ALBANY, New York, March 6, 2019
ALBANY, New York, March 6, 2019 /PRNewswire/ -- The competitive landscape of the global hot melt adhesives market is largely consolidated in nature. This is because key players hold around 70% of the market share. The rest is fragmented with the presence of a few small players, states a newly launched report by TMR. Top players in the global hot melt adhesives market are adopting strategic approach such as acquisition and merger to get a leg-up in the market. For instance, Arkema acquired Bostik, an adhesive specialist company, in 2015. Some of the predominant players operating in the global hot melt adhesives market are Akzo Nobel N.V., Arkema, 3M, Sika AG, Jowat SE, Hexcel Corporation, Dowdupont, Beardow Adams, REXtac, LLC, and Toyobo Co., Ltd.
According to Transparency Market Research, the global hot melt adhesives market is anticipated to rise at an impressive CAGR of 8.7% during the forecast period from 2018 to 2026. Rising at this CAGR, the global hot melt adhesives market is expected to touch a valuation of US$8642.2 mn by 2026.
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From a geographical standpoint, the hot melt adhesives market in Asia Pacific is projected to rise at a CAGR of 9.2% during the forecast period. This is mainly because of the growing demand for packaging in e-commerce, and food and beverage industries. On the basis of product, the polyolefin segment is anticipated to dominate the global hot melt adhesives market in the near future.
Widespread Applications of Hot Melt Adhesives to Propel Market
One of the primary reasons behind the growth of the hot melt adhesives market is an increasing application of hot melt adhesives across different sectors. Some of the common applications of hot melt adhesives are packaging solutions, nonwoven hygiene products, and consumer DIY. Packaging industry is extensively using hot melt adhesives owing to their quick adhesion, and faster dry time properties. Changing lifestyle of people and increasing disposable income is a majorly factor increasing the demand for hot melt adhesives in the packaging industry. This in turn, will boost hot melt adhesives market in the near future.
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Despite increasing demand, the growth in the hot melt adhesives market is likely to suffer owing to physical limitation. Being thermoplastic compounds, hot melt adhesives melts while exposed to room temperature. Due to this it can only be used in a smaller temperature range as compare to their counterparts than the one that governs functioning of other adhesives. Increasing demand for non-woven hygiene products is contributing to the growth of the global hot melt adhesives market.
Shift from Solvent Based to Hot Melt Adhesives to Enhance Demand of the Latter
Increasing commercialization of hot melt adhesives owing to their high performance across all industries has contributed to the growth of the hot melt adhesives market. Owing to this, end users industries are shifting from solvent-based adhesives to hot melt adhesives. This is mainly because hot melt adhesives have a longer shelf life and can be easily disposed. Their solvent-free properties of hot melt adhesives make them highly desirable. Increasing regulation from the environmentalist and regulatory bodies is promoting their use in terms of health, safety, and product quality.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Hot Melt Adhesives Market – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2018–2026."
The global hot melt adhesives market has been segmented as below:
- North America
o Russia & CIS
o Rest of Europe
- Asia Pacific
o Rest of Asia Pacific
- Latin America
o Rest of Latin America
- Middle East & Africa
o South Africa
o Rest of Middle East & Africa
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