The global hot melt adhesive tapes market is anticipated to reach a valuation of US$ 20.1 billion in 2023, driven by a rise in e-commerce and online shopping. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.5% between 2023 and 2033, and reaching a total valuation of approximately US$ 37.7 billion by 2033.
One of the major factors contributing to the growth of the hot melt adhesive tapes market is the automotive industry expansion. The automotive industry is a major consumer of hot melt adhesive tapes, using them for various applications such as bonding, sealing, and soundproofing. The demand for hot melt adhesive tapes is expected to increase, as the automotive sector continues to grow, particularly in emerging markets. The tapes’ ability to improve vehicle assembly efficiency and overall performance has made them indispensable in automotive manufacturing.
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The construction industry relies on hot melt adhesive tapes for applications such as insulation, bonding, and sealing. The construction sector’s growth, driven by infrastructure development and urbanization, is propelling the demand for hot melt adhesive tapes. The tapes offer excellent adhesion to various substrates, providing strong and durable bonds in construction projects.
Continuous innovations in material science have led to the development of hot melt adhesive tapes with enhanced properties and performance. Manufacturers are exploring new materials and formulations that improve tape adhesion, cohesion, temperature resistance, and overall durability. Such advancements are widening the application scope of hot melt adhesive tapes across industries.
Key Takeaways:
*Global hot melt adhesive tapes market was valued at US$ 18.8 billion by 2022-end.
*From 2018 to 2022, the market demand expanded at a CAGR of 3.3%.
*Asia Pacific is expected to hold a dominant CAGR of 6.4% during the forecast period.
*By material, the polypropylene (PP) segment is expected to constitute a CAGR of 6.4% in 2033.
*On the basis of end-use, electrical & electronics segment is expected to dominate the market with a CAGR of 6.4% in 2033.
*From 2023 to 2033, hot melt adhesive tapes market is expected to flourish at a CAGR of 6.5%.
*By 2033, the market value of hot melt adhesive tapes is expected to reach US$ 37.7 billion.
“Sustainable packaging solutions, across the globe, is a major factor that is expected to propel the growth of the hot melt adhesive tapes market in the near future,” remarks an FMI analyst.
Recent Developments:
- In 2023, Nitto Denko announced the launch of its new line of hot melt adhesive tapes that are designed to be more heat-resistant. The new tapes can withstand higher temperatures, making them a more suitable option for applications in harsh environments.
- In 2022, Bostik announced the launch of its new line of hot melt adhesive tapes that are designed to be more user-friendly. The new tapes are easier to apply and remove, making them a more convenient option for businesses and consumers.
- In 2021, Henkel announced the launch of its new line of hot melt adhesive tapes that are designed to be more sustainable. The new tapes are made from recycled materials and are recyclable in standard paper recycling streams.
- In 2021, Arkema announced the launch of its new line of hot melt adhesive tapes that are designed to be more versatile. The new tapes can be used in a variety of applications, including packaging, labeling, and industrial bonding.
Increased Penetration of Hot Melt Adhesive Tapes in the Logistics Industry to Proliferate the Market Growth
Hot melt adhesive tapes are made by either rubber or silicone resin. Moreover, packaging manufacturers nowadays are using?bioplastic?materials like PHA, PLA, etc. for manufacturing hot melt?self-adhesive?tapes. Also, bioplastic materials used for hot melt self-adhesive tapes provide better tensile strength and also the ability for printing on it, therefore driving the market.
Hot melt adhesive tapes supports clean package appearance and improves display of graphics & logos printed on cartons & boxes therefore driving the market. Moreover, increased focus towards the display graphics over the carton?boxes?are escalating the hot melt adhesive tapes during the forecast period. All these factors contribute in driving the hot melt adhesive tapes market.
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Market Segmentation:
On the basis of backing material,
Polypropylene (PP)
Polyamide (PA)
Poly-Urethanes (PU)
Polyethylene Terephthalate (PET)
Others
On the basis of thickness,
Below 25 micron
26-35 micron
36-50 micron
Above 50 micron
On the basis of end-use,
Automotive
Construction
Consumer Goods
Transportation & Logistics
Electrical & Electronics
Furniture and Woodworking
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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