The global polyester hot melt adhesives market is expected to reach USD 530.3 million by 2022, according to a new report by Grand View Research, Inc. Growth of key end-use industries such as packaging and automotive is expected to remain a key driving factor for global polyester hot melt adhesives market over the forecast period. Rapid expansion of electronics industry particularly in Asia Pacific is also expected to have a positive influence on the market growth.
Volatile polyester prices coupled with increasing popularity of ethylene vinyl acetate (EVA) hot melt adhesives are expected to remain key challenges for market participants. Increasing R&D spending along with technological advancements in equipment design with enhance dispensing capabilities at low temperatures is anticipated to create new avenues for industry participants.
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Textile & fabrics was the largest application segment and accounted for 34% of total market volume in 2014. This segment is anticipated to witness moderate growth over the forecast period. Surging demand for high-end textile for specialty applications including footwear, luggage, and protective apparel may be attributed to changing lifestyle and growing participation in athletic and social activities.
Further key findings from the report suggest:
Global polyester hot melt adhesives demand was 87.1 kilo tons in 2014 and is expected to reach 131.7 kilo tons by 2022, growing at a CAGR of over 5.4% from 2015 to 2022
Automotive is expected to witness the highest growth 6.0% from 2015 to 2022. Hot melt technology implementation could lead to reduction in assembly timing and better adhesion of components. Growing demand for automobiles and other transport vehicles is expected to steer industry penetration in the segment.
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Continual development for new and decorated packaging in attempt to capture media and consumer attention is expected to steer competitiveness in the packaging industry. This offers new frontiers for polyester hot melt adhesive to address the varying requirements in packaging industry. Adhesion to wide range of surface textures such as paper, board and plastics is also expected to fuel its demand in packaging industry.
Asia Pacific was the leading regional market with demand share estimated at 35.7% in 2014. Growing electrical & electronics and automobile industries, particularly in India, South Korea, and China is expected to drive the regional growth.
Global polyester hot melt adhesive industry is moderately fragmented with majority share lying with the unorganized sector. Major companies operating in the market include 3M Company, Sika AG, Toyobo, Bostik, Evonik Industries, Eastman Chemical Company and SK Chemicals.
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