TAGS: Hot-melt Adhesives
Grand View Research anticipates the global polyester hot melt adhesives market will reach USD 695.1 million by 2027, expanding at a CAGR of 8.7 percent, in terms of revenue, during the forecast period. Increasing middle- and upper-middle-class populations in emerging countries such as India and Brazil are projected to assist the growth of the packaging industry.
High Demand for Pharmaceutical Packaging
Changing the retail environment has boosted the demand from several retail stores, thereby increasing the use of ready-to-use packaging products. Additionally, developments in the e-retail segment in both developed and developing countries have widely shifted the user base from retail stores to online stores. This is projected to boost the indirect demand for various adhesive products in the forthcoming years.
Pharmaceutical packaging is one of the major potential end-use industries and is anticipated to grow significantly over the next eight years. Advances in biotechnology and the rising demand for biologics are anticipated to boost the demand for various pharmaceutical packaging products such as parenteral vials and pre-fillable syringes. These factors are projected to have a positive impact on market growth in the long run.
Increase Demand of HMAs in Automotive Industries
The increasing demand for polyester hot melt adhesive compared with water and solvent-based alternatives can be credited to faster setting time and strong bonding. Adhesion to a broad range of surface textures such as plastics, boards, and paper is anticipated to further increase product demand in the packaging segment.
Hot melt adhesives are used at various stages of the automotive production line. Benefits associated with hot melts include high adhesion, heat resilience, low VOC, and suitability for diverse dispensing processes such as engraved, multi roller, and scatter coating. Common applications in automobiles include textile convertible roofs, trunk lining, emblem attachment, seat assembly, and air filter attachments. Hot melts retain their flexible properties at low working temperatures.
Asia Pacific is anticipated to remain the largest consumer of polyester hot melt adhesive products. The production of textiles in large volumes in China, India, Bangladesh, and other Asian countries; demand for consumer durables, and high consumer potential in Southeast Asian countries are likely to support the demand for polyester hot melt adhesives.
Polyester Hot Melt Adhesives Market Report Highlights
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In terms of both revenue and volume, textiles and fabrics was the largest application segment in 2019. It was valued at USD 120.9 million in 2019. The growth is attributed to the requirement of increasing demand from yarns and fabrics in textiles and footwear industries.
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Increasing demand for attractive labels to gain the attention of customers is projected to benefit the packaging application segment. The segment is expected to expand at a CAGR of 4.5percent from 2020 to 2027, in terms of volume.
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Numerous industries including automotive, packaging, electrical and electronic, and textile, which are the key consumers of polyester hot melt adhesives have witnessed a decline in demand due to temporary closures of dealerships and disruptions in the supply chain amid the COVID-19 pandemic.
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Europe accounted for a volume share of 21.4 percent in the market. The growing flexible packaging market in Europe is anticipated to drive the demand.
Source: Grand View Research