APAC accounted for 32.9%, in terms of value, of the global HMA market in 2021. The furniture woodwork application is projected to grow at the highest CAGR in terms of value and volume, during the forecast period. This is due to the changing demographics, changing consumer needs, and the increasing consumer awareness regarding these products in the Asia Pacific region. The others application is also growing in terms of both value and volume. This is due to the increasing application of HMAs in footwear manufacturing and in consumer DIY applications.
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The packaging solutions has the largest market share of HMA by Application segment. The packaging application of HMAs includes carton boxes, envelopes, carton closure, cups, flexible packaging, specialty packaging, bags, and processed food products. Cases and cartons are made of paperboard and used for the packaging of goods. They are used in various applications such as transportation and storage of agricultural poultry products, biscuits, chocolates, pharmaceutical products, and industrial use.
Corrugated packaging offers various benefits, as they are stackable, custom-designed, recyclable, and incur low transportation costs. Corrugated board is a blend of three sheets of paper. Corrugated paperboard is used for the packaging of products, such as fruits, vegetables, poultry, meat, agriculture, cosmetics, furniture, personal care, automotive, publication printing, and seafood, which increases the use of adhesives in this application. In paper packaging, HMAs are also used for sticking labels on bottles, boxes, and containers in the food beverage, pharmaceuticals, and personal care industries.
Henkel AG Co. KGaA (Germany), H.B. Fuller (US), Jowat SE (Germany), 3M (US), and Arkema (Bostik) (France) are the key players in the global HMA market. These market players are expected to undertake various growth strategies, such as expansions, acquisitions, and new product launch to expand their overall businesses and tap the opportunities in the fast-growing economies. Major players are focusing on strengthening their RD facilities to provide cost-effective products and investment in emerging markets. These products are manufactured adhering to regulations implemented by governments. All such developments are expected to lead to the sustainable growth of the HMA market players over the next five years.