The global hot melt adhesive market was valued at $6 billion in 2015.
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.