The LAMEA PUR-based Reactive Hot Melt Adhesive Market is estimated to witness significant growth, at an estimated CAGR of over 9.8%, over the forecast period to a total value of 87.4 million USD in 2030
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.
Increasing usage of PUR holt-melt adhesives as a substitute for solvent-borne adhesives is 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.
Brazil is predicted to dominate the market and grow at the highest rate over the forecast period.
The market for PUR-based reactive hot melt adhesives is divided into two categories: substrate and application.
The LAMEA 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 utilized 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.
Brazil is expected to dominate the LAMEA PUR-based Reactive Hot Melt Adhesive Market, accounting for close to 50 % of the total market. Brazil has the world's sixth-largest economy and is a major automaker. Local governments' various incentives and plans to attract more foreign investment are likely to improve the country's automotive sector, propelling the adhesives market forward. Furthermore, the fast-evolving infrastructure is expected to propel the industry even higher which in turn is expected to increase the demand of PUR Based Adhesives.
Colombia is expected to develop significantly in terms of revenue over the projection period, with a CAGR of 6.5%. High demand growth in end-use industries such as textiles, medical textiles, packaging, and home applications characterizes the Colombian market. The country's market development is predicted to be boosted by the country's expanding senior population, as well as measures to manufacture superior-quality sports gear and increase agricultural productivity.
Furthermore, rising public awareness of environmental preservation and sustainable practices is propelling regional industrial growth. Argentina's automobile industry has grown at an exponential rate, resulting in increased product demand. Furthermore, the building industry is at the forefront, accounting for a significant portion of the market in Argentina.
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