The hot melt adhesive tapes market is projected to grow from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0%. APAC is the largest consumer of hot melt adhesive tapes. The global hot melt adhesive tapes market is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the APAC region.
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Consumer & DIY is the fastest-growing application of the hot melt adhesive tapes market
Increasing public awareness for DIY is fueling the use of these tapes in different activities, such as gardening, crafting, and small construction & furniture projects. A majority of these tapes are used for different office and household applications. The consumer & DIY applications of hot melt adhesive tapes include temporary repairing of rips on any kind of surface, sealing of leaks and holes, temporary mounting of damaged components of cars and automobiles, jointing of broken components of various tools, sealing, and packaging. Hence, the demand for consumer & DIY applications is high in the hot melt adhesive tapes market.
The demand for hot melt adhesive tapes has increased in other APAC countries, such as South Korea, Singapore, India, and Indonesia, as the application activities in these countries have risen. China has been the driving force for the rapid expansion of the adhesive tapes market, not only in APAC, but also worldwide. In several countries, the factors affecting the packaging, which is a major application of hot melt adhesive tapes, are the increasing level of disposable income and population growth. These factors are positively influencing the hot melt adhesive tapes market growth.
Key players profiled in the hot melt adhesive tapes market report include The 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), Intertape Polymer Group Inc. (Canada), Shurtape Technologies, LLC (US), Scapa Group plc (UK), LINTEC Corporation (Japan), ACHEM Technology Corporation (Taiwan), and TE Connectivity Ltd (Switzerland).
Avery Dennison Corporation (US) is one of the major companies in the global hot melt adhesive tapes market. The company achieved this position after several successful small and big acquisitions and expansion activities. The acquisition of Mactac’s European business, a leading manufacturer of high-quality, pressure-sensitive materials, catering to several high-value segments, including graphics, specialty labels, and industrial tapes, in 2016, was the major acquisition of the company. The acquisition enhanced the company’s competitiveness in the hot melt adhesive tapes market in Europe.
Intertape Polymer Group (Canada), which was founded in 1991, is a leading player in hot melt adhesive tapes market. The company develops, manufactures, and supplies a variety of paper and film-based pressure-sensitive and water-activated tapes, polyolefin films, woven fabrics, and complementary packaging systems for industrial and retail applications. The company offers products for aerospace, automotive, and industrial applications. It has operations in 17 locations, including 12 manufacturing facilities in North America and 1 in Europe. The company, with its products, caters to a number of countries, including Canada, Germany, and the US. After acquiring all the assets of Canadian Technical Tape Ltd., Intertape will be able to improve its distribution channel and add value to its products.
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