The global hot melt adhesives market is expected to expand at a moderate CAGR from 2015 to 2025, reaching $8.9 billion by 2025, according to a report from Future Market Insights. Market growth is mainly propelled by technological advancements and product innovations in polymer bases. The global hot melt adhesives market was valued at $5.4 billion in 2015, in terms of value. Another major reason for the increasing demand for hot melt adhesives is its solvent free properties that comply with the regulatory authority’s requirements. This has resulted in the increased production and consumption of hot melt adhesives.
On the basis of polymer base, the global hot melt adhesives market is segmented into ethylene vinyl acetate, polyolefin, polyamide, styrenic block copolymers and others. Ethylene vinyl acetate occupied over 40% of the global market share in 2015. Polyolefin is expected to be the fastest growing segment during the forecast period. The growth of ethylene vinyl acetate segment is projected to remain steady because of the availability of innovative and improved polymer bases.
On the basis of application, the market is segmented into packaging, automotive, construction, healthcare products and others. Others include textile, electronics, footwear and paper bonding. The packaging segment dominated the market with over 35% market share in 2015. Furthermore, it is projected to be the fastest growing segment during the forecast period, followed by healthcare products.
On the basis of region, the market is mainly segmented into seven major regions including North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. North America dominated the market with over 30% market share, followed by Western Europe with over 18% market share in 2015. Besides, Asia Pacific is expected to become the fastest growing region in the global hot melt adhesives market. Eastern Europe and the Middle East & Africa together accounted for 15% of the total market share in 2015 and are projected to witness a steady growth during the forecast period.
Some of the key players in the global hot melt adhesives market include Henkel AG & Co. KGaA, H. B. Fuller, Sika AG, The 3M Company, Arkema Group, Ashland Inc., Jowat AG, Palmetto Adhesives Company, Sipol S.p.A. and Sealock Ltd.
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