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The global polyester hot melt adhesives market generated revenue of $473,057.2 thousand in 2019, and is expected to demonstrate a CAGR of 5.3% during 2020–2030. Some of the key growth factors for the industry include increasing consumption of polyester hot melt adhesives in the packaging sector and rising demand from the automobile industry.
The COVID-19 pandemic has put the world on a standstill, affecting major operations and resulting in an industrial catastrophe. The pandemic has affected every industry, including the market for polyester hot melt adhesives, with the temporary shutdown of automotive manufacturing units and consumer electronic manufacturing companies, along with the shutdown of raw material manufacturing facilities. This, in turn, led to the disruption in supply chain and significant increase in production costs. However, governments ensure supply of essential commodities, such as packaged food and beverages, thus, the usage of such adhesives in the food & beverage sector remained unaffected.
In 2019, the industrial assembly category accounted for the largest market size in the polyester hot melt adhesives market, on the basis of application. This is attributable to the high-volume consumption of these adhesives for providing adhesion to industrial components of automobiles, electrical and electronic items, and other industrial products. Additionally, the growth in the industrial sector, particularly in emerging economies, is expected to further propel the consumption of these adhesives. Owing to such factors, the category is expected to retain its dominance during the forecast period in the market.
APAC accounted for the largest volumetric demand during the historical period and the trend is likely to continue during the forecast period, majorly on account of high-volume consumption of polyester hot melt adhesives for industrial assembly application, including bonding of electrical & electronic items and automotive components. With the growth in the end-use industries in developing countries of the region, such as India, China, Thailand, and Vietnam, the consumption level is witnessing a rise. Owing to such factors, the demand for polyester hot melt adhesives is high in the region, and the trend is likely to continue in coming years.
Geographically, the polyester hot melt adhesives market in APAC is expected to witness the fastest growth during the forecast period. One of the major factors responsible for the growth is the rapidly increasing demand for such adhesives from end-use industries in developing countries, such as China, India, Vietnam, and Thailand. Additionally, the availability of low-cost raw materials and labor, makes the region an attractive market for industrialists. Considering this, the region is projected to receive high amount of foreign direct investments from the west, owing to which, the demand for polyester hot melt adhesives is projected to increase in APAC.
In recent times, a shift from traditional stitching method toward adoption of hot bonding technology has been observed in the polyester hot melt adhesives market. This is primarily ascribed to the increasing awareness of hot melt adhesives’ advantages in the textiles industry. The coating of adhesives on the material provides water resistance and no sewing required. This makes it suitable for usage in textile bonding of leather, wool, linen, and polyester, and several others products.
Polyester hot melt adhesives serve as a suitable bonding solution for packaging purposes, due to their excellent high temperature resistance as well as high stability. Rising sales of packaged food, bottled water, fruit juice, and dairy products have fueled the growth of the packaged food & beverage industry, across the globe. With the increase in food consumption worldwide, the demand for such adhesives for food packaging purposes is expected to increase.
Similarly, the usage of these adhesives for medical purposes, such as usage in band aids, wound dressing materials, and medical tapes, along with the usage for packaging of medical products, is expected to increase on account of the growing healthcare industry. Therefore, such factors are expected to promote the growth of the polyester hot melt adhesives market in coming years.
Lately, the shift in preference toward lightweight automotive vehicles has created a high-volume demand for polyester hot melt adhesives. Traditionally, mechanical fasteners, welds, nuts, and bolts were used to assemble several automotive parts and components, which increase the weight of an automotive vehicle. The usage of such accessories significantly impacts fuel efficiency of the vehicle, owing to which there has been a shift in preference toward lightweight vehicles. Polyester hot melt adhesives have excellent resistance toward high temperatures, along with their ability to provide lightweight bonding of components. Moreover, the usage of such adhesives increases production efficiency, due to their fast adhesion properties. Owing to such advantages, the demand for such adhesives from the automotive sector is witnessing a rise, which, in turn, benefitting the polyester hot melt adhesives market.
|Base Year (2019) Market Size||$473,057.2 thousand|
|Forecast Period (2020-2030) CAGR||5.3%|
|Report Coverage||Market trends, revenue estimation and forecast, segmentation analysis, value chain analysis, porter’s five forces analysis, regional and country breakdown, company share analysis, companies’ strategic developments, company profiling|
|Market Size by Segments||Application, geography|
|Market Size of Geographies||U.S., Canada, Germany, Russia, France, U.K., Poland, Hungary, China, Japan, India, South Korea, Malaysia, Philippines, Mexico, Brazil, Argentina, South Africa, Saudi Arabia, U.A.E.|
|Secondary Sources and References (Partial List)||Association for Packaging and Processing Technologies, Association of European Adhesives and Sealants Manufacturers, Association of the Adhesives Industry, Australian Packaging Covenant Organization, British Adhesives and Sealants Association, China Adhesives and Tape Industry Association, Chinese Automobile Manufacturers Association International|
The polyester hot melt adhesives market is fragmented in nature, with presence of a large number of small-scale players, and a few large-scale players such as Bostik S.A., Henkel AG & Co. KGaA, 3M Company, and H.B. Fuller Company.
In recent years, players in the industry are entering into strategic agreements, in order gain larger market coverage. For instance:
The global Polyester Hot Melt Adhesives Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Application