Hot Melt Adhesives Market will likely surpass USD 3 billion by 2024

Hot melt adhesives market is foreseen to carve an exponential growth graph over the next seven years, pertaining to the extensive usage of thermoplastic adhesives in numerous professional sectors. Driven primarily by the properties of eco-friendliness, long shelf life, non-degradability, quick drying, cost-effectiveness, and disposability, hot melt adhesives are used in the packaging sector to preserve and protect food, beverages, groceries, and agricultural produce. They are also used in car seating, water shields, door sealants, sear upholstery, and package tray attachments in automobiles, thereby propelling hot melt adhesives industry size from the automotive sector. As per Global Market Insights, Inc., Hot melt adhesives market, valued at USD 5.5 billion 2015, is slated to exceed a valuation of more than USD 10 billion by 2024, growing at a CAGR of 6% over 2016-2024.

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Hot melt adhesives are widely used in the packaging sector for manufacturing plastic bottles, paper cartons, and corrugated sealing, subject to their superior features. This will simulate hot melt adhesives market from packaging applications, which is forecast to grow at a rate of 5.5% over 2016-2024. The increase in the production of tapes, labels, films, and foils will also drive the industry trends, especially across APAC and Europe.

Europe hot melt adhesives industry is anticipated to experience the highest CAGR of 4.5% between the years of 2016 to 2024. This growth rate can be attributed to the enforcement of stringent regulations to prevent VOC emissions and the rising prominence of the automotive and packaging sectors. Germany is a major revenue contributor for Europe hot melt adhesives market. Strict norms by the EPA and REACH organizations coupled with the rising demand for thermoplastic adhesives from the food & beverage sector will drive Germany hot melt adhesives industry, set to grow at a rate of 4.5% over 2026-2024.

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The automotive sector is on a progressive path even across the APAC region, especially in China and India. Mainly driven by the product’s usage for door sealants, package tray attachments, and seat upholstery, China hot melt adhesives market share from automobile applications will exceed USD 50 million by 2024.

Ethylene-vinyl acetate (EVA), one of the key products of hot melt adhesives industry, is highly dependable, versatile, and durable, with intact adhesion properties. It also holds a small part of adhesives and sealants market and is used increasingly in the packaging, F&B, automotive, and paper manufacturing sectors, owing to which EVA hot melt adhesives industry size is slated to exceed USD 3.5 billion by 2024.

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The escalating growth in the transportation sector will propel amorphous poly-alpha-olefin hot melt adhesives market, which is likely to record a CAGR of 5% over 2016-2024.

Collaborating with companies manufacturing eco-friendly and bio-based products is a key growth strategy of firms operating in this industry. Prominent market players include H.B. Fuller, Hunstman Corporation, Avery Dennison, 3M Company, Dow Chemicals, Bostik, Tex Year Industries, and Ashland.

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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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