The polyester hot melt adhesives market is predicted to hit $717,152.6 thousand revenue by 2030, ascribed to the rising requirement in the packaging sector for polyester hot melt adhesives with the increasing consumption in the automobile sector. Moreover, under the application segment, the industrial assembly category captures a massive share of the market, facilitated by the extensive consumption of adhesives for bonding electronic and electrical items in various industries.
APAC has the largest share in the polyester hot melt adhesives market, and it is expected to follow the same trend in this decade, ascribed to the massive consumption of these adhesives for industrial assembly applications such as bonding of automotive parts, electronic and electrical products bonding. Moreover, APAC market is also expected to experience a significant rise in sales in the coming years, due to the soaring requirement for polyester hot melt adhesives in the end-uses industries of developing countries such as India, Thailand, Vietnam, and China. In addition, low-cost labor and raw materials also lure the industrialists to establish their units in the region, creating an opportunity for massive FDI from the West.
In the past few years, a shift from traditional stitching to hot bonding technology has been witnessed globally, it could be due to rising awareness of the advantages of the usage of hot melt adhesives in the textile industry. The applications of the polyester hot melt adhesives as coatings lead to transforming materials to become water-resistant, hence requiring no sewing. Such features make adhesives convenient for leather, linen, polyester, wool, and several other products’ bonding, resulting in market proliferation.
The increase in adoption of these in packaging due to their temperature resistivity and high stability propels the polyester hot melt adhesives market. The rising customer preference for packaged food, dairy products, fruit juices, and bottled water has bolstered the expansion of the packaged food and beverage industry worldwide, and will fuel the market growth in the coming years.
The increase in consumption of polyester hot melt adhesives is ascribed to the rise in preference for lightweight automobiles, resulting in polyester hot melt adhesives market boom. Moreover, the automobile industry depends on mechanical fasteners such as welds, bolts, and nuts to bond automotive components and parts. The surge in using such accessories results in rising in vehicles’ weight, and hence affects fuel efficiency. Therefore, massive adoption of lightweight vehicles has been witnessed resulting in market proliferation.
In the last few years, the polyester hot melt adhesives market players have entered into strategic agreements to expand their consumer base. For example, Bühnen GmbH & Co. KG partnered with GLS Products LLC in the U.S. to expand the business in North America, in September 2019. The key players in the market are Mitsubishi Chemical Corporation, Sipol S.p.a., Evonik Industries AG, and Bostik S.A.