Polyurethane hot melts are becoming increasingly popular in a variety of industries, including high-volume production and DIY and home repair. This is due to the fact that PUR hot melts have some fantastic features that appeal to a wide range of people. PUR hot melts are non-toxic, quick to set, have excellent temperature and weather resistance, and are cost-effective in any volume.
Total PUR-based reactive hot melt adhesive market size to grow from USD 722.5 million in 2021 to USD 1401.5 million by 2030. The Asia Pacific PUR-based Reactive Hot Melt Adhesive Market is estimated to witness significant growth, at an estimated CAGR of over 11.3 %, over the forecast period to a total forecasted value of 630 million USD in 2030. Increasing demand from the packaging industry in the region and increasing usage of PUR holt-melt adhesives as a substitute for solvent-borne adhesives are expected to drive the market during the forecast period. In the next years, market growth is expected to be aided by the adoption of bio-based hot-melt adhesives.
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The Asia Pacific PUR-based reactive hot melt adhesive market is divided into two categories: substrate and application.
The Asia Pacific PUR-based reactive hot melt adhesive market is segmented into fiberglass, nylon, and plastics based on substrate. Plastic is the leading segment, with a market share of USD 304.9 million in 2021 and an estimated CAGR of 8.15% to USD 617.5 million in 2030. Because consumers seek lightweight and attractive packaging, the plastic substrate category has dominated the market.
After plastics, fiberglass substrates are the second most popular category in the PUR-based reactive hot melt adhesive industry, as they provide great connection flexibility at high processing speeds and temperatures. These are mostly utilised in the binding of fiberglass components used in various industries, resulting in a staggering revenue of USD 186.80 million in 2021 and USD 334.85 million in 2030, with a CAGR of 6.7%, because of their low surface energy and high moisture absorption, nylon polymers are difficult to bind. However, it is utilized in a wide range of industries, contributing to sales of USD 50.9 million in 2021 and is predicted to reach USD 81.15 million by 2030 at a CAGR of 5.32%.
The PUR-based reactive hot melt adhesive market is divided into two categories: automotive and electronics. With a CAGR of 11.95% from USD 93 million in 2021 to USD 256.86 million in 2030, the automotive segment commands the largest portion of the market. The increased need for hot melt adhesives used in automobiles to make them low weight and aesthetically pleasing is the reason for the adhesive industry's growth in the automotive sector.
Apart from the automotive industry, the electronics manufacturing business has a high demand for hot melt adhesives, which are used to create electronic components that make extensive use of adhesives to ensure that the complete electronic device or equipment structure is properly joined. It has the second highest market share after the automotive market, with estimated sales of USD 37.06 million by 2030, growing at a CAGR of 8.49%, which is a significant increase from USD 17.8 million in 2021.
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Asia-Pacific is the leading market, with sales of USD 239.9 million in 2021 and a CAGR of 11.35% predicted to reach USD 630.30 million by 2030. With developing economies like India and China, the Asia-Pacific area has generated the most revenue. India, as the developing automotive powerhouse of the South Asian area, has the most operational automobile manufacturing units, contributing to the Asia-Pacific region's overall income generation. Due to increased population, living standards, and per capita income, China is one of the world's fastest-growing economies, with practically all end-user industries expanding. The growth rate is predicted to drop over the first years of the forecast period due to worldwide trade volatility and unfavorable geopolitical events.
China has the world's second-largest packaging industry. Due to the emergence of customized packaging and rising demand for packaged consumer goods in the food segment, such as microwave food, snack foods, and frozen foods, the country is predicted to grow steadily over the projection period. India's market is expanding because to increased demand for packaged goods and significant growth in the construction industry. The market in Japan, on the other hand, is rapidly expanding due to rising customer purchasing power, rising per capita income, and the use of bio-based hot-melt adhesives.
Some of the major players in the Asia Pacific Region (having significant market shares) are listed below: