Yahoo Finance The global hot melt adhesives market was valued at US$ 7,473.37 million in 2020 and is projected to be worth US$ 10,982.38 million by 2028
growing at a CAGR of 5. 1% during the forecast period. Hot melt adhesives are also known as hot glue, and these are 100% formulation of thermoplastic adhesives. Hot glue sticks are available with different diameters and design.
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The growing application from several end use industries is the major driver for the growth of hot melt adhesives market.Hot melt adhesives offer superior properties such as versatility, resistance to water & moisture, and low cost make these adhesives as the ideal choice for many applications.
Many industries are adopting the hot melt adhesives over solvent-based adhesives.
However, due to some disadvantages of hot melt adhesives, the market growth is likely to restrain.
Based on type, hot melt adhesives market is categorized ethylene vinyl acetate, polyolefins, polyamides, polyurethanes, styrene block copolymers, and others.The ethylene vinyl acetate segment led the hot melt adhesives market in 2020.
Ethylene vinyl acetate (EVA) is utilized in many hot melt adhesives because of its rubber-like flexibility.EVA-based adhesives are flexible enough to withstand cracking, especially when exposed to UV light.
These adhesives are durable, even in harsh temperatures.
The global hot melt adhesives market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America.In 2020, Asia-Pacific accounted for the largest revenue share in the global hot melt adhesive market.
The paper, paperboard, and packaging are considered as the largest end-user industry for the hot melt adhesives in this region.Its applications mainly include composite containers, carton side seam & closures, cups, tubes, bags, labels, specialty envelopes, films, disposables, foil laminates, and corrugated boards.
This growing application of hot melt adhesives in the packaging industry is influencing the market growth. Also, the growing adoption online purchasing of products is creating demand for the packaging industry and is providing opportunity for the hot melt adhesives market in APAC.
The key players providing hot melt adhesives are H.B. Fuller Company; Henkel AG & Company, KGaA; Arkema; 3M; Sika AG; Jowat SE; Hexcel Corporation; The Dow Chemical Company; Beardow Adams; Adtech; and Gorilla Glue Company, among others.
The size of overall global hot melt adhesives market has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the hot melt adhesives market.
Read the full report: https://www.reportlinker.com/p06124450/?utm_source=GNW
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