Feb 05, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Hot Melt Adhesive Tapes Market.
It was estimated prior to this unanticipated outbreak that the Hot Melt Adhesive Tapes Market was expected to grow at a CAGR of 7.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Hot melt adhesive tapes are basically hot glues which are commonly used as solid cylindrical sticks of various diameters in the form of thermoplastic adhesives designed to use as hot glue guns. They are used by squeezing out of the nozzle, which is initially hot to burn and even blisters the skin.
The market for hot melt adhesive tapes is driven by the surge in technological advancement and its growing demand in the Asia-Pacific region. In addition, the growing use of hot melt adhesive tapes in diverse applications along with the increasing adoption of hot melt adhesive technology is also leading to the growth of the market. This report studies the market covering a period of 12 years of trend and forecast.
The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the adhesive resin type, the hot melt adhesive tapes market has been segmented as rubber and silicone. The rubber segment captured the major share in 2019, owing to the increase in use of hot melt adhesives. The segment’s cost is low in comparison to the acrylic-based and silicone-based adhesive tapes. It possesses peel strength and high track is the cause for its ability to adhere well to several low energy surfaces. All these factors are driving the growth of the segment during the forecast period.
Based on the application type, the market is segmented as packaging, consumer & DIY, masking, healthcare & hygiene, and others. The consumer & DIY segment is estimated to be the fastest-growing segment during the forecast period. In terms of regions, Europe is estimated to dominate the hot melt adhesive tapes market during the forecast period.
Asia-Pacific is estimated to grow at the fastest rate in countries such as Singapore, India, Indonesia, and South Korea. China is growing due to rapid expansion of adhesive tapes.
Key Players:
Some of the major players in the hot melt adhesive tapes market are-