Hot Melt Adhesive Tapes Market Overview
Hot melt adhesive tapes market size is forecast to reach US$24.6 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027. Hot melt adhesive tapes have the properties such as high peel strength and good insulation. It is made of Polypropylene which is thermoplastic polyester. Hot melt adhesives tapes have excellent gap filling capabilities and bond a wide variety of porous and non-porous substrates including pre-painted steel and polyolefin plastics. Furthermore, the Hot melt adhesive tapes industry can bond many different substrates including rubbers, plastics, metals, ceramics, glass, and wood. The packaging industry is one of the major users followed by carton sealing and assembly of corrugated boxes, paperboard cartons, and labeling applications. Other application includes shoemaking bonding toecaps and shoe soles, disposable diapers and sanitary napkins bonding, and bookbinding. Hot melt adhesive tapes support clean package appearance and improve the 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 to driving the hot melt adhesive tapes industry.
The COVID-19 pandemic has negatively impacted the hot melt adhesive tapes market extensively. Unfavorable conditions arising due to the COVID-19 outbreak coupled with higher costs and other restraints are hindering the market growth. Hot melt adhesive tapes have the properties such as excellent tack, peel, and adhesion even on low surface energy materials. Hot melt adhesive tapes have an application that includes the interior and exterior fastening of panels, trims, carpet, and badges which helps to reduce vehicle weight, vibration, and noise reflection used in the automotive industry. According to Engineers India Research Institute (EIRI), the Indian automotive sector saw a downfall of nearly 18 percent. This situation was worsened by the onset of the Covid-19 pandemic and the ongoing lockdowns across India and the rest of the world. These two years (FY20 and FY21) are challenging times for the Indian automotive sector on account of slow economic growth, negative consumer sentiment, transition, changes to the liquidity crunch, low-capacity utilization, and potential bankruptcies. Thus, the decrease in the demand in the automotive industry is accounted to hamper the growth of hot melt adhesive tapes market share.
Hot Melt Adhesive Tapes Market Segment Analysis – By Product Type
The masking tapes held the largest share of 32% in the hot melt adhesive tapes market in 2021. Masking tapes are pressure-sensitive tapes manufactured from thin and easy-to-tear paper, co-polymer films with a suitable adhesive. These masking tapes are mainly used in painting to mask unwanted areas. These tapes get easily removed without leaving residue or damaging the surface. The entire range of these products is suitable for several temperature ranges depending upon the requisite needs and demands. Masking tapes are being used majoring in the reassembly of the furniture parts and for wrapping furniture fixtures. According to Invest India Indian furniture market is anticipated to achieve a CAGR of 11.97% during the forecast period 2018-2023. The demand for furniture has been observed to majorly generate from northern and southern India. India is the fifth-largest furniture producer at a global level and the fourth largest consumer of furniture. Thus, masking tapes used in furniture and woodworking are a major driver for the hot melt adhesive tapes industry.
Hot Melt Adhesive Tapes Market Segment Analysis – By Material Type
Acrylic adhesive tapes held the largest share of 37% in the hot melt adhesive tapes market in the year 2021. Acrylic adhesive tapes are transparent tapes with an adhesive solution on one side, stored in roll form, which are used to stick different materials together to ensure a good hold. Acrylic adhesives are available in a wide range of thicknesses and with adhesion properties, they are a new family of acrylic adhesives that have been designed to address adhesion challenges such as bonding to powder coats and low surface energy plastics. Acrylic adhesives tend to provide better performance than silicone adhesives and longer shelf life, with the added benefit of being significantly lower cost. According to the India Brand Equity Foundation, the healthcare market in India is expected to reach US$ 372 billion by 2022, moreover, the Government of India aims to increase healthcare spending to 3% of the GDP by 2022. The hot melt adhesive tapes market in the healthcare industry is growing with the aging population, demand for surgeries and wound dressings, awareness of hygiene products, transdermal drug delivery, and many others. Thus, driving the market growth for the hot melt adhesive tapes.
Hot Melt Adhesive Tapes Market Segment Analysis- By Application
Building and construction industry held the largest share of over 30% in the hot melt adhesive tapes market in 2021. The rise in building and construction industries is rising due to the increase in infrastructural projects in different regions. The growing demand for adhesive tapes is more replacing traditional fixing methods within the construction industry. Tape solutions with polyethylene terephthalate foam carriers are perfectly suitable for most diversified fixations but also give added value by reducing weight, providing thermal and acoustic insulation, and easing the construction application. According to the Ministry of Housing & Urban Affairs GDP from construction in India increased to US$ 32.04 in the third quarter of 2021 from US$ 29.48 in the second quarter of 2021. With the growing construction industry demand for adhesive tapes are also rising in the regions of Asia Pacific thus creating and driving the demand for the hot melt adhesive tapes market.
