Hot melt adhesives are usually in the form of thermoplastic adhesive that is applied with the help of hot glue gun as a result of which these adhesives are also known as hot glue. There is presence of huge array of polymers in this category that comprises of both synthetic and natural adhesives. The global hot melt adhesives market was valued at USD 7.9 billion in 2017 and is expected to contribute revenue of USD 11.9 billion by 2024, registering a CAGR 6.1% during the forecast period (2018 – 2024). The growth of this market is attributed towards the increasing capability of consumers in spending power in developing countries along with increasing expansion of the packaging industry.
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On the basis of type, the global hot melt adhesives market are segmented into styrenic block copolymers (SBC), polyamide (PA), polyurethane (PU), ethylene-vinyl acetate (EVA), amorphous poly-alphaolefin (APAO), polyester, and metallocene polyolefin (MPO). Among all these types, EVA have been generating largest revenue throughout the estimated the period. This segment has been generating USD 3.2 Billion in 2017 and is further anticipated to generate USD 4.6 billion by 2024. The growth of EVA segment is driven by its various benefits such as durability, quicker time setting and suitability in huge variety of temperatures.
Globally industry players of global hot melt adhesives market are leveraging market growth through shifting trends from traditional methods to innovative automotive assembly methods. Moreover, the key players in the global hot melt adhesives market are upgrading technology and developing new products in order to gain competitive edge in this industry.
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Geographically, North America hot melt adhesives market is projected to generate largest revenue of USD 3.9 billion by 2024, registering a CAGR of 6.1% during the forecast period. Moreover, Asia Pacific is expected to witness fastest growth during the forecast period owing to flourishing infrastructure development in countries such as India and China.
Some of the major players operating in the global hot melt adhesives market are Sika AG, Beardow & Adams (Adhesives) Limited., 3M Company, Westlake Chemical Corporation, Bostik Inc., Jowat SE, H.B. Fuller Company, Avery Dennison Corporation, Arkema Group, DowDuPont Inc., and Henkel & Co. KGaA.