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.
The application segment of the polyester hot melt adhesives market is classified into packaging, heat seal coating, industrial assembly, textile lamination, electrical and electronic component manufacturing, and others. During the forecast period, the industrial assembly category is expected to lead the market, due to the rising shift toward the adoption of these adhesives from mechanical fasteners, to reduce the overall weight of vehicles, machines, and equipment. Traditionally, the mechanical fasteners were utilized to join parts and components, which led to the high weight of the machines and vehicles.
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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.
Thus, the mounting demand for packaged food and beverages, medical products, and lightweight machines and vehicles will propel the market growth in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/polyester-hot-melt-adhesives-market
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