At 6% CAGR, Hot Melt Adhesives Market is set to surpass $10 billion by 2024

Aug 8, 2019

The report presenting a comprehensive exploration of the global Hot Melt Adhesives Market encloses the rate of growth of the market over the projected duration.

Selbyville, United States - August 8, 2019 /MarketersMedia/ —

Hot Melt Adhesives Market will achieve at 6%CAGR to surpass USD 10 billion by 2024. Hot Melt Adhesives (HMA) Market is gaining considerable traction with growing need for high standard performance adhesives across various industries. HMA also known as hot glue, is a form of thermoplastic adhesive that provides optimal hold & superior manufacturing flexibility.

In industrial applications, HMA provide several advantages over waterborne or solvent based adhesives. Some of the expectational benefits offered by HMA including longer shelf life, quick drying, increase throughput in production, and easy disposal have significantly driven the product demand. As of 2015, HMA industry stood at USD 5.5 billion and is projected to surpass USD 10 billion by 2024.

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Packaging represents a major end-use market for hot melt adhesives. Hot melt adhesives market share from the packaging application is expected to exceed USD 3 billion by 2024 and attain a CAGR of 5.5% over 2016-2024. The hot glues based with styrene block copolymer and amorphous poly-alpha olefins are widely used in hygiene products including adult incontinence, baby diapers, and female hygiene products.

Growth drivers are
1. Intensifying product usage across various industries
2. Positive outlook of adhesive in Asia Pacific
3. Low VoC content in adhesives

Hot melt adhesives industry size from disposable applications is projected to surpass a valuation of USD 1.6 million by 2024. Apart from this, HMA also finds usage in footwear, furniture, textiles, automobiles, and pressure sensitive products.

Packaging represents a major end-use market for hot melt adhesives. Hot melt adhesives market share from the packaging application is expected to exceed USD 3 billion by 2024 and attain a CAGR of 5.5% over 2016-2024. The hot glues based with styrene block copolymer and amorphous poly-alpha olefins are widely used in hygiene products including adult incontinence, baby diapers, and female hygiene products.

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Hot Melt Adhesives Market size from disposable applications is projected to surpass a valuation of USD 1.6 million by 2024. Apart from this, HMA also finds usage in footwear, furniture, textiles, automobiles, and pressure sensitive products.

Europe, led by Germany Hot Melt Adhesives Market, is expected to record highest gains at an annual growth rate of 4.5% over 2016-2024. Escalating automotive industry, packaging, electronics, and textile industries in the region has provided a positive outlook for regional hot melt adhesives industry to flourish. Moreover, stringent regulation by EPA and REACH pertaining to the use of bio-based products has fueled HMA market growth.

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Globally, Hot Melt Adhesives Market is quite consolidated in nature with companies such as Dow Chemical, 3M Company, Avery Dennison, Henkel, Sika AG, and H.B. Fuller accumulating significant industry share.

Contact Info:
Name: Arun Hedge
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/hot-melt-adhesives-market

Source URL: https://marketersmedia.com/at-6-cagr-hot-melt-adhesives-market-is-set-to-surpass-10-billion-by-2024/88905771

Source: MarketersMedia

Release ID: 88905771

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