- The polyester hot melt adhesives market is projected to attain around USD 530.2 million in 2022. Expansion in the sectors of automotives and packaging will play a key role in the market’s growth. Fluctuating prices of polyester and escalating availability of ethylene vinyl acetate pose challenges to the market. New equipments that can dispense polyester hot melt adhesives at less temperatures can provide new market opportunities.
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Demand for the polyester hot melt adhesives market in 2014 was over 80 kilotons (KT). It is predicted to be more than 140 KT in 2022, at 7.3% CAGR from 2015 to 2022 (forecast phase). Preference for these adhesives over other solvent and water-based ones can favor the market in the long run.
The market is divided on the basis of applications and regions. Applications are fabrics and textiles, electrical & electronics (E&E), automotives, polymer films & foils, and packaging. Fabrics & textiles are the leading application and contributed more than 30% of the global revenues in 2014. High demand is expected from automotives in the forecast phase. Novel and decorative packaging will open avenues for the polyester hot melt adhesives market.
Asia Pacific was the largest region and captured over 35% of the global demand in 2014. Regional automotives and electronics sectors will experience rising demand over the next seven years. China is the largest consumer base of Asia Pacific, with major automobile companies like General Motors, Hyundai, and Volkswagen establishing manufacturing facilities to avail the product.
Demand from specialty packaging and automotives sectors in Mexico and the United States would drive North America. New trends like replacing glass and paper with light and durable materials in the sector of packaging can encourage the global polyester hot melt adhesives market.
Market players like Sika AG and 3M Company have adopted the forward integration strategy to keep petrochemical prices at bay. This allows them to secure contracts and establish relationships with suppliers and original equipment manufacturers (OEMs). Major players of the polyester hot melt adhesives market include SK Chemicals Co., Ltd., Evonik Industries, 3M Company, Nippon Gohsei, and Toyobo Co., Ltd.
Most players concentrate on capacity expansion and providing improved product portfolio.
Information Source: Grand View Research
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