PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457958
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457958
The size of the laminating adhesives market was USD 3,785.8 million in 2023, and it will touch USD 5,661.9 million by 2030, powering at a rate of 6% during 2024-2030. The industry is powered by the fast expansion in the e-commerce, flexible packaging, consumer durable, and pharma industries, the increase in the urban populace, and the increase in the requirement for packaging, that is customer-friendly.
Growth Drivers
Laminating adhesives are mainly used in flexible packaging. The packaging sector is mounting robustly, as numerous food processing plants and industrial production of all sorts of other stuff is increasing.
Recently, there has been an evolution in the packaging sector.
with the industrial sector having accepted flexible packaging.
The reasons for the acceptance of flexible packaging are its transportation ease and handling, extended shelf life, low weight, improved printability, and damage resistance.
With the population increasing, so is the requirement for packaged food, and numerous consumer goods firms are making the most of the increasing requirement for instant snacks, edible oils, pulses, meals, and juices.
This is mostly because post-pandemic, the preferences of customers have shifted from local to proprietary products, as the latter provide a minimum of some assurance of nutrition, quality, and safety.
Polyurethane Is the Leader of the Industry
Polyurethane is the leading category, with a share, of 45%, in 2023, mostly since this type of adhesive offers tremendously robust adhesion, protection, and flexibility.
Polyurethane adhesives also provide unified strength, among flexibility, which makes them durable and tough.
Furthermore, they bond with substrates on which other adhesives do not accomplish and provide hard bonds at low temperatures, for accomplishing high bond strength.
Solvent-Based Adhesives Will Grow Substantially
The solvent-based category will grow considerably, with a rate of 6.2%, in the industry, in the future.
They are used in more than a few areas, for example, tapes, packaging, and medical devices, as a result of their robust resistance to more than a few environmental factors and robust bonding to diverse substrates.
They are a good choice for both non-porous and porous surfaces, as they provide protected adhesion after the liquid dries and leaves behind just the bonding agent.
They can also be easily applied to surfaces, as opposed to water-based adhesives. As a result of this, solvent-based adhesives are put to use in automotive manufacturing, food packaging, and graphics.
APAC is the Regional Leader
The APAC region had a leading share of 50%, in 2023. This is largely because manufacturing activities in India, China, and Japan are mounting robustly; therefore, the requirement for flexible packaging is snowballing, thus driving the usage of these kinds of adhesives.
Moreover, the recent progressions in adhesive engineering have allowed vehicle manufacturers to make fuel-efficient and lightweight vehicles.
The regional transportation industry is on the rise because of the growing population, snowballing cross-border goods movement, and growing rate of employment. Production of vehicles will also increase over time, therefore leading to a surge in the requirement for laminating adhesives in the automotive sector.
Competitive Analysis
The initiatives of the government are endorsing sustainable building designs that will boost industry growth. Also, because of the stringent energy efficiency regulations, there is a surge in the requirement for rigid foams with robust insulation, chiefly in the construction industry.
Also, for limiting the VOC emissions from sealants and adhesives, companies are heavily investing in R&D to come up with bio-based, biodegradable products.