"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.
Moreover, the implementation of stringent legislations to enhance environmental well-being and manage occupational health hazards will strengthen the adoption of HMAs. The advent of bio-based hot melts that improve sustainability also augurs well with the market.
Despite these advantages, the high raw material costs associated with HMAs restrict their large-scale use in many applications. As most of these raw materials are derived from petroleum, the constant fluctuations in crude oil prices affect supply and price.
Competitors are seeking ways to overcome the limitations posed by the heavy dependence on crude oil. Technological advancements in cracking and the development of innovative products can play a pivotal role in mitigating risks related to supply imbalance.
"In addition, market participants will do well to forge strong relationships with customers and develop cost-effective products that best fit end-user requirements," noted Dokos. "They will need to focus on improving operating and supply efficiency to optimise costs and stay competitive in the market."
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