The expanding packaging industry is expected to drive the global polyester hot melt adhesives market to $717,152.6 thousand by 2030 from $473,057.2 thousand in 2019, at a 5.3% CAGR between 2020 and 2030. These adhesives offer high stability and temperature resistance, which is why they are preferred in packaging applications.
Presently, the increasing demand for bottled water, packaged food, dairy products, and fruit juice is fueling the polyester hot melt adhesives market advance. The U.S. Department of Agriculture says that in 2019, the food service sector, where packaging adhesives are consumed in huge quantities, generated $969.4 billion in revenue. Additionally, these materials are also used in wound dressing materials, band-aids, and medical tapes and for packaging medical products.
The industrial assembly category held the largest share in the polyester hot melt adhesives market in the past, and it is projected to retain its dominance on the industry in the coming years, based on application. Such adhesives are consumed during assembling operations in a wide array of industries, including electrical & electronics and automotive. Earlier, mechanical fasteners, including nuts, bolts, and screws, were used for machinery and automotive assembly. But, with the increasing awareness regarding cutting the weight of end-products, adhesives are replacing these metallic fasteners.
Currently, the largest contributor to the polyester hot melt adhesives market is Asia-Pacific, and this is also where the industry will grow the fastest in the years to come. The region has highly productive automotive electrical & electronics sectors, which require such adhesives in substantial volumes. The growth of all these end-use industries in India, China, Thailand, and Vietnam will lead to a constantly rising requirement for such adhesives.
Bostik S.A., 3M Company, Evonik Industries AG, Bühnen GmbH & Co. KG, Henkel AG & Co. KGaA, H.B. Fuller Company, Sika AG, Mitsubishi Chemical Corporation, Qidong Xinxin Hotmelt Adhesive Co. Ltd., and Sipol S.p.a. are the major global polyester hot melt adhesives market players.
Key Findings of Global Polyester Hot Melt Adhesives Market Report
- During COVID-19, food and beverage sector drawing major adhesive demand
- Polyester hot melt adhesives gaining importance in industrial assembly
- APAC best region for industry investors
- Players working together for competitive edge
- Market fragmented due to presence of numerous companies
- Bio-based adhesives key opportunity area for stakeholders