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.
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.
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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 from the Market Study
- 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, 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.
Competitive Landscape
Prominent players in the hot melt adhesive tapes market are Avery Dennison Corporation, Intertape Polymer Group Inc., The 3M Company, Shurtape Technologies, LLC, Irplast S.p.A., Mario Tapes, Hira Industries L.L.C, Scapa Group plc., LINTEC Corporation, and Intercol BV, among others.
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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.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global hot melt adhesive tapes market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the hot melt adhesive tapes market, the market is segmented on the basis of material (polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyamide (PA), and poly-Urethanes (PU)), by thickness (less than 25 micron, 25-50 micron, 51-100 micron, above 100 micron), and by end-use (automotive, construction, electrical & electronics, furniture, transportation & logistics, other consumer goods), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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