Hot Melt Adhesive (HMA) Market is Expected to be Valued Around USD 9.7 Billion by 2024

Global hot melt adhesive (HMA) market is expected to be valued around USD 9.7 billion over the forecast period and it is anticipated to grow at an approximate CAGR of over 6% over the forecast period of 2016 to 2024.

The global hot melt adhesive (HMA) market is expected to be valued around USD 9.7 billion over the forecast period and it is anticipated to grow at an approximate CAGR of over 6% over the forecast period of 2016 to 2024. Strong demand in the construction sector is expected to be a key driver for the growth of HMA.

The market is expected to be driven by factors such as the broad spectrum of end-use industry, high demand of adhesives, HMAS are replacing other adhesive technologies. Growing demand for pressure sensitive industries which use HMA is expected to spur the market growth over the next eight years.

Restraint in the hot melt adhesive is volatility in raw material price, loss of bond strength at high temperature and fluctuating economic cycle. Volatility in crude oil price is owing to the high bargaining power of suppliers.

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Growing demand for pressure sensitive industries which use HMA is expected to spur the market growth. Booming non-woven disposable and packaging industry is expected to offer lucrative growth opportunities in the hot melt adhesive market.

Key industry participants are investing heavily in R&D to produce the advanced new innovative product and to enhance the bonding performance of HMA. The HMA exhibits the superior properties such as ability to bond with ceramics and reengineered plastics are anticipated to drive the growth over the forecast period.

Increasing in application scope in an end-use industry such as automotive, labeling and packaging, footwear, construction, woodworking, and transportation is anticipated to boost demand significantly over the next eight years.

Other applications include bookbinding, floor adhesive products, soap wrapper coating, bubble gum wrapper coating, clear case bonding, automotive headlights, tape manufacturing, glue sticks and stock manufacturing. Labeling bottles and paper converting industries are the major end use industry which is expected to boost the demand over the forecast period.

Packaging industries have the maximum demand and it is expected to aid the market growth. Continuous demand in these industries has led to the huge advanced technological development and to enhance strong bonding properties.

The HMA market has been segmented on the basis of product types such as polyurethanes, ethylene vinyl acetate, amorphous poly alpha olefin, metallocene Pe, styrenic block copolymers and polyamide.

Polyurethanes are expected to have rapid growth in HMA market. Polyurethanes are used in many industries such as emulsifier, binder, thickener, stabilizer, adhesion promoter and film former.

Polymers exhibit the superior properties such as control strength and flexibility, high heat resistance, speed bond formation and easy storage. Growing demand for the polyolefin-based adhesive is expected to spur the hot melt adhesive market growth.

Hot melt adhesives are used as a substitute for solvent-based conventional adhesives owing to hazardous effects.

North America has the most dominant market for hot melt adhesives and it is expected to have one-third of global demand in these regions. Paper converting and packaging industries are expected to drive the HMA market in this region.

Asia Pacific has the second largest share in hot melt adhesives. The major factors driving the growth in this region are cheap labor, competitive manufacturing cost, and high economic growth rate. Investment in the construction sector in emerging countries such as India, China, Indonesia, Malaysia and Vietnam are expected to drive the growth of the market.

Europe is also expected to have a significant growth in the hot melt adhesive market over the forecast period. Central and south America is also anticipated to have a rapid growth. Strict regulation in developed countries is the hindrance in the growth of hot melt adhesives.

Some of the major participants in the hot melt adhesive market include American Chemicals Inc., 3M Company, Ashland Inc., Worthen Industries Inc., Henkel AG & Co. KGAA, Avery Dennison Corporation, Wisdom Adhesives, Jowat AG, Evans Adhesives Corporation Limited, Costchem SRL, Dynea OY, H.B Fuller Company, Huntsman Corporation, Bostik Inc., Hexcel Corporation, SIKA AG, Dow Corning Corporation, Beardow & ADAMS (Adhesives) Limited and BEMIS Associates Inc.

A newer Industry player plays a major role in the growth of the hot melt adhesive market. Investment in R&D for the innovation of new advanced product is also expected to be highly competitive because of local and global industry players.

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