The global hot melt adhesives market attained a valuation of $7,717.0 million in 2019 and is predicted to advance at a CAGR of 6.1% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would reach $12,761.3 million revenue by 2030. The surging consumer spending and the increasing usage of adhesives in various industries such as automotive and packaging are the main factors driving the progress of the market.
The soaring economic growth of developing countries such as China, Indonesia, and India in recent years is one of the biggest factors propelling the advancement of the hot melt adhesives market across the world. The swift economic progress of these countries has caused a sharp surge in the disposable income and per capita income of the people residing in them. This has, in turn, pushed up the requirement for products such as footwear, electronics, and clothes.
This would be because of the presence of a large manufacturing base, huge population, and the surging disposable income of the people living in the regional countries. Moreover, the soaring sales of automobiles, electronics, and packaged food products are boosting the requirement for hot melt adhesives in the region. Many companies are increasingly using these adhesives for meeting the rising requirement for various electronics products and food items. This is consequently driving the advancement of the market in the region.
Thus, it can be safely concluded that the market will demonstrate substantial growth all over the world in the upcoming years, mainly because of the rising requirement for packaged goods and the surging popularity of e-commerce across the world.
Read more: https://www.psmarketresearch.com/market-analysis/hot-melt-adhesives-market
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