The global polyester hot melt adhesives market reached a valuation of $473,057.2 thousand in 2019 and is predicted to generate a revenue of $717,152.6 thousand by 2030. According to the market research firm, P&S Intelligence, the market will exhibit a CAGR of 5.3% between 2020 and 2030. The factors driving the progress of the market are the surging usage of polyester hot melt adhesives in the packaging industry and the growing requirement for these materials in the automotive industry.
Depending on application, the polyester hot melt adhesives market is divided into packaging, industrial assembly, heat seal coating, electrical and electronic component manufacturing, and textile lamination. Out of these, the industrial assembly category is predicted to register the highest growth in the market in the forthcoming years. Many industrial manufacturing companies are increasingly preferring using these adhesives over the conventional mechanical fasteners, on account of their ability to reduce the overall weight of machines, automobile vehicles, and equipment.
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Globally, the polyester hot melt adhesives market is predicted to demonstrate the fastest growth in Asia-Pacific (APAC) in the coming years. This will be a result of the surging investments being made in the developing countries such as India, Thailand, China, and Vietnam. Furthermore, China is a major manufacturing center and one of the world’s largest exporters of electrical and electronic parts and components. The growth of the packaging industry is further boosting the market advancement in the country.
Hence, it is quite clear that the market is set for lucrative growth across the world in the upcoming years, primarily because of the increasing usage of polyester hot melt adhesives in the automotive and packaging industries and the explosive growth of these industries all over the world.
Read more: https://www.psmarketresearch.com/market-analysis/polyester-hot-melt-adhesives-market
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