The global laminating adhesives market size was USD 3.52 billion in 2022. The market is anticipated to expand from USD 3.65 billion in 2023 to USD 5.05 billion by 2030, exhibiting a CAGR of 4.7% over the estimated period. The market expansion is propelled by the escalating demand for flexible packaging in the food & beverage sector. This is mainly on account of the increasing urban population. Fortune Business Insights™ provides this information in its research report, titled “Laminating Adhesives Market Size, Share, Growth, Demand and Report Forecast, 2024-2030”.
Segments:
Polyurethane Segment to Dominate Considering the Extensive Performance Profile
Based on resin type, the market for laminating adhesives is classified into polyurethane, acrylic, and others. The polyurethane segment held a significant market value in 2022 and is expected to exhibit an appreciable CAGR over the study period. The surge is propelled by the excellent properties of adhesion.
Solvent-based Segment to Gain Notable Traction Impelled by the Increasing Deployment of the Product in Packaging
By technology, the market for laminating adhesives is categorized into solvent-based, solvent-less, water-based, and others.The solvent-based segment accounted for a key market share over the projected period. The expansion is impelled by the product deployment for flexible packaging.
Packaging Segment to Lead Propelled by Soaring Consumer Demand
Based on end-use industry, the market for laminating adhesives is segmented into industrial, transportation, and packaging. The packaging segment is poised to exhibit an appreciable CAGR over the projected period. The segment accounted for a key market share propelled by the escalating product demand from the retail packaging sector. On the basis of geography, the market for laminating adhesives has been analyzed across Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the vital trends in the market. It further provides insight into the major driving and restraining factors. Other aspects of the report include an account of the pivotal steps adopted by key industry players to strengthen their industry footing.
Source: https://www.fortunebusinessinsights.com/laminating-adhesives-market-108595
Drivers and Restraints:
Soaring Adoption of Water-based and Solvent-free Adhesives to Drive Market Growth
The recent years have recorded a rise in the adoption of solvent-free and water-based adhesives. Besides, water-based adhesives are less harmful to on-site laborers and are eco-accommodating. These factors are set to propel the laminating adhesives market growth over the projected period.
However, governments across the globe are focused on recycling processes, and waste programs focused on plastics disposal. This may hamper industry growth to some extent.
Regional Insights:
Asia Pacific to Emerge as Major Region Owing to Growing Packaging Sector in China
Asia Pacific held a dominant position in the global laminating adhesives market share in 2022. The regional market is slated to expand at the fastest CAGR over the anticipated period. The growth is propelled by the growing packaging industry in China.
The European market is slated to expand at a considerable CAGR over the forecast period. The rise is driven by the escalating adoption of electric vehicles and surging CO2 emissions.
Competitive Landscape:
Key Players Adopt New Strategies to Strengthen Market Footing
Leading market participants are focused on adopting a range of strategies for strengthening their industry positions. These initiatives include research activities and the development and launch of new products. Additional steps include partnerships, acquisitions, merger agreements, and the formation of alliances.
Key Industry Development:
November 2022 – Cyclos-HTP Institute (CHI) and Henkel entered into a strategic partnership. The deal brought together two significant components of the consumer goods and packaging value chain.
List of Key Players Mentioned in the Report:
DuPont (U.S.)
B. Fuller Company (U.S.)
Henkel AG (Germany)
3M (U.S.)
Dow (U.S.)
Sika AG (Switzerland)
Bostik (France)
DIC Corporation (Japan)
Pidilite Industries Limited (India)
Flint Group (Luxembourg)
COVID-19 Impact:
Enforcement of Lockdown Restrictions Hindered Market Growth amid COVID-19 Pandemic
The pandemic period recorded the shutdown of operations in numerous end-use industries in light of the enforcement of lockdown restrictions. The crisis impacted manufacturing activities across the globe. These factors affected industry expansion to a certain extent. However, the period also led to the development of various strategies for building the long-term availability of goods.