The size and share of the North America Hot-Melt Adhesives Market are determined to grow at a CAGR of 6% in the Forecast period of 2023-2028
Rising demands in personal care and hygiene products are a driving factor to promote the Hot-melt adhesives industry in the North American region as it is widely used in the packaging industry and with the pandemic, the packaging industry is one of the few which has grown. The COVID-19 pandemic has skyrocketed the demand for sanitation products as a preventive measure for the virus.
The Paper industry also has wide implications of hot melt adhesives in the form of laminations etc. Hot melt adhesives are also used in industrial products such as the construction of corrugated boxes and in recent times this has been one of the growth factors of the industry.
Hot-melt adhesives technique, although having numerous expenses, they are more costly than other products, which is acting as a major drawback in the industry. In addition, other aspects like limited availability of raw materials, strict government regulations with respect to environmental safety, and easy access to other alternative products are also foreseen to limit the rapid expansion of these adhesives in the estimated timeframe.
SBC
APAO
MPO
EVA
Polyolefins
Polyamides
Polyurethanes
Nonwoven Hygiene Products
Packaging Solutions
Bookbinding
Furniture
Woodwork
The hygiene products segment has grown rapidly in the North American region as more people are inclined toward them amidst the COVID-19 pandemic. The packaging sector has also flourished in these times and as a consequence, the hot-melt adhesives industry has also gained a lot.
The Healthcare sector has witnessed exponential growth in recent years and with the outbreak of coronavirus, resulting in high demand for industrial, safe, and environment-friendly solutions. Nonetheless, the furniture sector is also foreseen to contribute to the demand for hot melt adhesives as it is used extensively in circuit and logic boards.
In North America, the USA is expected to dominate the hot-melt adhesives market. It has become one of the production powerhouses of the world and is one of the strongest economies. Automotive companies in the region are planning to invest heavily in the hot melt industry in the upcoming years which will increase its demand.
3M
Arkema Group
Henkel AG & Co.
Sika AG
DOW
COVID-19 has exposed severe challenges for the hot melt adhesives market by impacting the industrial and wooden sectors. The nations in North America are majorly affected by this pandemic. The Hot-melt adhesives market, however, saw substantial growth in this period owing to the increasing demand for hygienic products. In addition to this, increased awareness of personal hygiene and self-care products boosted the demands within this period. More investments are being made towards bio-based Hot-melt adhesives to reduce the harmful environmental effects of their synthetic counterparts. Post the pandemic, the market is expected to grow at a similar rate if not more at a CAGR of 6-7%.
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