The market for laminating adhesives is expected to register a CAGR of around 6% during the forecast period. Major factors driving the market studied are the rapid growth in the flexible packaging industry and the increasing demand for packed food. Growing concerns regarding plastic disposal are expected to hinder the growth of the market studied.
- The packaging industry dominated the market and is expected to grow during the forecast period, owing to the increasing demand for flexible packaging in the food and beverage industry.
- Accelerating usage of solvent-less lamination adhesives is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from the countries, such as China and India.
Key Market Trends
Rapid Growth of the Packaging Industry
- Packaging is one of the key factors considered by the firms engaged in the manufacturing industry. With the growing number of manufacturing units, food processing plants, and increasing industrial production, the global packaging industry is witnessing robust growth.
- In the last few years, the packaging industry has been experiencing a transition, where the manufacturing and industrial sector has been adapting to flexible packaging. Owing to this, the rigid packaging industry is losing its share to the flexible packaging industry in the global packaging industry.
- The benefits, such as lightweight, easy handling, less space-consuming, longer shelf life, easy transit, damage resistance, and better printability, have made flexible packaging popular.
- Laminating adhesives are extensively used in flexible packaging. Laminating in flexible packaging is a process where two or more packaging webs are joined together using a bonding agent. These webs can be in the form of films, papers, or aluminum foils. Laminating adhesive is applied to the less absorbent substrate of the web, which is then pressed against the second web.
- Hence, with the increasing demand for packaging, the market for laminating adhesives is also expected to register a noticeable growth in demand during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With growing manufacturing activities and the increasing need for flexible packaging in countries, such as China, India, and Japan, the usage of laminating adhesives is increasing in the region.
- China has the world's largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and others, have the highest growth in the electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the laminating adhesives market in the near future.
- The aforementioned factors, coupled with government support, may contribute to the increasing demand for laminating adhesives consumption in the region during the forecast period.
- In addition, India's lucrative growth in industries, such as packaging, electronics, and construction, is likely to continue in the coming years, owing to the growing investments and supportive government policies.
- With the growth of such industries, the laminating adhesives market holds great opportunities for growth in the region, during the forecast period.
The market for laminating adhesives is consolidated in nature, and is dominated by major players, including Henkel, Arkema, HB Fuller Company, Ashland, and 3M. The other major players include Sika AG, Toyo-Morton, and Evonik Industries, among others.
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