Hot Melt Adhesives Market is Expected to reach US$ 8642.2 Mn by 2026
Posted by amol on July 16th, 2019
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. 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.
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.
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.
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.
Asia Pacific Accounts for Major Share in Terms of Volume and Value
Asia Pacific was the major region of the global hot melt adhesives market, accounting for more than 40% share in terms of volume and value in 2017. Growth in industrialization is fueling the demand for hot melt adhesives in various end-use industries, such as packaging, electronics, construction, and automotive, in the emerging economies of Asia Pacific. China is a key exporter of hot melt adhesives in the global market. The country has experienced exponential growth in e-commerce since the last two years. This has boosted the demand for packaging, thereby fueling the demand for hot melt adhesives in packaging applications. Furthermore, advancements in the health care industry and improvements in lifestyle in emerging economies such as China and India are likely to augment the demand for hot melt adhesives in non-woven/hygiene products. Rise in infrastructure activities, increase in focus on trade activities, and growth in awareness about hygiene products are anticipated to propel the demand for hot melt adhesives in India during the forecast period.
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About the Authoramol
Joined: June 20th, 2019
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