In terms of revenue, the global tackifiers for hot melt adhesives market was valued at US$ 1582.17 Mn in 2020 growing at a CAGR of 3.9% over the forecast period (2021 – 2029).
Rosin Resins to Grow at the Fastest Rate over the Forecast Period (2021-2029)
According to Absolute Markets Insights report, Rosin resins is expected to grow at the fastest rate during 2021-2029 period in the global tackifiers for hot melt adhesives market. Low prices, abundant availability, natural origin and chemical modification potential are some of the major factors projected to drive the segment growth at proliferative rate. The utility of such resins can be enhanced via several modifications including hydrogenation, dimerization, functionalization, esterification or by combination of aforementioned modifications. Commercially derived products include rosin esters, hydrogenated rosin resins, dimerized rosin resins and modified rosin resin. High demand for such products for construction, cord strapping, carpeting & textiles, and automotive applications is projected to further propel the product demand.
Rosin esters show high compatibility with extensive range of polymers such as ethyl vinyl acetate (EVA), acrylics, styrene butadiene rubber (SBR), styrene butadiene styrene (SBS), and styrene isoprene styrene (SIS). Such features allow flexibility formulations in various hot melt solvent and water based adhesive formulations. Furthermore, emergence of biobased tackifiers along with manufacturers focus toward sustainable solutions is likely to drive the segment growth at a brisk pace. For instance, Kraton Corporation introduced revolution rosin ester technology to produce rosin esters from crude tall oil feedstock. This is intended to lower the carbon footprint and advance the bioeconomy. These factors will drive the rosin resins segment growth in the global tackifiers for hot melt adhesives market.
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Packaging accounted for the highest market share in 2020 while nonwoven application is expected to grow at the fastest rate during 2021 – 2029
According to AMI, packaging application is expected to account for the largest market share in 2020. Corrugated board packaging is highly driven by developments in digital printing technologies and e-commerce. Advent of box on demand systems or fit to products (FtP) is highly adopted by e-commerce sellers such as Amazon, Alibaba, eBay, etc., has upsurged the product demand, which in turn will subsequently increase the demand for global tackifiers for hot melt adhesives market.
Hot melt adhesives comprise of thermoplastic tackifier resins. Using pressure and heat they can be easily dispensed, softened and reshaped. Such characteristics allows the hotmelt adhesive in manufacturing nonwoven products such as diapers, female hygiene products and surgical products. High demand for aforementioned products along with benefits of hot melt adhesives such as long shelf life, high polymer compatibility and bonding makes it ideal for nonwoven applications. From automotive application standpoint, increasing product consumption for lamination of interior parts, accessory fixing and insulation is subsequently promoting the use of global tackifiers for hot melt adhesives market.
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Pine Based Tackifiers to Drive Growth by Offering Sustainable Packaging Solutions
Some of the key challenges for global adhesive and sealants market are meeting industry’s regulatory demands and consumer preferences for sustainable packaging. Growing trend towards environmentally friendly packaging has led adhesive manufacturers to influence consumer companies to incorporate packaging materials which are compostable, recyclable, or made from bio renewable sources. As tall oil rosin esters offer high performance, it can help adhesive formulators to choose right tackifier while providing high-quality options for eco-conscious customers. Pine based tackifier performance attributes include bio renewable source i.e., adhesive manufacturers can offer sustainable options to end-users, low initial colour, super adhesion, and increased thermal stability. As growing environmental concerns affect the consumer purchase decisions, various end-users have committed toward improving their sustainability packaging profile. Such factors are projected to drive the tackifiers for hot melt adhesives market growth in the extended run.
Increasing Consumption from End-Use Industries to Drive Growth in the Asia Pacific Region
Growing consumption of adhesives and sealants in China for pressure sensitive products, footwear, packaging, textiles, woodworking etc. is expected to drive the tackifiers for hot melt adhesives market growth over the forecast period in the Asia Pacific region. China recently launched “New Infrastructure” campaign in order to offset the economic impact due to covid and propel sustainable growth. The campaign is projected to focus on construction areas such as intercity transportation, inner rail system, industrial internet, data centres, etc. Such trend is projected to bolster the product demand in building and construction application. Exponential growth in online retail during covid has fostered the growth of packaging applications in Asia Pacific. High demand for corrugated packaging on account of growing e-commerce sales is subsequently driving the tackifier demand in hot melt adhesives. Growing automotive sector in China, Japan, India, and South Korea is projected to further drive product demand in assembly, and interior parts application over the forecasted period (2021 – 2029).
Some key players in the global tackifiers for hot melt adhesives market are Arakawa Chemical Industries, Ltd., BASF SE, Cray Valley, DRT, Eastman Chemical Company, ExxonMobil, Harima Chemicals Group, Inc., Kolon Industries, Inc., Kraton Corporation, Rain Carbon Germany GmbH, Yasuhara Chemical Co., Ltd., and Zeon Corporation among others.
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Global Tackifiers for Hot Melt Adhesives Market:
By Type of Resin:
- Hydrocarbon Resins
- Rosin Resins
- Terpene Resins
- Others
By Form:
- Solid
- Molten
- Liquid
By Application:
- Packaging
- Corrugated Board
- Non-pressure Sensitive Labels, Signs, Decals and Marking Systems
- Flexible & Specialty Packaging
- Composite Containers and Tubes
- Others
- Nonwovens & Disposables
- Automotive
- Bookbinding
- Electronics
- Shoemaking
- Road Marking
- Woodworking
- Building and Construction
- Textiles
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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