Hot Melt Adhesives Market Size, Share, Growth, Analysis and Forecast to 2024

The different types of hot melt adhesives available in the market are SBC, PA, PU, EVA, amorphous poly-alphaolefin (APAO), polyester, and metallocene polyolefin (MPO). Of all, EVA held the largest share in the market with its market size valued at USD 3.2 Billion in 2017 and is set to reach USD 4.6 billion by 2024. The growth of EVA segment is driven by its various benefits such as durability, quicker time setting, and suitability in a huge variety of temperatures.

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Among different applications including furniture, hygiene, bookbinding, packaging solutions, automobile, textile, electronics, and footwear, automobile application is expected to witness the fastest growth in demand for these adhesives, observing a CAGR of 7.0% during the forecast period. The fastest growth of this application is attributed towards the increasing use of these adhesives in the components of commercial and personal vehicles in the countries of developing the economy.

Key players offering products in the hot melt adhesives industry are Sika AG, Beardow & Adams (Adhesives) Limited., 3M Company, Westlake Chemical Corporation, Bostik Inc., Jowat SE, H.B. Fuller Company, Avery Dennison Corporation, Arkema Group, DowDuPont Inc., and Henkel & Co. KGaA.

Source: VynZ Research