Selbyville, Delaware, March 11, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Hot Melt Adhesives Market was estimated at $10.4 billion in 2020 and is slated to surpass $16.1 billion by 2027, registering a CAGR of 6.7% from 2021 to 2027 owing to various industrial applications including furniture, footwear, and packaging industry. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Hot melt adhesive provides good thermal stability, safe and efficient storage. Ethyl vinyl acetate offers reliable and eco-friendly nature which is expected to raise overall HMA market growth. Rising demand for personalized passenger vehicles should boost the automotive market.
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The polyamide application segment is expected to witness a CAGR of over 6.2% by end of 2027 owing to wide product demand from the textile industry. Polyamide HMA offers good resistance to cleaning fluids owing to increased product demand from the textile industry which should foster the hot melt adhesives market growth. Polyamide offers excellent adhesion to variety of substrates including paper, wood, metal, and plastics owing to its application in various industries including the furniture and electronic industry.
Polyurethane type applications surpassed USD 720 million in 2020 owing to a wide demand for the product from the construction and footwear industry due to its ease of use and flexibility. Moreover, the amorphous poly-alpha-olefin type should grow at a CAGR of over 6.6% by 2027 owing to its ability to offer resistance against moisture, UV rays, and corrosion.
The global footwear industry segment should surpass USD 770 million by 2027. A growing fashion-conscious population along with increasing purchasing power should drive the product demand from footwear applications. Moreover, in 2020, the packaging application segment was estimated to be over USD 3.19 billion which shows a positive impact on hot melt adhesives market share.
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Europe should register over 6.4% gains by 2027 on account of increasing adoption of bio-based adhesive as a substitute to solvent based adhesive. Well established automotive industry is likely to raise demand for HMA in the European region. On the other hand, the North America HMA market is expected to witness growth by CAGR over 6.7% by 2027 owing to increasing product demand from the packaging industry.
The hot melt adhesives industry is fragmented and includes key players such as H.B. Fuller, 3M Company, Jowat SE, Henkel AG & Company, Dow Corning, Arkema, Sika AG, Huntsman International LLC, and Beardow & Adams.
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