Growth in the packaging and automobile sectors will drive the polyester hot melt adhesives market at 5.3% CAGR during 2020–2030. The market value will increase from $473,057.2 thousand in 2019 to $717,152.6 thousand by 2030. Currently, the market is observing a shift away from traditional stitching to the hot bonding technology, owing to the mushrooming awareness about the advantages of hot melt adhesives in the textile industry. The coating of such adhesives on materials offer water resistance and no sewing is needed, which make them ideal for bonding of linen, wool, polyester, and leather.
These adhesives serve as an ideal bonding solution while packaging products, owing to their exceptional properties of high stability and high temperature resistance. Also, escalating sales of packaged dairy products, bottled water, and packaged food will facilitate the polyester hot melt adhesives market growth in the future. Similarly, the adoption of such adhesives in the medical industry for producing band-aids, medical tapes, and wound dressing materials and packaging of medical products will drive the demand for polyester hot melt adhesives in the coming years.
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In recent years, players in the polyester hot melt adhesives market have started entering into mutual agreements and building partnerships to improve their market position. For example, in September 2019, Bühnen GmbH & Co. KG announced its partnership with GLS Products LLC in the U.S. Under this partnership, the former aims to enhance its hot melt adhesives business in North America. Other companies adopting these key strategic measures include Henkel AG & Co. KGaA, Qidong Xinxin Hotmelt Adhesive Co. Ltd., H.B. Fuller Company, Sika AG, Bostik S.A., and Mitsubishi Chemical Corporation.
Geographically, the Asia-Pacific region held the largest market share in 2019 and it is likely to maintain the same trend in the forecast years. This is attributed to the increasing consumption of polyester hot melt adhesives for industrial assembly applications, such as bonding of automotive components and electrical and electronic items. Moreover, the growth of the end-use sectors in emerging economies like India, Vietnam, China, and Thailand will also raise the consumption of these adhesives in the future.
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Moreover, the APAC polyester hot melt adhesives market will exhibit the fastest growth during the forecast period. This can be primarily owed to the expansion of the end-use industries in the developing nations of APAC. The availability of low-cost labor and raw materials has attracted numerous industrialists to the region. With the rising number of manufacturing units, a large amount of foreign direct investment (FDI) is expected to be offered to this region, thereby, boosting the demand of such adhesives.
Market Size Breakdown by Segment
- Industrial Assembly
- Electrical & Electronic Component Manufacturing
- Heat Seal Coating
- Textile Lamination
- North America
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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