According to market research "Global Hot-Melt Adhesives Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Application (Packaging, Electronics, Wood & Furniture, Non-Woven / Hygiene, Construction), By Type (EVA, PUR, SBS/SIS, HMPSA, PA and Others)" by P&S Market Research, the global hot-melt adhesives market was valued at $6,621.8 million in 2015, and it is expected to grow at a CAGR of 7.9% during 2016 - 2022.
The factors driving the growth of the global market include growth in end-use industries, rapid industrialization rate and expansion of packaging industry, and demand of environmental friendly adhesives and regulations for recycling. The growth of hot melt adhesives market is largely driven by growth in the end use industries including packaging, automotive, transportation, textiles and footwear. The rapid development in emerging economies and increasing demand for light weight and fuel efficient automobile has increased the market share of hot-melt adhesives. HMA offers multipurpose solutions in automobile industry and are utilised in fixing cables in roof area, manufacturing car seats and joining two different spare parts. With the growing focus on speedy setting up of joints, durability and sustainability, HMAs is becoming more and more desirable in current industrial scenario. With this, and the growing awareness about using premium and quality adhesive solutions, an excellent growth opportunity would be witnessed in the hot-melt adhesives market. Nonwoven and packaging industries are the emerging industrial sectors for the global hot-melt adhesives market.
Geographically, the Asia-Pacific market held the largest share in the global hot-melt adhesives market in 2015. The major reasons behind the growth of the market in the region include the rapid industrialization and regulatory pressure by government to use eco-friendly products.
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