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.
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.
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– The market growth of polyester hot melt adhesives is fueled by the growing demand for the automobile industry during the forecast period.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region is expected to dominate the market for polyester hot melt adhesives during the forecast period as a result of the increase in demand from countries like India and China.
– The growing textile industry in India and China is expected to drive the market. As per the Ministry of Textiles annual report 2018-19, India’s textile industry contributes to 7% of industry output in value terms, 2% of India’s GDP and 15% of the country’s export earnings. As stated by the National Development and Reform Commission, Domestic sales of apparel and knitwear stood at around USD 172.4 billion for the first 11 months of 2019, which increased by 3 percent year-on-year.
– The growing packaging industry is expected to drive the market in India and China. India’s packaging industry is the fifth-largest in the world and is growing at about 22-25% per year as per the Plastics Industry Association of India. China’s e-commerce market is dominated by Alibaba whose market share is around 59%. The company’s annual revenue in FY 2019 has seen 51% year-on-year growth and the growing e-commerce industry which relies on the packaging industry.The growing population and increasing demand for packaging are expected to drive the market for polyester hot melt adhesives.
– The aforementioned factors coupled with government support are contributing to the increasing demand for polyester hot melt adhesives market in the Asia-Pacific region during the forecast period.
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