What are the major catalysts for the Hot Melt Adhesives Market and their impact during the short, medium, and long terms?

Expanding packaging industry, and increasing consumer spending and environmental concerns are some of the reasons behind the extensive growth of the hot melt adhesives market. In 2017, the market generated a revenue of $7,353.1 million, and it is predicted to attain a size of $10,259.7 million in 2023, progressing at a CAGR of 5.7% during the forecast period (2018–2023). Hot melt adhesives are a thermoplastic adhesive, which are applied on the object with the help of hot glue gun. These include both synthetic and natural polymers that are available as cylindrical sticks. 

Get a Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/hot-melt-adhesives-market/report-sample

On the basis of application, the hot melt adhesives market is categorized into packaging products, furniture, automobile, diapers, footwear, textile, and bookbinding. Out of these, during the 2018–2023 period, the furniture category is expected to see the fastest growth in terms of sales volume. This is attributed to the rising usage of these materials to meet the demand of the surging population for furniture in countries such as India, China, and Germany. Such materials are used to plug the holes in wooden boards and for edging and veneer surrounds, as these offer better stability and longevity. 

Based on product, the hot melt adhesives market is classified into styrenic block copolymer (SBC), amorphous polyalphaolefins (APAO), polyamide (PA), metallocene polyolefins (MPO), ethylene vinyl acetate (EVA), polyurethane (PU), and polyester. Among these, in 2017, the EVA classification led the market with a sales volume contribution of more than 40.0%. This is ascribed to its beneficial properties such as durability, flexibility, and suitability in different temperatures. With the expanding automotive and construction industries, the need for EVA is anticipated to escalate further during the forecast period. .

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=hot-melt-adhesives-market

The adoption of new assembly methods over traditional ones by automobile manufacturers is gaining popularity in the hot melt adhesives market. Earlier, mechanical fasteners or welds were used to bond various parts of vehicles as these techniques offer high strength and performance. But, now consumer preferences for vehicle design are changing, leading to the use of nonferrous metals, lighter gauge metals, plastics, and coated steels for manufacturing. This is creating a high demand for new assembly methods, which is resulting in the surging use of hot melts for bonding automobile parts.

The global population is growing at a much higher rate than would be desirable at the moment. From roughly 7.7 billion in 2019, people across the world are set to number 10.9 billion in 2100 according to the data published by the United Nations Department of Economic and Social Affairs in its World Population Prospects 2019 report. With the growing population across the globe, efforts are also being multiplied to take care of its needs. Numerous industries are being set up, which is contributing in the improvement of the gross domestic product of many countries. This is resulting in an increase in the disposable personal income in many nations, especially emerging economies.