Hot Melt Adhesives Market Future Demand, Growth, Share and Analysis with forecast 2024
The
global hot melt adhesives market features a highly fragmented
competitive landscape due to the presence of numerous small- and
medium-sized enterprises. In a new study, Transparency Market
Research (TMR) found out that the top six players in 2015 accounted
for a cumulative share of 75% in the overall market. These players
were Jowat SE, H.B. Fuller, Henkel, DOW Corning Corp., 3M Co., and
Sika AG. “These players are focusing towards their exports
capacities in order to increase their geographical outreach across
developed as well as emerging nations, which is likely to intensify
competition in the near future,” says TMR’s lead analyst.
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As
per the findings of the report, the opportunity in the global hot
melt adhesives market was pegged at US$6.00 bn in 2015 and is
expected to rise at a CAGR of 5.20% between 2016 and 2024, reaching
US$9.44 bn by 2024.
Europe
to Maintain Leadership through 2024
On
the basis of end users, the packaging industry will continue to be
the leading revenue contributor in the global hot melt adhesives
market until 2024. The construction sector will also be a promising
end user during the review period. Geographically, Europe will
command the lion’s share in the market throughout the forecast
horizon. Asia Pacific, on the other hand, will post a CAGR higher
than any other region. The growth of the region can be attributed to
the rising demand for high-quality packaging of consumer goods and
food and beverages.
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Favorable
Government Regulations to Escalate Adoption of Hot Melt Adhesives
The
extensive application of hot melt adhesives in the packaging,
construction, and electronics industries stimulating the growth of
the market. “Therefore, the flourishing growth of these industries
is reflecting positively on the sales of these adhesives,” says a
TMR analyst. In addition, developing countries such as India, China,
Brazil, and Indonesia are high-profit destinations of key players
owing to the increasing construction spending and widening packaging
applications in the food and beverages sector.
These
adhesives are said to be safe for human use, environment friendly,
and VOC-free thermoplastics, which are suitable for production,
storage, and transportation. Owing to these properties, governments
worldwide are encouraging their usage through favorable policies,
thereby stoking the growth of the market.
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Volatile
Crude Prices to Keep Market from Realizing Utmost Potential
The
turbulence in prices of crude oil is adversely affecting the overall
revenue generation of the global hot melt adhesives market. This is
further compounded by the abundant availability of alternatives.
Moreover, manufacturers have to comply with stringent regulations,
particularly in developed countries, which renders the pace of
development of the market sluggish. Nevertheless, the spiraling
demand for hot melt adhesives in various end-use industries is making
way for technological advancements, which is likely to provide
significant impetus to the market in the near future. Furthermore,
the soaring demand for polyolefin based adhesives is creating ample
growth opportunities for the global hot melt adhesives market.
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Hot Melt Adhesives Market Report is available at US$ 5795 -
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