The surging demand for polyester hot melt adhesives from the packaging sector and their rising consumption in the automobile sector are the key factors that positively impacting the growth of the market. Owing to these factors, the global polyester hot melt adhesives market is expected to generate $717,152.6 thousand revenue by 2030, advancing at a CAGR of 5.3% during the forecast period.
The demand for polyester hot melt adhesives has witnessed a decline, on account of the ongoing Covid-19 pandemic, with the shutdown of manufacturing facilities and government-imposed restrictions on business operations, which, in turn, led to significant supply chain disparities. However, with the reopening of manufacturing facilities with precautions of proper sanitization, market situation in expected to normalize by the end of 2021.
The polyester hot melt adhesives market is categorized into industrial assembly, packaging, electrical & electronic component manufacturing, heat seal coating, textile lamination, and others, on the basis of application. Among these, the industrial assembly category is expected to lead the market in coming years. Industrial manufacturers are increasing shifting toward the adoption of such adhesives in order to decrease the overall weight of a machine, equipment, or automobile vehicle. Traditionally, mechanical fasteners were used for joining parts and components, however with the increasing weight of a machine or a vehicle, the efficiency is hampered. Owing to such factor, usage of polyester hot melt adhesives for industrial assembly is expected to increasing during the forecast period.
Geographically, the polyester hot melt adhesives market in APAC is expected to witness the fastest growth during the forecast period, on account of increasing investments in emerging economies, such as China, India, Vietnam, and Thailand. Moreover, China is a manufacturing hub and exporter of electrical and electronic components, and the packaging sector in the country is witnessing profound growth. Owing to such factors, the consumption of polyester hot melt adhesives in APAC is expected to increase, which, in turn, would provide a boost to the market growth.
Players in the polyester hot melt adhesives market are building partnerships and are getting into mutual agreements, in order to enhance their market presence. For instance, in September 2019, Bühnen GmbH & Co. KG announced its strategic partnership with a U.S.-based company, GLS Products LLC. With this partnership, Bühnen GmbH & Co. KG aims for expanding its business of hot melt adhesives in North America.
Similarly, in May 2018, Jowat SE announced its collaboration with Pidilite Industries Ltd., wherein Pidilite Industries Ltd. is involved in handling the sales and distribution of Jowat SE’s adhesive products in India, Bangladesh, Nepal, and Sri Lanka. Moreover, the two companies announced the technical collaboration to provide a range of thermoplastic hot melt adhesives, used in modular and other wooden furniture and industrial segments.
H.B. Fuller Company, Qidong Xinxin Hotmelt Adhesive Co. Ltd., Henkel AG & Co. KGaA, 3M Company, Bostik S.A, Bühnen GmbH & Co. KG, Evonik Industries AG, Mitsubishi Chemical Corporation, Sika AG, and Sipol S.p.a are some of the major players operating in the global polyester hot melt adhesives market.