New York, NY -- (SBWire) -- 08/01/2018 --Hot melt adhesives, also known as hot glue. It is a thermoplastic adhesive which is applied using a hot glue gun. The variety of polymers in this class is wide and includes both natural and synthetic forms. It is commonly sold as solid cylindrical sticks of various diameters and can also be applied by spraying or dipping. According to a research report published by P&S Intelligence, the global hot melt adhesives market is witnessing a steady growth rate and it is expected to grow with that steady pace for the next few years. The market growth is mainly driven by increase in consumer spending power in emerging economies and rapid expansion of the packaging industry.
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Globally, Europe accounted for 32.9% volume sales of hot melt adhesives globally. During 2018-2023, the demand for hot melt adhesives is expected to exhibit a CAGR of 3.8% in terms of volume. The high-level consumption of hot melt adhesives in Europe is driven by the rising demand from end user industries such as automotive, furniture, packaging, footwear, and textiles. Among the European countries, Germany is one of the major hubs of automobile manufacturing in Europe. In 2017, the country accounted for around 30% of all passenger cars manufactured in the region.
Major global automotive manufacturers such as Audi AG and Daimler AG (manufacturer of Mercedes-Benz automobiles) have their production bases located in Germany. Due to the presence of sophisticated automotive technology, the country has the largest concentration of OEMs of automobiles in Europe. The large-scale production of automobiles across the country will continue to drive the demand of hot melt adhesives in Germany during the forecast period.
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Most of the players in the global hot melt adhesives market serve customers in more than 20 countries, which implies a global presence of these companies. Along with that, most of the players have a strong headcount of more than 5,000 employees to serve the customers in an efficient manner. Also, companies have an extensive product portfolio related to hot melt adhesives to serve different industries including infrastructure.
Henkel & Co. KGaA, Jowat Klebstoffe, and Sika AG are among the major players in the market based on their offerings. For example, Jowat Klebstoffe offers EVA, polyolefins, copolyamide hot melt adhesives. Also, Sika AG offers SIKAMELT series of hot melts in various countries.
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