The global hot melt adhesive market was valued at $6 billion in 2015 and is projected to reach $9.44 billion by 2024 at a compound annual growth rate (CAGR) of 5.2% from 2016 to 2024, according to Transparency Market Research’s recent report, ”Hot Melt Adhesives by Product Type (EVA, polyolefin, polyamide, polyurethane, styrene block copolymers and others) and by end-user (packaging, construction, non-woven, book binding and paper binding, furniture, footwear, electronics and others), Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.”

Rising trading activities, which were considered to have contributed to the demand for the packaging industry and the increasing construction activities in regions such as Asia Pacific and Middle East, are reportedly the main drivers for the growth of hot melt adhesives market. However, volatility in crude oil prices and availability of substitutes are considered the major challenge restricting higher adoption for hot melt adhesive.

Reportedly, based on product type, ethylene vinyl acetate was the major segment and is anticipated to dominate the market during the forecast period. Low prices of EVA-based hot melt adhesives and the increasing popularity in packaging and construction sectors are factors expected to drive the EVA segment during the forecast period. However, polyurethane is anticipated to exhibit significant CAGR; it is expected to grow at CAGR of more than 5% during the forecast period.

The report also showed that, based on end-use, packaging held a major share of more than 30% for hot-melt adhesive in 2015 and is expected to grow at significant CAGR compare to other segment during the forecast period.

Construction is another major segment after packaging and is anticipated to grow at moderate rate for hot melt adhesive between 2016 and 2024.

In terms of revenue, Europe reportedly dominated the hot melt adhesive market in 2015 in terms of revenue followed by Asia Pacific and North America. However, the report shows that Asia Pacific is anticipated to show significant CAGR compared to other regions during the forecast period. It is expected to grow at CAGR of more than 5% between 2016 and 2024. Increasing demand for packaging due to rising trading activities and growth in construction industry, which is anticipated to contribute the demand for hot melt adhesive market.

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