NEW YORK, Aug. 08, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global Hot-Melt Adhesives Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Application (Packaging, Electronics, Wood & Furniture, Non-Woven / Hygiene and Construction), By Type (EVA, PUR, SBS/SIS, HMPSA, PA and Others)” published by P&S Market Research, the global hot-melt adhesives market is expected to grow at a CAGR of 7.9% during the period 2016 – 2022.
Valued at $6,621.8 million in 2015, the global hot-melt adhesives market is likely to grow at a CAGR of 7.9% during the forecast period. The increasing demand for environment-friendly adhesives is the major factor driving the global market growth. Apart from this, the growing end-use industries have been playing a major role in steering the market towards growth.
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The global market has been segmented on the basis of application and type. Based on application, the market has been classified into packaging, electronics, wood & furniture, non-woven / hygiene and construction. Based on type, the global market has been classified into EVA, PUR, SBS/SIS, HMPSA, PA and others.
Geographically, Asia-Pacific has been the largest market for hot-melt adhesives. The growth of the regional market can be owed to rapid industrialization and regulations by the government regarding usage of eco-friendly products. The market is expected to witness fastest growth in Asia-Pacific, during the forecast period, since various industries, including automotive, packaging and electronics, have been significantly growing in regional HMAs market. More than 50% of the global production of passenger cars and LCVs has been contributed by the total production volume in Asia-Pacific. The growing demand for adhesives from end-user industries is being complemented by the rising population and industrialization in the region. Countries such as India and China have been witnessing improved living standards along with increasing purchasing power, which is leading to increased sales volume. Due to the high production volume, Asia-Pacific market has become one of the most attractive markets for hot-melt adhesives.
One of the main drivers for the growth of the global hot-melt adhesives market is increasing demand for eco-friendly adhesives. The other factors responsible for the growth of the market include rapid industrialization rate, growing packaging industry, regulations regarding recycling and growing end-use industries. The end-use industries include transportation, packaging, footwear, textiles and automotive.
The awareness regarding the use of premium quality adhesive solutions has been increasing over the years. This is creating a major opportunity for the growth of the global hot-melt adhesives market. In addition, rapid development in emerging nations along with the rising demand for fuel-efficient and light weight automobiles has boosted the global market revenue. In the automobile industry, multipurpose solutions are offered by HMAs, which are also used for fixing cables in roof area, joining two spare parts, and manufacturing car seats. HMAs are coming out as highly desirable materials in the present industrial scenario, due to increased focus on speedy setting up of joints, sustainability and durability. This factor is paving a way for the global market to grow, dramatically. Over and above, the nonwoven and packaging industries are also coming out as emerging fields for the market of hot-melt adhesives.
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Some of the major companies operating in the global market include Henkel AG & Co. KGaA, Jowat SE, Westlake Chemical Corporation, 3M Company, H.B. Fuller, Toyobo, Bostik Inc., Dow Corning Corporation and Ashland Inc.
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