TAGS: Hot-melt Adhesives
Future Market Insights (FMI) anticipates that the global hot melt adhesive tapes market is expected to register a CAGR of 6.5% during the forecast period, up from US$ 18.88 Bn in 2022 to reach a valuation of US$ 36.46 Bn by 2032.
Sales of hot melt adhesive tapes is expected to rise due to increased demand for hot melt adhesive tapes from packaging and non-woven goods applications.
Increased Popularity of HMA Tapes
The demand for hot melt adhesive tapes in D.I.Y. applications is rising rapidly as hot melt adhesive is recognized to give surface application on a variety of materials such as fabric, papers, cardboard, metals, plastics, and so on. Craft, paper, woodwork, and plastic packaging are examples of D.I.Y. applications.
Furthermore, the sales of hot melt adhesive tapes are on the rise as they do not require curing or drying. They can be applied in a molten state and, as a result, can be bonded immediately.
The surge in popularity of hot melt adhesive technology is likely to drive the demand for hot melt adhesive tapes throughout the forecast period.
Furthermore, the increased use of hot melt adhesive tapes in various applications is expected to drive the sales of hot melt adhesive tapes. On the other hand, the hot melt adhesive tapes market growth is expected to be hampered by its lower heat resistance when compared to solvent-based and water-based adhesive tapes over the forecast period. This factor is also projected to affect the sales of hot melt adhesive tapes during the forecast period.
Demand from Packing Applications
The demand for hot melt adhesive tapes is rising due to the expanding number of packaging applications in the transportation and logistics business. During the period 2022-32, properties such as high peel strength and good insulation are projected to boost the sales of hot melt adhesive tapes and drive the hot melt adhesive tapes market growth.
Furthermore, for the production of hot melt self-adhesive tapes, package makers are currently adopting bioplastic materials such as PHA, PLA, and others. Bioplastic materials used in hot melt self-adhesive tapes also have a higher tensile strength and may be printed on, which is propelling the hot melt adhesive tapes market share.
The sales of hot melt adhesive tapes are projected to grow as they help to maintain a clean package appearance and improve the visibility of graphics and logos printed on cartons and boxes.
Furthermore, a growing emphasis on display graphics over carton boxes is driving up demand for hot melt adhesive tapes over the forecast period. All of these reasons help to propel the market for hot melt adhesive tapes.
However, the market for hot melt adhesive tapes may face significant challenges in the near future due to a lack of utilization in high-temperature applications.
Highest Growth in Asia Pacific Region
During the projected period, Asia Pacific's emerging economies will account for a major proportion of the hot melt adhesive tapes market. More than half of the Asia Pacific hot melt adhesive tapes market is acquired by China and India.
The burgeoning transport and logistics business in the region has also contributed to the region's growth. China is ranked 27th in the World Bank's Logistic Performance Index.
Additionally, China represents new trade gateways between South America and Africa, enhancing the global logistics supply chain and benefiting the hot melt adhesive tapes market in the near future. During the forecast period, Latin America is expected to have a favorable impact on the hot melt adhesive tapes market.
Some of the global key players in the hot melt adhesive tapes market are Avery Dennison Corporation, Intertape Polymer Group Inc., The 3M Company, Shurtape Technologies, LLC, Irplast S.p.A., Mario Tapes, Hira Industries L.L.C, Scapa Group plc, LINTEC Corporation.
Tier 1 and 2 players in the hot melt adhesive tapes market are focusing on diversifying their product portfolios and extending their global reach. Tier 3 firms in the hot melt adhesive tapes market are focused on providing high-quality products, and this portion of the market is made up of unorganized competitors. The following are some recent developments in the hot melt adhesive tapes market.
Recent Developments
Avery Dennison, a manufacturer of hot melt adhesive tapes, is increasing its business in the hot melt adhesive tapes industry through acquisitions. In 2016, the company paid $190 million for Yongle Tape Company Ltd.
Tesa SE introduced a new tapes segment product line consisting of ultra-thin washi paper in May 2017.
To expand its global footprint, 3M purchased Acelity Inc., a healthcare solution firm, in May 2019.
Essentra Plc. is developing its business by spreading its reach in different parts of the world as of June 2018. For example, the corporation sold its consumer packaging plant in Bristol, United Kingdom.
Source: Future Market Insights