Hot melt adhesives are mainly used for manufacturing and packaging applications to bind packaging materials like paper and board together. They offer advantages like strong bonds which are durable and moisture resistant. Hot melt adhesives find applications in packaging and assembly of various products across diverse industries. The global Hot Melt Adhesives Market is estimated to be valued at US$ 7.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The formulation of hot melt adhesives is witnessing major innovations with manufacturers focusing on environment friendly and sustainable solutions. Biodegradable and recyclable hot melt adhesives are gaining traction driven by rising eco-consciousness among consumers and stringent regulations. Plant based polymers and additives are being increasingly utilized to develop bio-based hot melt adhesive variants with comparable performance. Leading brands have introduced product lines with renewed and green soy and other plant extracts. Such innovations are helping expand the application scope of hot melt adhesives and also fulfill sustainability goals of end-use industries like packaging, footwear and automotive. The growing trend towards green adhesive solutions will continue driving the demand over the forecast period.
Segment Analysis
The global hot melt adhesives market can be segmented based on the type, raw materials, application and end-use. Based on type, ethylene-vinyl acetate segment currently dominate the market. EVA-based adhesives offer benefits such as high bonding strength, better heat resistance and flexibility which has resulted in their wide use in various applications.
Key Takeaways
The global Hot Melt Adhesives Market Share is expected to witness high growth over the forecast period. The market is driven by growing demand from packaging and nonwoven application.
Regional analysis: Asia Pacific region currently accounts for the largest market share and is expected to maintain its dominance during the forecast period. Growing packaging and furniture industry in China, India and other developing countries is supporting the market growth. North America and Europe are also significant markets however Asia Pacific is expected to register fastest growth over coming years.
Key players operating in the hot melt adhesives market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH. These players are focusing on new product launches and capacity expansions to cater to growing demand and strengthen their presence in the market.
For more insights, read- https://www.ukwebwire.com/hot-melt-adhesives-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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