Hot Melt Adhesives Market is expected to reach with a highest CAGR by 2023

Market Highlights: The Global Hot Melt Adhesive Market is set to witness a rapid growth due to its benefits and advantages over solvent based adhesives.
Hot Melt Adhesives, also known as hot glue are thermoplastic in nature. They are used for creating a strong molecular attraction between the materials. These adhesives are applied in their molten state and then solidify after cooling. Hot Melt Adhesives are known for their non-toxic and ecofriendly nature. They are of five types namely ethylene vinyl acetate, polyolefin, polyamide, polypropylene and polyurethane hot melt. Ethylene vinyl acetate Hot Melt Adhesives are light in color and widely used in the market due to their usage in several applications such as buildings & construction, food packaging and others.
The Global Hot Melt Adhesives Market has been driven by the important factors and trends such as safe storage, ease of use, excellent moisture resistance and anti-oxidant characteristics.
Industry Trends: The market has multiple significant players owing to which it experiences continuous development in the product and by offering new variants, brands try to stay afloat. For instance, the U.S. based packaging solution providers Pack size has recently launched a hot melt adhesive designed to remove stickiness from the product.
Key Competitors: Prominent competitors in the Global Hot Melt Adhesives Market: Henkel AG & Co. KGaA (Germany), Dow Corning Corporation (U.S.A.), The Dow Chemical Company (U.S.A.), Sika AG (Switzerland), RPM International Inc. (U.S.A.), H.B. Fuller Company (U.S.A), Arkema (France), 3M Company (U.S.A), Huntsman International LLC. (U.S.A.).
Market Segmentation: The Global Hot Melt Adhesives Market is fragmented by type and application. Ethylene vinyl acetate, polyolefin, polyamide, polypropylene and polyurethane segments are known, on the basis of market type.
Among these, ethylene vinyl acetate segment holds the major share in the market due to growing demand in end-use industries such as buildings & construction, food packaging, product assembly, and others. It possess several advantages over water based additives such as environmental friendly nature and antioxidant characteristic.
The polyamide adhesives provide high thermal resistance and are used in extremely high temperature applications, however their growth in the market is being hindered by their cost. Growing demand from the polymer industry has propelled polyurethane segment to witness a higher CAGR during the forecast period.
The polypropylene adhesives are used in spray formulations to generate delayed setting time properties. Food packaging, buildings & construction, wood working, carton-sealing, and others are classifications on the basis of application.
Regional Analysis: The Global Hot Melt Adhesives Market is categorized into five key regions namely;
• North America,
• Asia Pacific (APAC),
• Europe,
• Latin America,
• Middle East & Africa (MEA)
Globally, Asia Pacific is the major shareholder of this market owing to growing use in heavy end industries such as construction, packaging and others.
The European region is set to witness a rapid growth in the market owing to technological advancements and rising use in automotive, defense, and other industrial sectors. The hot melt adhesives has observed a stunning development in the North American region due to growing popularity of polyurethane adhesives. An increase in the number of manufacturing and production units has propelled the Latin American market to witness a notable growth.
The economic slowdown due to low crude oil prices has propelled the Middle East & Africa to witness a stunted growth.
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