Nonwoven Adhesives Market to Jump 8%
The nonwoven adhesives market is projected to register a compound annual growth rate (CAGR) of 8.71%.
The nonwoven adhesives market is projected to register a compound annual growth rate (CAGR) of 8.71% in terms of value between 2018 and 2023. The market size is projected to grow from $2 billion in 2018 to $3.1 billion by 2023. This growth is reportedly due to rising demand from emerging applications such as baby care, feminine hygiene, and adult incontinence.
The Asia-Pacific market reportedly exhibits strong growth potential between 2018 and 2023. The region accounted for the largest market share in terms of value of the overall nonwoven adhesives market in 2017. Furthermore, this market is projected to witness the highest CAGR due to the growing demand from end users.
Stagnant growth is being seen in the baby diaper market in developed regions, due to declining birth rates and very high diaper penetration rate in matured markets such as the U.S., Japan, and Western European countries. In addition, the industry is affected by high transport costs induced by fluctuating fuel prices and higher manufacturing costs resulting from increasing energy costs. Adhesive manufacturers have responded by passing on such price rise to end users, resulting in decreased demand for adhesives as certain end-use segments.
The hot-melt segment is expected to lead the non-woven adhesives market, in terms of volume, during the forecast period.
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