The Hot Melt Adhesive Tapes market may be heating up according to data from MarketsandMarkets, a syndicate research and advisory consulting company.
The company predicts market growth from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0%, during the forecast period. It attributes the growth to the use of hot melt adhesive tapes in diverse applications and increasing adoption of the hot melt adhesive technology.
The rubber segment, which accounted for the largest share of the hot melt adhesive tape market in 2018, may bounce up in the next five years because of rubber’s high tack, peel strength and comparably lower cost, as well as its ability to adhere to non-polar, low-energy surfaces such as polyethylene, according to MarketsandMarkets.
Asia Pacific is projected as the largest and fastest-growing market in terms of volume and value during the forecast period, according to the company data. This growth may be driven by rapidly rising household income and the fast-growing middle-class population, which has boosted the demand in packaging and DIY, among other applications, in the hot melt adhesive tapes market.
Some of the key market players, listed on the MarketandMarkets’ website include:
The 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), Intertape Polymer Group Inc. (Canada), Shurtape Technologies, LLC (US), Scapa Group plc (UK), LINTEC Corporation (Japan), ACHEM Technology Corporation (Taiwan), TE Connectivity Ltd (Switzerland) are some of the players operating in the global market.
For more information and recent developments, see MarketsandMarkets’ website here.
