Owing to growing demand for innovative and improved products by various industrial sectors, such as automotive, construction, packaging, furniture, non-woven/hygiene, the global hot melt adhesives market is likely to experience significant growth over the upcoming years, as per a report by Zion Market Research. The rising awareness regarding non-woven/hygiene among the consumers, supportive government policies, growing investments in developing innovative hot melt adhesives are some other key factors that are likely to fuel the global hot melt adhesives market in the future. However, the low thermal resistance of hot melt adhesives may hamper the global hot melt adhesives market growth. Alternatively, the growing number of non-woven and packaging applications in the Asia Pacific and Latin America regions is likely to open new growth avenues for the major players of the market.
The global hot melt adhesives market is mainly fragmented based on type and application. By type, the market for hot melt adhesives includes styrenic block copolymers, polyamides, ethylene vinyl acetate, polyurethane, amorphous polyalphaolefins, polyolefins, metallocene polyolefin, and others. The ethylene vinyl acetate segment is anticipated to register the highest CAGR in the hot melt adhesives market globally over the projected time period.
By application, this global market comprises packaging, book and paper binding, construction, furniture, footwear, non-woven/hygiene, electronics, automotive, and others. The packaging segment dominated the global hot melt adhesives market in 2018 and is anticipated to show the highest CAGR in upcoming years.
In 2018, the Asia Pacific region was the largest hot melt adhesives market globally. This growth was mainly due to the rapid growth witnessed in marine and aerospace industries in the region. Moreover, the Asia Pacific region is anticipated to be the fastest-growing market for hot melt adhesives over the next few years, owing to the flourishing automotive industry in the region. China and India are the major countries for the hot melt adhesives market in the region, owing to the constantly developing industries in these nations.