26 April 2019, 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.
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.
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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.
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