Increasing industrial activity following the economic downturn is boosting demand for hot melt adhesives (HMAs) globally, according to Frost & Sullivan.
The research company reports that the market earned revenues of $3.56 billion in 2012 and estimates that the market will reach $5.01 billion in 2019.
Tapes, artificial turfs and rigid bonding are likely to remain the dominant applications for HMAs, followed by packaging and construction.
HMA use in transportation and woodworking, however, will witness sluggish growth owing to the slowdown in automobile sales and the rising popularity of metals and plastics over wood materials, the firm said.
"Environmental concerns associated with the use of solvent-based adhesives are in effect creating a replacement market for hot melt adhesives," said Frost & Sullivan Chemicals, Materials & Food research director Dr Leonidas Dokos.
One source of growing adoption of HMA is the implementation of stringent legislation to enhance environmental well-being and manage occupational health hazards. Bio-based hot melts that improve sustainability also augurs well with the market, Frost & Sullivan pointed out.