Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global hot-melt-based adhesive for medical tapes market is expected to grow from USD 3.2 billion in 2021 to USD 5.8 billion by 2030, at a CAGR of 7% during the forecast period 2022-2030.
The rising demand for hot melt-based adhesives in developing economies will drive the market for hot melt-based adhesives for medical tapes. The increasing healthcare infrastructure will also contribute to the development of the market. The growing technological innovations and adoption of adhesive technology worldwide will provide lucrative opportunities for the market players. Hot melt-based adhesive solutions are reusable & recyclable, and they are repurposed according to logistical needs. The adoption of hot melt-based adhesive solutions also helps reduce operational costs in the long term. They maintain the integrity of the products by preventing foreign material from entering them. The application of hot melt-based adhesive improves regulatory compliance with sustainable development guidelines of the authorities. Government initiatives to encourage sustainable development, increasing adoption of sustainable packaging solutions by market players to reduce operational costs, and growing compliance rate will contribute to the growth of the hot melt-based adhesives for the medical tapes market. However, the availability of alternatives is likely to restrict the market's growth.
Competitive Strategy
To enhance their market position in the global hot-melt-based adhesive for medical tapes market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Ansys and 3M collaborated on an innovative simulation training program in 2022, allowing engineers to improve the design and sustainability of their products while incorporating hot melt adhesive tapes.
- Nitto Denko Corporation announced in 2022 that Nitto and Mondi plc have agreed for Nitto to purchase the personal care component business, which uses hot melt adhesive tapes in the manufacturing and selling of hygienic items such as diapers and feminine hygiene products.
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Market Growth & Trends
The growing population, coupled with the rising disposable income of the consumer, increases the demand for accessible and standard healthcare. The supportive government initiatives and schemes covering the expenses have given a significant boost to the healthcare sector during the pandemic. With the aging population, demand for surgeries and wound dressings, awareness of hygiene goods, transdermal medicine administration, and other factors, the healthcare industry's hot melt adhesive tapes market is rising. As a result, the market for hot melt adhesive tapes is growing. According to Invest India, the National Digital Health Blueprint has the potential to generate nearly US$200 billion in incremental economic value for India's healthcare industry over the next ten years. From US$5 billion in 2012 to US$32 billion in 2022, the diagnostics industry is predicted to develop at a CAGR of 20.4 percent. The awareness about the benefits of hot melt-based adhesives over other such products has gathered momentum in the Asian Market. The awareness combined with the development of sustainable, recyclable, and environmentally friendly hot melt-based adhesives will propel the adoption of hot melt-based adhesives in the global market. The well-established pharma market in India is also witnessing an increasing adoption of hot melt-based adhesives. It provides excellent protective packaging for sensitive drugs and medications and is a popular option in wound care.
Key Findings
- In 2021, the rubber-based hot-melt segment dominated the market with the largest market share of 56% and market revenue of 1.79 billion.
The type segment is divided into the UV hot melts, rubber-based hot melts, & others. In 2021, the rubber-based hot-melt segment dominated the market with the largest market share of 56% and market revenue of 1.79 billion.
- In 2021, the medical breathable non-woven tape segment accounted for the largest share of the market, with 46% and a market revenue of 1.47 billion.
The application segment is divided into medical breathable non-woven tape, easy-tear non-woven cloth tape, medical breathable PE tape, & others. In 2021, the medical breathable non-woven tape segment accounted for the largest share of the market, with 46% and a market revenue of 1.47 billion.
Regional Segment Analysis of the Hot-Melt Based Adhesive for Medical Tapes Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global hot-melt-based adhesive for medical tapes market, with a market share of around 37% and 1.18 billion of the market revenue in 2021. The hot-melt-based adhesive for medical tapes market in the Asia Pacific has been expanding rapidly. China dominates hot-melt-based adhesive for medical tapes in the Asia Pacific. The rising healthcare expenditure undertaken by the Asian governments to improve the healthcare infrastructure and other facilities will provide an impetus to the growth of the hot melt-based adhesive for the medical tapes market. The well-established and thriving pharmaceutical industry in India will also contribute significantly to the growth of the Asia Pacific market.
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Key players operating in the global hot-melt based adhesive for medical tapes market are:
- Henkel
- DuPont
- Bostik
- 3M
- Nan Pao
- Savare
- Artimelt AG
- Tex Year Industries
- IMELT Kimya
- BASF
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market Quest has segmented the global hot-melt based adhesive for medical tapes market based on the below-mentioned segments:
Global Hot-Melt Based Adhesive for Medical Tapes Market by Type:
- Rubber-Based Hot Melt
- UV Hot Melt
- Others
Global Hot-Melt Based Adhesive for Medical Tapes Market by Application:
- Medical Breathable Non-Woven tape
- Medical Breathable PE Tape
- Easy-Tear Non-Woven Cloth Tape
- Others
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About the report:
The global hot-melt-based adhesive for medical tapes market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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