The global polyester hot melt adhesives market size was valued at USD 355.9 million in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 8.7%, in terms of revenue, from 2020 to 2027. Growing demand from the packaging industry is projected to drive market growth. The packaging application segment is projected to remain the fastest-growing segment over the forecast period. Need to support flexible packaging demand in the food and beverage sector and increasing demand from online businesses such as e-commerce, and food deliveries are projected to contribute to the demand for polyester hot melt adhesives. Advancements in packaging materials and technologies have been boosting the demand for corrugated packaging for food and beverages.
The increased usage of corrugated packaging in non-durable products is mainly due to their cost-effective and environment-friendly properties. Medicine, food, consumer durables, rubber, and petroleum are the predominant end users of corrugated packaging materials. The textile sector is projected to remain a key contributing sector in the growth of the U.S. polyester hot melt adhesive market. As per the National Council of Textile Organizations (NCTO), the revenue of the textile sector in the country increased to USD 76.8 billion in 2018 from USD 73 billion in 2017. Home furnishings, fabrics, yarns, carpets, and other non-apparel products accounted for over 60% of revenue in 2018.
The U.S. textile industry is highly dependent on imports from Asian countries such as China, Vietnam, Bangladesh, and India. These countries have witnessed a considerable amount of disruptions across the value chain during the ongoing COVID-19 pandemic.
This has resulted in manufacturers working at low production capacities and ultimately decline in exports and production during the first 3 quarters of 2020. For instance, in April 2020, The Shanghai New Union Textra Import and Export Co. reported a massive decline in new orders for textile exporters. This is likely to result in a slump of around 50% in profits in FY 2020.
The textiles and fabrics application segment held the largest revenue share of over 30% in 2019. Adhesives used in textiles ensure effective and durable bonds even for high water-repellent textiles pre-treated with hydrophobic polymers. The increasing need for breathability and water resistance properties, e.g. in the footwear industry, requires innovative technologies. The rising textile industry in emerging economies such as China and India is anticipated to augment product demand over the next eight years.
The textiles and fabrics application segment is likely to witness a decline of 8.8% in terms of revenue amid the COVID-19 pandemic. Numerous textile companies in China and India were operating at low production capacities from March to May 2020. However, the industry has started gaining its momentum in the second quarter of 2020 on account of increasing orders from vendors.
The interior design is an important decision criterion for purchasing a car. Bonding technology for lamination processes helps to ensure pleasant and soft surfaces in textile applications. Furthermore, the application of adhesive assists market vendors to meet the customer requirement and ensure technical specifications. Large volume production, particularly in North America and Asia Pacific, is projected to drive the automotive sector around the world.
Asia Pacific accounted for a revenue share of over 42% in 2019. Asia Pacific witnessed the highest demand for polyester hot melt adhesives in 2019 owing to the constant demand from the textiles and fabrics industry and the presence of large packaging, automotive, and electronics sectors. India and China currently dominate the production of textiles and fabrics.
COVID-19 has created a severe impact on the Asia Pacific textile and garments industry in the first half of 2020, wherein exports were also largely affected. Currently, the market has shown positive signs of recovery. However, some of the manufacturers are concerned about the second wave of COVID-19. As per the government data, the textile trade between India and China witnessed a y-o-y decline of 12.4% in January and February 2020 from 2019.
Flexible packaging is projected to provide opportunities for market vendors in European countries over the short term. Increasing spending on healthcare has positively affected the packaging sector in the first half of 2020 on account of demand for surgical masks, PPE kits, and other healthcare products. The packaging application segment in Europe is poised to grow at a CAGR of 9.0% from 2020 to 2027.
The global polyester hot melt adhesives market is fragmented in nature with the presence of various key players such as HB Fuller, Arkema Group, Sika AG, and 3M as well as a few small and medium regional players operating in different parts of the world. The international companies face strong competition from each other as well as from the local players who have solid distribution channels and internal knowledge for local supply chains.
The market belongs to a niche category and no recent merger and acquisitions have been observed in the recent past. However, with strong and consistent demand, in the long run, some of the key adhesive manufacturers are equipped with all the resources to acquire small and medium-sized businesses. Some prominent players in the global polyester hot melt adhesives market include:
Bostik
H.B. Fuller
3M
Avery Dennison Corporation
Dow Inc.
Sika AG
Report Attribute |
Details |
Market size value in 2020 |
USD 325.0 million |
Revenue forecast in 2027 |
USD 695.1 million |
Growth Rate |
CAGR of 8.7% from 2020 to 2027 |
Base year for estimation |
2019 |
Actual estimates/Historic data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative Units |
Revenue in USD Million, volume in kilotons, and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered |
Application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; U.K.; France; China; Japan; India; South Korea; Brazil |
Key companies profiled |
Bostik; H.B. Fuller; 3M; Avery Dennison Corporation; Dow Inc.; Sika AG |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global polyester hot melt adhesives market report based on application and region:
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Packaging
Textiles & fabrics
Automotive
Electrical & electronics
Polymer films & foils
Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Asia Pacific
China
Japan
India
South Korea
Central & South America
Brazil
Middle East & Africa
b. The global polyester hot melt adhesives market size was estimated at USD 355.9 million in 2019 and is expected to reach USD 325.0 million in 2020.
b. The polyester hot melt adhesives market is expected to grow at a compound annual growth rate of 8.7% from 2020 to 2027 to reach USD 695.1 million by 2027.
b. Textiles & fabrics dominated the polyester hot melt adhesives market with a revenue share of 33.9% in 2019, owing to the growing middle-class population and change in lifestyle.
b. Some of the key players operating in the polyester hot melt adhesives market include Bostik, H.B. Fuller, 3M, Avery Dennison Corporation, Dow Inc. and Sika AG.
b. The key factors that are driving the polyester hot melt adhesives market include growing packaging, and textile & fabric industries and increasing usage of products for lamination applications in the automotive sector.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.
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