(EMAILWIRE.COM, October 16, 2024 ) The report “Hot Melt Adhesives Market by Resin Type (EVA, SBC, MPO, APAO, Polyolefins), Application (Packaging Solutions, Nonwoven Hygiene Products, Furniture & Woodwork, Bookbinding), and Region – Global Forecast to 2029 ” The global Hot Melt Adhesives Market projected to grow from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0%. The global hot melt adhesive tapes market is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the APAC region. For instance, Avery Dennison Corporation, has completed the acquisition of Yongle Tape Company Ltd., a Chinese manufacturer of specialty tapes and related products for a variety of industrial markets. Such advancements are expected to positively influence the hot melt adhesive tapes market
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290 – Market Data Tables
59 – Figures
276 – Pages
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The adhesive tapes market is gradually shifting from traditional solvent-based adhesive tapes to environmentally friendly and high-performance products, such as hot melt adhesive tapes. Currently, hot melt is the most widely adopted adhesive technology in applications, such as packaging, DIY, and construction and also in nonwoven hygiene products. The benefits offered by hot melt adhesive tapes, such as high initial tack and quick setting time, are enabling this shift in the adhesive technology portfolio. One of the major advantages of hot melt adhesive tapes is that they deliver cost-saving benefits owing to their 100% solid nature; therefore, the entire volume can be used, while other conventional adhesives lose 5070% of their volume upon application..
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APAC is expected to be the largest and fastest-growing market for hot melt adhesive tapes, in terms of value and volume, during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate followed by heavy investments across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. The key market players are expanding their hot melt adhesive tapes production in APAC, especially in China and India.
Hot Melt Adhesives Market Key Players
The 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), and Intertape Polymer Group Inc. (Canada) are the key players in the hot melt adhesive tapes market. These market players are expected to undertake growth strategies, such as investment & expansion, merger & acquisition, and new product launch to expand their overall businesses and tap into the fast-growing regions. Several companies are developing innovative products as well as enhancing their presence in emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide cost-effective products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable growth of players in the hot melt adhesive tapes market over the next five years.
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