LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hot melt adhesives market to grow at a CAGR of more than 6% during the period 2018-2022, according to their latest report.
This market research report segments the global hot melt adhesives market based on the end-user segments (packaging industry, hygiene products industry, construction industry, automotive industry, and electronics industry), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the excellent properties of hot melt adhesives as a key factor contributing to the growth of the global hot melt adhesives market:
Excellent properties of hot melt adhesives
Hot melt adhesives are extensively used for many industrial applications due to some of their properties like rapid bond formation, flexibility of part designing, ability to bond with non-porous surfaces, superior bond moisture sensitivity, longer shelf-life, and ease of storage. Hot melt adhesives are used in a variety of end-user industries like packaging, apparel, hygiene products, construction, electronics, and automotive. Unlike conventional adhesives, hot melt adhesives do not emit VOCs, due to which they are used in the hygiene products industry for baby diaper and feminine hygiene products. They exhibit quicker drying time, higher adhesion, and can withstand higher temperatures due to which they are used in the exterior parts of automobiles and construction industry. The strong adhesion to nylon and leather products enables use of hot melt adhesives in the footwear and textile industries.
According to a senior analyst at Technavio for specialty chemicals research, “The increased use of hot melt adhesives in a wide range of applications owing to their enhanced performance and excellent properties is expected to be one of the key factors that will drive the growth of the global hot melt adhesives market during the forecast period.”
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Global hot melt adhesives market segmentation
Of the five major end-user segments, the packaging industry held the largest market share in 2017, accounting for over 37% of the market. Increase in awareness with respect to the importance of hygiene and hygiene-related products will fuel the demand for hot melt adhesives for products such as baby diapers and other personal care products. The hygiene products industry will witness the maximum growth during the forecast period.
The Americas was the leading region for the global hot melt adhesives market in 2017, accounting for a market share of more than 41%, followed by EMEA and APAC. While the Americas and EMEA are expected to witness a small increase in their respective market share, APAC is expected to witness a slight decline in its market share by 2022.
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