Jul 09, 2020 (CDN Newswire via Comtex) -- Global Hot Melt Adhesive Tapes Market report identifies the consumers' needs and wants to deliver it more sincerely, effectively and efficiently than the competition. Easy to understand research method and employment of excellent tools and techniques make this market research report exceptional. The study takes into account drivers and restraints for the market along with the impact they have on the demand over the forecast period. Clients get fluency with a nice combination of best industry insight, practical solutions, talent solutions and latest technology while using this Global Hot Melt Adhesive Tapes Market report for the business growth.
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Market Definition: Global Hot Melt Adhesive Tapes Market
Hot melt adhesive tapes are sticking products that are equipped with hot melt adhesives and are generally easier to use and apply due to the high sticking bond. These tapes provide more efficient application methods and resistance against tear, exposure against chemicals and other external factors. These tapes are generally utilized on corrugated recyclable boxes, and are highly resistant to exposure of high temperatures.
Market Analysis: Global Hot Melt Adhesive Tapes Market
Global hot melt adhesive tapes market is expected to rise to an estimated value of USD 24.86 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the global growth of the packaging industry and the increased adoption of these products from the same industry vertical.
Growth in the levels of usage and preference of hot-melt technology in a number of applications and industry verticals; this factor is expected to drive the growth of the market
Rising levels of applications of these products from several industry verticals; this factor is expected to drive the market growth
Availability of other tapes which provide more resistance to heat such as water-based and solvent-based adhesive tapes; this factor is expected to restrain the growth of the market
Volatile nature of raw material prices utilized in the production of these tapes resulting in restriction of market growth
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Key Developments in the Market:
In February 2019, H.B. Fuller Company announced that they are displaying several new adhesives for the tapes and packaging market, at the ICE Europe 2019 held in Munich, Germany from 12-14 March, 2019. The company announced that they will showcase hot melt and pressure sensitive adhesives which are specifically designed by scientists working for the organisation termed as "Swift melt 2033" and "Lunamelt HL 2838".
In April 2015, Henkel AG & Co. KGaA announced that they had agreed to acquire Novamelt GmbH. This acquisition will significantly expand the adhesive capabilities of Henkel AG & Co. KGaA specifically for hot-melt adhesives as these adhesives are generally utilized in labels and tapes. The solutions acquired with this acquisition are a complement to the existing solutions offered by Henkel AG & Co. KGaA for pressure sensitivity.
Global hot melt adhesive tapes market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of hot melt adhesive tapes market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global hot melt adhesive tapes market are 3M; TE Connectivity; AVERY DENNISON CORPORATION; ACHEM; tesa SE - A Beiersdorf Company; Shurtape Technologies, LLC; NITTO DENKO CORPORATION; Vibac Group S.p.a. .; Intertape Polymer Group;; AMERICAN BILTRITE INC; hyStik Inc; American Casting MFG.; General Sealants; FABO s.p.a.; Irplast S.p.A.; Pitamas; Pro Tapes & Specialties, Inc. and PPM Industries SpA.
Segmentation: Global Hot Melt Adhesive Tapes Market
By Resin Type