In terms of revenue, the global hot melt adhesives market is projected to expand at a CAGR of 8.7% from 2018 to 2026, according to a new research report titled ‘Hot Melt Adhesives Market – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR) In terms of value, the global hot melt adhesives market is expected to reach US$ 8642.2 Mn by 2026. The market is driven by the rise in demand for hot melt adhesives in packaging and non-woven/ hygiene products.
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The hot melt adhesives market in Asia Pacific is estimated to expand at a CAGR of 9.2% during the forecast period, owing to the rapid increase in demand for packaging in food and e-commerce sectors in the region. Based on product, the ethylene vinyl acetate segment held major share of the global hot melt adhesives market in 2017. However, the polyurethanes segment is expected to expand significantly from 2018 to 2026.
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Rise in Demand for Ethylene Vinyl Acetate and Polyurethanes to Boost Market
Based on product, the ethylene vinyl acetate segment accounted for major share of the hot melt adhesives market in terms of value and volume in 2017. This can be ascribed to the low prices of ethylene vinyl acetate hot melt adhesives and ease of manufacture. These hot melt adhesives possess better performance properties in terms of crack resistance, resilience, toughness, UV resistance, and light stability. This enables packaging manufacturing lines to maintain high speed owing to short open and setting times of ethylene vinyl acetate hot melt adhesives. Thus, the cost-effectiveness of ethylene vinyl acetate is projected to drive the hot melt adhesives market during the forecast period. Polyurethanes are employed in a wide range of applications due to their excellent performance properties such as high bond strength than water-based and other types of hot melt adhesives. The growth of the polyurethanes segment is driven by the rise in demand for these adhesives in construction, furniture and product assembly applications.
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Technical Limitations in High Temperature Applications and Presence of Potential Substitutes to Restrain Market
Hot melt adhesives are thermoplastic compounds. Thus, they melt flow or creep when exposed to surrounding temperature that is near to their flow point. Technical limitations of hot melt adhesives such as smaller temperature range to which they can be exposed than water-based and solvent-based adhesives are anticipated to hamper the market in the near future.
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Tank-free Hot Melt System Offers Key Opportunities
Traditional hot melt system has limitations in the structure of tanks. Substantial amount of time is required for heating the material in the tank. Furthermore, it generates adhesive char. Operators are also exposed to hot adhesives. Tank free systems can employ vacuum feed to draw adhesive pellets into specially designed heating chambers. Pellets are melt-on-demand and dispense quickly without overheating. The elimination of heated tanks significantly improves the performance of hot melt equipment. Tank-free hot melt system is estimated to be an efficient and high performance adhesion system that can drive the hot melt adhesives market in the near future.
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Global Hot Melt Adhesives Market is Primarily Consolidated
The report comprises profiles of major companies operating in the global hot melt adhesives market. Around 70% of the global hot melt adhesives market is consolidated, while the rest is fragmented with the presence of a few small players. Key players include H.B. Fuller Company, Henkel AG & Company KGaA, Arkema, 3M, Sika AG, Jowat SE, TEX YEAR INDUSTRIES INC., Hexcel Corporation, Dowdupont, Beardow Adams, HEARTLAND ADHESIVES LLC, REXtac, LLC, Toyobo Co., Ltd, Akzo Nobel N.V., and Exxon Mobil Corporation. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. The report also comprises a matrix of comparison between the top four players operating in the global hot melt adhesives market along with analysis of their key strengths for 2017.
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