Hot-melt adhesives: Key market research findings
- Advances in polyurethane-based hot melt adhesives
- Growing dominance of EVA hot-melt adhesives
- Key players include 3M, Arkema, Dow Chemical, H.B. Fuller, Henkel, and Sika
Technavio has released a new report on the global hot-melt adhesives market, which is anticipated to grow at a CAGR of almost 6% between 2016 and 2020. Hot melt adhesives are extensively used in across several end-user industries owing to their superior manufacturing flexibility when compared to other solvent-based and waterborne adhesives. They are widely used in product assembly, bookbinding, construction and concrete, packaging, hygiene products, pressure sensitive labels and tapes, footwear, and furniture applications. Also, these adhesives are eco-friendly and are easy in application. North America dominates the market and accounted for around 37% of the total market revenue in 2015. Factors such as growing demand for packaging and hygiene products is propelling the demand for hot-melt adhesives in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the latest trends gaining significance in the market is the growing use of polyurethane-based hot melt adhesives. Unlike SBC- and EVA-based hot melt adhesives, polyurethane-based adhesives polymerize soon after they are applied to make a strong bond. These adhesives have higher flexibility and can also withstand high temperatures. Some of the major vendors producing polyurethane-based hot melt adhesives include Ashland, 3M, Bostik, H.B. Fuller, American Chemical, and Dow Corning,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
The ethylene vinyl acetate (EVA) hot-melt adhesives segment will occupy the largest share in the market, by holding more than 38% of the overall market by 2020. Much of the segment’s growth can be attributed to the increased emphasis on environmentally friendly, low VOC-emitting products by the government and its ease of application over other types of adhesives. Additionally, the growing popularity of these adhesives in the packaging segment owing to their environment friendliness will boost the growth of the overall market in the coming years.
The market is dominated by a few key vendors who are constantly focusing to expand their geographic reach and product portfolios to meet the end user’s demand. They are also shifting their manufacturing facilities in the developing regions to reduce the overhead cost. Also, in order to comply with EPA and REACH regulations, these players are investing in research activities to cope with the changing market needs.
A more detailed analysis is available in the Technavio report, Global Hot-melt Adhesives Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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