The global laminating adhesives market is projected to amass a revenue of US$ 6.2 billion by 2033, with sales growing at a restored and positive CAGR of 6.1% from 2023 to 2033. Historically, the target market recorded an average CAGR of 4.7 % from 2017 to 2022. The laminating adhesive market will likely reach an estimated US$ 3.5 billion in 2023. The estimated growth for the forecast period can be attributed to heightened demand from various end-use sectors like packaging, healthcare, food and beverages, manufacturing, and pharmaceuticals, among others. The packaging industry, particularly, generates strong demand for laminating adhesives.
Lamination adhesive is an essential part of the manufacturing process of flexible packaging goods. The rising awareness of the advantages of flexible packaging such as its lightweight aspect, easier handling, less space requirement, smoother transportation, extended shelf life, protection from damage, and improved printability further promotes the demand for flexible packaging which, in turn, has a positive impact on the laminating adhesive market. Since packing is one of the important factors that manufacturing enterprises take into consideration before venturing into the production process, the market for laminating adhesives looks at positive growth in the forthcoming years.
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In the past few years, more and more businesses in the manufacturing and industrial sectors have been opting for flexible packaging which is transforming the structure of the packing sector. Thus, flexible packaging is taking over the rigid packaging sub-sector. This augurs well for laminating adhesives as they are eco-friendly, durable, and also come in solvent-free varieties. Hence, the expansion of the flexible packaging sector and rising demand for eco-friendly adhesives act as primary growth drivers for the laminating adhesive market. Moreover, immense demand for laminating adhesives from food and beverage packaging, medical packaging, and expansive use of the product across various industries like industrial, automotive, and transportation sectors will underpin the growth of the laminating adhesive market during the projection period.
Key Takeaways:
- Water-based laminating adhesives will gain rapid traction over the next couple of years owing to the implementation of strict environmental regulations and the high demand for miniaturized electronic products.
- The growing consumption of packaged food will fuel the use of laminating adhesives in the food packaging sector.
- The laminating adhesives market in the US will reach a value of US$ 729.9 million by 2033.
- Asia Pacific will emerge as an opportunistic pocket for the laminating adhesive market owing to surging manufacturing activity in China, Japan, and India.
Competitive Landscape
3M Company, Coim Group, H.B. Fuller Company, Ashland Global Specialty Chemicals Inc., Evonik Industries AG, Flint Group, Henkel AG & Co. KGaA, L.D. Davis Industries Inc., and Sika AG, among others, are some of the key players in the laminating adhesives market profiled in the full version of the report.
Significant market players are focusing on product development and the launch of new products. These firms also engage in various organic and inorganic business strategies to gain a competitive edge.
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More Insights into Laminating Adhesives Market
FMI offers the latest, detailed, and unbiased analysis of the global laminating adhesives market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, application, and region.
According to the reports, based on segmentation, the water-based laminating adhesives will grow at 6.0% between 2023 and 2033. This growth is due to more and more manufacturers shifting to water-based technology across multiple sectors like food, construction, electronics, and many others. In terms of application, the packaged food sector will lead the market with a growth rate of 4.6% during this assessment period.
Based on region, the laminating adhesive market in Asia Pacific will exhibit strong growth. It is estimated that the Asia Pacific will lead the global laminating adhesives market. Increasing manufacturing activities in China, India, and Japan aid the growth of the regional laminating adhesives market. The food and beverages, construction, and electronics industries in these countries will generate high demand for the market. Hence, the laminating adhesives market in Asia Pacific will dominate the international marketplace and contribute substantially to the overall market growth.
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