With the boom in the packaging industry, the demand for polyester hot melt adhesives is growing rapidly across the world. This is because these adhesives are extensively used in packaging applications, because of their high stability and temperature resistance. Moreover, the expansion of the packaged food and beverage industry, on account of the rising popularity of packaged foods, dairy products, bottled water, and fruit juices is positively impacting the worldwide demand for polyester hot melt adhesives.
These adhesives are also heavily used in the packaging of medial tapes, wound dressing materials, and band-aids. Apart from the surging packaging industry, the soaring requirement for lightweight automotive materials is also driving the demand for polyester hot melt adhesives across the world. Conventionally, the automobile industry relied heavily on mechanical fasteners such as welds, bolts, and nuts for bonding automotive components and parts. However, these days, the popularity of these materials is falling rapidly.
Due to the above-mentioned factors, the sales of polyester hot melt adhesives are rising sharply across the globe, which is, in turn, driving the growth of the global polyester hot melt adhesives market. As a result, the value of the market is predicted to grow from $473,057.2 thousand in 2019 to $717,152.6 thousand by 2030. The market is also expected to progress at a CAGR of 5.3% from 2020 to 2030.
Globally, the polyester hot melt adhesives market will demonstrate the highest growth rate in the Asia-Pacific (APAC) region in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in the industry in the developing countries such as India, China, Thailand, and Vietnam. Moreover, China is a manufacturing center and one of the largest exporters of electrical and electronic components in the world.
Therefore, the demand for polyester hot melt adhesives will rise enormously in the upcoming years, mainly because of their surging usage in packaging applications, growth of the packaging industry, and mushrooming requirement for lightweight automobiles around the world.
Source: www.psmarketresearch.com
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