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Polyester Hot Melt Adhesives Market Overview
The polyester hot melt adhesives market size is forecast to reach US$589.2 million by 2027 after growing at a CAGR of 6.5% during 2022-2027. Globally, the demand for polyester hot melt adhesives is rising, due to the increasing need for high-performance applications such as in protective clothing. Different types of hot melt adhesives by base materials include polyester, ethylene vinyl acetate, metallocene polyolefins, and others. Polyamide and polyester hot melt adhesives are generally applied in protective jackets, fabric, and hazmat suits applications that require high-temperature tolerance. The growing market demand and need for eco-friendly adhesives have led to drive the growth of the market. Thermoplastic adhesive in the form of hot melt adhesives, is used as solid cylindrical sticks of hot glue, to be used in a hot glue gun.
COVID-19 Impact
The COVID-19 outbreak widely affected the textile & apparel, food & beverage, and transportation industries over 2020. Owing to nationwide lockdown, the production process of various goods in these industries declined due to the non-functioning of the manufacturing plants. Economies of each sector got affected and resulted in stagnation of activities across the sectors that use polyester hot melt adhesives. According to the European Parliament, in 2020, production and retail sales dropped by 15% and 9.4% for clothing and 7% and 9.7% for textile, respectively, driven mostly by a decreased interest in buying clothes due to COVID-19. However, overall turnover in the industry is expected to reach about 15% in 2021, with a potential catch-up of consumer spending, thus, the market for polyester hot melt adhesives is estimated to incline.
Polyester Hot Melt Adhesives Market Segment Analysis – By Form
The powder form segment held the largest share in the polyester hot melt adhesives market in 2021. The powder form provides a powerful adhesion for the textile & apparel industry. Additionally, it exhibits resistance against changing weather, washing resistance, and dry cleaning. Powder form of polyester hot melt adhesives is environment friendly as compared to other forms of polyester hot melt adhesives. Also, it is widely utilized in embroidery stickers, trademark adhesive, armbands, fabric, fabrics composite, and others. Moreover, it is also used in bags, cases, the electronics, and toys industry, and others. Thus, increasing usage of polyester hot melt adhesives in powder form will drive the market in the forecast period.
Polyester Hot Melt Adhesives Market Segment Analysis – By Application
The automotive industry held the largest share in the polyester hot melt adhesives market in 2021 and is estimated to grow at a CAGR of 6.9% during 2022-2027. Polyester hot melt adhesives are applied in the automotive industry, for sealing ventilation filters. At room temperature, polyester adhesives are crystalline and solid. Also, they are resistant to high temperatures, oil, and other non-polar solvents, and have a short setting time. Thus, are suitable for oil filter applications. Polyester hot melt adhesives are compatible with PVC, polyester, polycarbonate, copper, steel, aluminum, non-woven, paper-based, and leather fabrics, and are applied in the interior and exterior parts of an automotive, being a form of thermoplastic adhesive. According to the India Brand Equity Foundation, in 2020, 26.36 million vehicles were manufactured in India, and the production of domestic automobiles raised at 2.36% compound annual growth rate (CAGR) from 2016 to 2020. Also, from 2016 to 2020, there was an increase in sales of overall domestic automobiles, at 1.29% CAGR, with 21.55 million vehicles being sold in 2020. With the increasing production and sales of automobiles, it is estimated that in the upcoming years the requirement for polyester hot melt adhesives will rise, which would drive the market growth.
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Polyester Hot Melt Adhesives Market Segment Analysis – By Geography
Asia-Pacific region dominated the polyester hot melt adhesives market with a share of 35% in the year 2021. APAC region is one of the leading polyester hot melt adhesives manufacturers, with China and India being the key consumers and suppliers of polyester hot melt adhesives. Polyester hot melt adhesives are used in industrial assembly, food and medical packaging, electrical components, heat seal coatings, textile laminates, ink binders, label adhesives, and other applications. Moreover, the rising growth of several end-use industries such as building & construction, food & beverage, transportation, and others, has uplifted the growth of the polyester hot melt adhesives market. For instance, according to the World Bank, in 2020, the building and construction industry reached US$ 11.9 trillion, with an increase of about 4.2% from 2019. Additionally, according to Organisation Internationale des Constructeurs d’Automobiles (OICA), in Austria, motor vehicle production increased from 1,64,900 units in 2018 to 1,79,400 units in the year 2019. Similarly, in Vietnam, the motor vehicles manufacturing, raised to 2,50,000 units in the year 2019 from 2,37,000 units in 2018. With the increasing production of automobiles, it is estimated that in the upcoming years the requirement for polyester hot melt adhesives will rise. Thus, the rising usage of polyester hot melt adhesives in various end-use industries will drive market growth in the forecast period.
