TAGS: Hot-melt Adhesives
Verified Market Research (VMR) anticipates that the Europe and North America hot melt adhesives market size which was valued at USD 3696.95 Million in 2020 is projected to reach USD 5776.62 Million by 2028, growing at a CAGR of 5.76% from 2021 to 2028.
Increased Demand for HMAs due to Rapid Bond Formation
Growing demand concerning the properties such as rapid bond formation, quicker dry time, and quick adhesion is a key growth driver for Europe and North America HMAs market.
Hot melt adhesive (HMA), is usually solids formulation based on thermoplastic polymers. These adhesives are 100% solid thermoplastic materials without any volatile organic compounds, which makes them safe for use in production, transportation, application, and storage. The hot melt adhesives consist of one or more polymers as well as additives such as stabilizers, pigments, organic pigments, and resins which are carefully blended to exhibit different characteristics from base polymers.
There are several types of hot melt adhesives such as ethylene-vinyl acetate (EVA), polyolefin, polyamide resins, styrene block copolymers, polyurethane (PU) (including reactive HMA), metallocene polyolefin (MPO), amorphous poly-alpha olefin (APAO). Hot melt adhesives are used for applications in industries such as packaging, non-woven, automotive, product assembly, textiles, tapes and labels, woodworking, paper bonding, electronics adhesives, and many more.
North America to Hold Largest Market Share for Medical Devices
Growing demand concerning the properties such as rapid bond formation, quicker dry time, and quick adhesion is a key growth driver for Europe & North America hot melt adhesives market, increasing demand for hot melt adhesives in the construction and packaging industry is a major factor propelling the growth of the market. Moreover, the use of hot melt adhesives in the automotive industry for endpoint fixing and increasing demand for hot melt adhesives in pressure-sensitive industries are other factors expected to boost the growth of the market over the forecast period.
On the other side, hot melt adhesives are sensitive to higher temperatures which loses bond strength at higher temperatures that might restrict the market growth. Furthermore, stringent government regulations in Europe and North America hot melt adhesives market might limit the demand for hot melt adhesives to some extent
Based on regional analysis, The Europe and North America hot melt adhesives market is classified into North America and Europe. North America is expected to hold the largest market share of the medical device market over the forecast period. Over the past few decades, the North American manufacturing sector and industrial development have dominated the market. The demand for healthcare and pharmaceutical products in North America has been increased to a significant extent considering the effects of COVID-19. This has escalated the demand for hot melt adhesives in pharmaceutical and healthcare applications.
Source: Verified Market Research