High demand for packaging in growing economies is expected to drive the market growth in upcoming years.
The global hot melt adhesive tapes market size is projected to reach nearly USD 27.34 billion by 2028. Hot melt adhesive tapes market is expected to grow at a CAGR of above 6.7% during the forecast period. Increasing product advances in hygiene solutions to eliminate waste and provide comfort are some of the factors supporting the growth of the hot melt adhesive tapes industry.
Increasing use of hot melt adhesive tapes of either latex or silicone compound resin in the packaging sector is expected to drive the market growth. Packaging manufacturers today use bioplastic materials such as PHA, PLA, etc. to create self-adhesive hot melt tapes. Bioplastic materials used for hot melt tapes that are self-adhesive often have greater tensile strength and the potential to print on them, thereby pushing the demand. Hot melt adhesive tapes facilitate the appearance of clean packets and increase the showing of graphics & logos. These factors are anticipated to drive the market growth.
The report outlines the different statistics of the global hot melt adhesive tapes industry by evaluating the market through study of the value chain. In order to have access to the market study for hot melt adhesive tapes includes various qualitative components of the hot melt adhesive tapes industry in market restraints, essential industry drivers, and opportunities.
Among the already well-known and new industry players, the hot melt adhesive tapes industry has great competition. In particular, the players in the hot melt adhesive tapes industry concentrate on new product releases to be competitive and lead among other players in the industry, as well as on agreements, acquisition of other businesses and the development of new alliances and partnerships.
Moreover vigorous hot-melt adhesive adheres to a number of surfaces, like corrugated cartons, tightly and rapidly, has a fast release and dispenses easily, allowing more cartons to be sealed in less time. Less pressure is needed when applying this substance than when using the cheaper acrylic substitute. In the market for hot melt adhesive tapes, rubber is expected to see the highest growth. Rubber has properties such as high tack and peel power because of its ability to bind well to many non-polar, low-energy surfaces, including polyethylene and PP(polypropylene). These factors are expected to support the market growth.
Asia-Pacific is expected to be the largest market in the hot melt adhesive tapes industry in the world. China has been the main driver for the rapid growth of the global hot melt adhesive tapes industry, not just in Asia-Pacific, but also internationally. Rising amounts of disposable tapes are the factors affecting packaging in many countries, which is a big application of the global hot melt adhesive tapes industry. Moreover, In North America, the U.S is expected to be the largest market for hot melt adhesive tapes, due to comparatively high population with Canada, which is poised to increase the number of food consumption, which in turn is expected to increase the demand for food packaging. These factors are expected to drive the market growth for hot melt adhesive tapes in this region.
The major players of the global hot melt adhesive tapes market include Lintec Corporation, 3M, Nitto Denko Corporation, Tesa SE, Avery Dennison Corporation, Shurtape Technologies, LLC, ACHEM, and Vibac Group, Intertape Polymer Group, Inc., Scapa Group Plc, TE Connectivity Ltd and Advance Tapes International Ltd. Additionally, organizations are focused on engaging in R&D programmes to deliver new products, and are also focused on facility expansions to meet the increasing market demands for hot melt adhesive tapes from the packaging sector.
Segment Overview of Global hot melt adhesive tapes Market
Backing Material Overview, 2018-2028 (USD Million) (Kilo Tons)
Resin Type Overview, 2018-2028 (USD Million) (Kilo Tons)
Application Overview, 2018-2028 (USD Million) (Kilo Tons)
- DIY& Consumer
Regional Overview, 2018-2028 (USD Million)
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia-Pacific
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa
• South America
o Rest of South America