures, partnerships, and collaborations globally to take advantage of the untapped market opportunities while availing the benefits of combined operational synergies.
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Fluctuating raw material prices are a chief restraining factor that is likely to hinder market growth. Hot melt adhesives (HMA) are the downstream specialty derivatives of petroleum-based feedstock, the prices of which ebb and flow with the commodity marketplace. This puts downward pressure on the margins of industry players, especially the small and medium-sized players, who are already pitching aggressively low prices to gain market share in the highly fragmented market.
Geographically, Asia Pacific is anticipated to be the dominant market attributed to the rapidly growing industrial utility of hot melt adhesives. Major growth has been observed in China, South Korea, Japan, and India due to fast technological advancements. Rest of the world (RoW) is also estimated to undergo rapid growth. In RoW, countries such as Brazil, Argentina, and South Africa are expected to witness higher market growth than the global GDP. Brazil is set to host another global event, the Summer Olympics, in 2016 after successfully hosting the FIFA World Cup in 2014. These events are projected to fuel the demand for hot melt adhesives in several end-user industries including construction, footwear, and furniture.
Some of the major players in the hot melt adhesives (HMA) market include Henkel AG & Co. KGaA, H. B. Fuller Company, and Sika AG.
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