With the increasing disposable income around the world, industrialization activities are picking up. This is eventually leading to the growth of the packaging industry, as anything that leaves a factory needs to be packaged, to protect it from the elements till it reaches the end customer. An important raw material required for packaging, both rigid and flexible, is the adhesive. Presently hot melt adhesives, which are available as solid, cylindrical sticks, to be applied by being heated up inside a gun, are becoming popular.
Hence, as per P&S Intelligence, the booming packaging industry will take the hot melt adhesives market value from $7,717.0 million in 2019 to $12,761.3 million by 2030, at a 6.1% CAGR between 2020 and 2030. Within the packaging sector, the usage of such materials for food and beverage packaging is burgeoning. With the increasing purchasing power of people, especially in developing countries, the consumption of packaged food and beverage products, such as potato chips, cold drinks, bakery and confectionery products, ready-to-eat food, biscuits and cookies, and other snacks, is increasing.
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Moreover, the APAC region will also be the fastest-growing region in the hot melt adhesives market during the forecast period. Owing to the booming population in the region, the demand for packaged food, clothing, automobiles, and consumer electronics is rising. Further, raw materials and labor are available at cost-effective prices in regional countries, which is why manufacturers from North America and Europe are setting up their factories here. As a result, the region is also the largest producer of chemicals, including hot melt adhesives, thereby resulting in their ready availability at low rates.
Hence, with the growth of the automotive, packaging, and other sectors, the demand for hot melt adhesives is rising.
Read More: https://www.psmarketresearch.com/market-analysis/hot-melt-adhesives-market
