California hot melt adhesives market is expected to reach USD 159.2 million by 2022, according to a new report by Grand View Research, Inc. Increasing requirement for quicker bonding time in high speed product assembly and industrial applications is expected to boost industry growth over the forecast period.
Rising environmental concerns regarding VOC emissions has driven substitution of conventional adhesive technologies, such as solvent-based, with hot melts. Stringent environmental regulations regarding adhesive additives implemented by federal agencies such as EPA & U.S. Chemical Safety Board are expected have a major impact on industry dynamics, particularly in terms of product formulation and production.
Ethylene vinyl acetate (EVA) adhesives are expected to remain the largest product segment owing to high utilization by numerous end-users seeking better adhesion on non-porous substrates such as metals and glass. The segment accounted for over 37% of total market volume in 2014. It is also expected to witness the highest growth of 3.1% over the forecast period. With increasing consumer requirement for greater flexibility in curing & setting times, polyurethane (PU) hot melts are expected to gain in terms of utilization.
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Further key findings from the report suggest:
- California hot melt adhesives market size was 105.1 million lbs in 2014 and is expected to reach 131.3 million lbs by 2022, growing at a CAGR of 2.8% from 2015 to 2022.
- Packaging was the leading application segment and accounted for 29.1% of total market volume in 2014. Burgeoning demand for individually packaged goods owing to high per capita income, coupled with growing preference for superior performance characteristics is leading to high hot melts demand in packaging and general industrial applications.
- Disposables are expected to be the fastest growing application segment over the forecast period. Migrant population growth, increasing birth rate and population maturity are major factors driving hot melts consumption in the aforementioned application.
- California hot melt industry is fairly fragmented among major multinational conglomerates as well as domestic manufacturers. International players include Avery Dennison, H.B. Fuller, Bostik (Arkema), RPM International, The Dow Chemical Company, Henkel, BASF and Ashland while domestic participants include Wisdom Adhesives Worldwide, Palmetto Adhesives and Pacific Adhesives.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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