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Hot Melt Adhesive Tapes Market Segment Analysis – By Geography
Asia-Pacific (APAC) dominated the hot melt adhesive tapes market during the year 2021 with a market share of 41%, followed by North America and Europe. The APAC region is projected to be the largest and fastest-growing market, in terms of volume and value, during the forecast period. This growth is 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. Asian countries such as India and China account for more than half of the total Asia Pacific hot melt adhesive tapes market. The growth is attributed to the growth in the logistic and transport industry. These countries majorly use masking and adhesive tapes in the construction & healthcare industry will drive the demand for hot melt adhesive tapes. According to Invest India over the next 10 years, National Digital Health Blueprint can unlock the incremental economic value of over US$200 billion for the healthcare industry in India. By 2022, the diagnostics market is expected to grow at a CAGR of 20.4% to reach U$32 billion from US$5 billion in 2012. The strong and healthy growth in the healthcare sector is associated with growing infrastructural projects which tend to drive the APAC construction industry further and hence the hot melt adhesive tapes market outlook
Hot Melt Adhesive Tapes Market Drivers
Growing Demand from Automotive & Construction Industry
The rise in automotive and construction activities, development of engineering industries, and expansion of the transportation sector are some demand-generating factors that are estimated to drive the expansion of the hot melt adhesive tapes market. In the automotive industry, automotive adhesive tapes are designed to withstand varied environmental conditions, including moisture, salt spray, temperature variances, and UV radiation. There has been a significant reduction in the amount of noise inside the vehicle, due to the advanced properties of hot melt adhesives tapes, such as its acoustic insulating properties and vibration absorption. Pressure-sensitive adhesive (PSA) tapes are highly used in specialist vehicle and transportation systems to bond the outer vehicle skin to the supporting structure. Hence, with the rapid increase in demand from the automotive segment across the world, the market for hot melt adhesive tapes is expected to rapidly increase over the forecast period. According to Invest India passenger vehicle industry is expected to post a growth of 22% – 25% in FY22. The market size of US$50 billion for the financing of EVs in 2030 has been identified—about 80% of the current size of India’s retail vehicle finance industry, worth US$60 billion. Thus, all these factors are driving the market growth for the hot melt adhesive tapes market.
Rising Implementation of Hot Melt Adhesive Technology Worldwide
The rising wave of new technologies such as polyolefin-based hot melt adhesive tapes and ethylene-vinyl acetate-based hot melt adhesive tapes are creating significant potential in packaging and disposable hygiene applications, due to their high cohesion strength, aesthetic appeal, and low VOC emission. In this market, various technologies such as ethylene-vinyl acetate-based hot melt adhesive, styrene block copolymers-based hot melt adhesive, polyolefin-based hot melt adhesive, and polyurethane-based hot melt adhesive are used in the packaging industry of corrugated boxes, paperboard cartons, and for labeling applications. According to India Brand Equity Foundation, the global packaging industry will increase by almost 170.61 billion between 2021-2025. Thus, driving the Potential market demand for hot melt adhesive tapes.
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Hot Melt Adhesive Tapes Market Challenges
Availability of Alternatives
The thermal load of the substrate used in hot melt adhesive tapes is limiting use to substrates which sensitive to higher temperatures. Moreover, Loss of bond strength at higher temperatures may also lead to melting of the adhesive. Some hot melt adhesive tapes may not be resistant to chemical attacks and weathering which sometimes leads to less feasibility for its applications. Also, the presence of other types of alternative tapes such as gorilla tapes, scotch tapes, box sealing tapes, bondage tapes, and duct tapes in the market can hinder the market growth of the hot melt adhesive tapes.
Hot Melt Adhesive Tapes Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Hot melt adhesive tapes market top companies are:
- The 3M Company
- Nitto Denko Corporation
- Tesa SE
- Avery Dennison Corporation
- Intertape Polymer Group Inc.
- Henkel AG & co.
- DuPont de Nemours, Inc.
- H.B. Fuller Company
- Hira Industries L.L
- Scapa Group plc
- In 2022, Ansys and 3M created an advanced simulation training program, enabling engineers to enhance the design and sustainability of their products while using hot melt adhesive tapes as part of the design.
- In 2022, Nitto Denko Corporation announces that Nitto and Mondi plc agreed on Nitto to acquire the personal care component business which uses the manufacturing and sale of hygienic materials such as diapers and feminine hygiene products in which hot melt adhesive tapes are being used.
- In 2021 Tesa launched greenhouse repair hot melt adhesive tapes for greenhouses and grow tunnels. These greenhouse hot melt adhesive tapes are easy to install and are less expensive as well.
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- The properties such as high holding strength and good insulation along with its application in the transport & logistics industry will drive the growth of the hot melt adhesive tapes market.
- Packaging manufacturers nowadays are using bioplastic materials like PHA, PLA, etc for the manufacturing of hot melt adhesive tapes which creates an opportunity in the hot melt adhesive tapes market.
- Emerging economies of Asia Pacific account for a significant share in the hot melt adhesive tapes market during the forecast period. China and India account for more than half of the total Asia Pacific hot melt adhesive tapes market.
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