TAGS: Hot-melt Adhesives
Research and Markets (RM) anticipates that the global polyester hot-melt adhesives market which reached a valuation of $473,057.2 thousand in 2019 and is predicted to generate a revenue of $717,152.6 thousand by 2030. The market will exhibit a CAGR of 5.3% between 2020 and 2030 forecast period.
The factors driving the progress of the market are the surging usage of polyester hot-melt adhesives in the packaging industry and the growing requirement for these materials in the automotive industry.
Polyester hot-melt adhesives are used as bonding solutions in packaging applications, on account of their high temperature resistance and high stability. Moreover, with the expansion of the packaged food and beverage industry all over the globe, because of the mushrooming sales of bottled water, packaging food, dairy products, and fruit juice, the demand for polyester hot melt adhesives is rising sharply.
Additionally, the increasing consumption of various food products is propelling the requirement for these adhesives around the world.
Increased Demand form Automotive Industry
Besides the aforementioned factor, the growing usage of polyester hot-melt adhesives in the automotive industry is also driving the advancement of the market across the globe. The increasing popularity of lightweight automotive vehicles is pushing up the demand for these adhesives.
The usage of these adhesives in place of the conventionally used mechanical fasteners, nuts, bolts, and welds for assembling various automotive components and parts, is making the manufacturing of lightweight vehicles that have high fuel efficiency possible.
Depending on application, the polyester hot-melt adhesives market is divided into packaging, industrial assembly, heat seal coating, electrical and electronic component manufacturing, and textile lamination. Out of these, the industrial assembly category is predicted to register the highest growth in the market in the forthcoming years.
Many industrial manufacturing companies are increasingly preferring using these adhesives over the conventional mechanical fasteners, on account of their ability to reduce the overall weight of machines, automobile vehicles, and equipment.
Fastest Growth in APAC Region
Globally, the polyester hot melt adhesives market is predicted to demonstrate the fastest growth in Asia-Pacific (APAC) in the coming years. This will be a result of the surging investments being made in the developing countries such as India, Thailand, China, and Vietnam. Furthermore, China is a major manufacturing center and one of the world’s largest exporters of electrical and electronic parts and components. The growth of the packaging industry is further boosting the market advancement in the country.
Besides, the growing usage of polyester hot-melt adhesives in various industrial assembly applications such as the bonding of electrical and electronic parts and components and automotive parts is also fueling the expansion of the market in this region. Moreover, with the rapid expansion of several end-use industries in the emerging economies such as China, India, Vietnam, and Thailand, the sales of polyester hot-melt adhesives are exploding in the region.
Hence, the market is set for lucrative growth across the world in the upcoming years, primarily because of the increasing usage of polyester hot-melt adhesives in the automotive and packaging industries and the explosive growth of these industries all over the world.
Source: Research and Markets