The market for polyester hot melt adhesives is expected to grow at a CAGR of about 4% globally during the forecast period. Increasing demand from the automobile industry and growing demand from the packaging industry are driving the market. On the flip side, the limited application of polyester hot melt adhesives coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.
– The polyester hot melt adhesives market is expected to grow during the forecast period due to the increasing demand from the automobile industry.
– Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as China and India.
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Key Market Trends
Growing Demand from the Automobile Industry
– Polyester based hot melt adhesives are used in sealing various air and ventilation filters in the automobile industry. They are resistant to high temperatures and have a short setting time. Polyester adhesives are crystalline and solid at room temperatures.
– Polyester hot melt adhesives are compatible with polyester, PVC, polycarbonate, aluminum, copper, steel, non-woven, leather, and paper-based fabrics. They have resistance to oil and other non-polar solvents and are suitable for oil filter applications.
– According to the International Organization of Motor Vehicle Manufacturers (OICA), the worldwide automotive production in 2019 is about 91.78 million vehicles which declined by 5.2% compared to the previous year 2018. However, post COVID-19 measures by the government are expected to drive the automobile industry.
– The market growth of polyester hot melt adhesives is fueled by the growing demand for the automobile industry during the forecast period.
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