Polyester Hot Melt Adhesives Market Drivers
Strict Government Regulations for Workplace Protection
With the development of new technologies, new methods of production progressed have made workplace activities experience many changes in the last two decades, both in machinery and in employee workwear. Thus, which has increased the usage of personal protective equipment (PPE). Polyester and polyamide hot melt adhesives are used in the manufacture of protective clothing such as in protective jackets and hazmat suits. Globally, the rise in strict government rules and regulations have made it compulsory for producers to take safety measures for workers to restrict workplace accidents, such as the EN ISO 11611 standard that specifies minimum safety requirements and their test methods for protective clothing and the processes related to comparable risks such as in welding. Secondly, the NFPA 2112 standard that specifies the American requirements and methods of analysis for fireproof garments and fabrics for a factory worker in the presence of fire exposure, and lastly the ASTM F1959/F standard that specifies the protection levels that must be met by garments and fabrics when presented with electric arc according to American standards. Most countries have PPE mandates, which include the necessary PPE requirements for health safety, instructions being provided in cooperation with the national authorities, sample testing, labeling requirements, and technical documentation. Thus, the strict government regulations for workplace protection are anticipated to drive the growth of the polyester hot melt adhesives market for protective textiles over the forecast period.
Increasing Demand for Polyester Hot Melt Adhesives in the Food and Beverage Industry
In the food and beverage industry, polyester hot melt adhesives find usage in packaging applications. These hot melt glues are Food and Drug Administration (FDA) compliant for contacting directly and indirectly with food. Polyester hot melt adhesives are an excellent food-safe adhesive to be applied as hot melt glue, similar to ethylene-vinyl acetate and metallocene polyolefins. Due to its property for offering the highest quality bonds for the food and beverage packaging industry. Polyester hot melt adhesives have a low odor and melt cleanly with no toxic residues. The increasing growth of the food and beverage industry will drive the demand for polyester hot melt adhesives in the upcoming years. For instance, according to the China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately US$595 billion in 2019, with a 7.8 percent increase over 2018. Also, according to the Food Export Midwest USA, USDA’s Office of Agricultural Affairs (OAA) in Rome referred that, in 2019, Italy’s food retail sales reached US$145 billion, 1% more than in 2018. Thus, with the rising growth of the food and beverage sector, the demand for polyester hot melt adhesives for packaging application in the food and beverage industry is further projected to rise over the forecast period.
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Polyester Hot Melt Adhesives Market Challenges
Fluctuation in Raw Material Costs Will Affect the Market Growth
Increment in the cost for basic intermediates and chemicals, high global demand, and reduced supply, make polyester hot melt adhesive raw materials (such as ethylene-vinyl acetate (EVA), polyolefins, polyamides, polyesters, styrene block copolymers, polyethylene, ethylene-methyl acrylate (EMA), and others) considerably more expensive. The polyester hot melt adhesive industry, which constitutes the chemical basis for a large number of main adhesive raw materials, is concerned about the substantial increase in the cost of basic chemicals (such as linoleic acid, dimer acid, trimer acid, ethanolamine, and ethylenediamine) and intermediates. Demand and supply factors varying from one chemical to another affect the cost of polyester hot-melt adhesive raw materials. It becomes difficult for manufacturers to sustain themselves globally, due to the fluctuations in raw material prices, affecting their operating margins on the polyester hot-melt adhesive. For instance, according to Plastics Technology, in 2021, polyethylene prices increased by 5¢/lb in June, and suppliers witnessed another 5¢/lb increase in July, based on the high demand and supply due to the disruptions faced earlier in the year. Thus, fluctuation in raw material cost of polyester hot melt adhesive will create hurdles for the growth of the market.
Polyester Hot Melt Adhesives Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies players adopt in this market. Polyester Hot Melt Adhesives top 10 companies include:
1) H.B. Fuller
2) 3M
3) Avery Dennison Corporation
4) Dow Inc.
5) Sika AG
6) AG & Co. KGaA
7) Bostik SA
8) Eastman Chemical Company
9) Henkel Limited
10) Cattie Adhesives
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Key Takeaways
The Asia Pacific dominates the polyester hot melt adhesives market owing to the rising growth in the building & construction industry. For instance, according to International Trade Administration, in China, construction industry revenue was reported to increase from US$ 968 billion in 2019 to US$ 1.1 trillion in 2021.
Rapidly rising demand for polyester hot melt adhesives in the food & beverage industry for packaging application has driven the growth of the polyester hot melt adhesives market.
The stringent government regulations for workplace protection will be a critical factor driving the demand for polyester hot melt adhesives in protective clothing over the upcoming years.
However, fluctuations in raw material prices can hinder the growth of the polyester hot melt adhesives market.
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