The packaging laminates market size is projected to be valued at US$ 6,274.7 million in 2022 and is expected to rise to US$ 10,410.2 million by 2033. The sales of packaging laminates are expected to grow at a significant CAGR of 5.1% during the forecast period.
Packaging is critical in product promotion and branding. It has progressed from a requirement of the business strategy to an essential component of the business strategy.
The preference of consumers for packaging laminates to fasten flexible packaging materials is changing as there are more manufacturing facilities, food processing facilities, and industrial production sets.
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It is anticipated that rising packaged food spending in both established and emerging nations is likely to fuel the expansion of the laminating adhesive market.
- Consumers, corporations, and government agencies in the United States spent US$ 1.71 trillion on food and beverages in grocery stores and other shops as well as on takeout meals and snacks in 2018, according to the U.S. Department of Agriculture Economic Research Service.
It is anticipated that developing economies like the BRICS (Brazil, Russia, India, China, and South Africa) can witness a sharp increase in GDP growth. The manufacturing sector is anticipated to rise as a result, which is anticipated to fuel the market expansion of packaging laminates.
Producers are opting to expand their polypropylene production lines, which is an essential raw material for packaging. This scenario is predicted to propel raw material production for packaging solutions in a variety of countries around the world.
Key Takeaways from Market Study
- In terms of material type, the metallized polypropylene (PP) films are anticipated to attain more than 35% of the revenue share, recording an optimistic 5.1% value CAGR throughout the assessment period due to their high flexibility and durability.
- Based on thickness, the 30-45 microns category is likely to command market share reaching US$ 4.0 Bn by 2030, as it is the ideal size utilized for packaging several items, chiefly perishable foodstuffs.
- Based on application, aseptic packaging is the key beneficiary of the global market, recording a 4.9% CAGR across the assessment period. Consumer preferences for instant food and high-quality meals, as well as the expansion of the dairy beverage industry, are driving sales of aseptic packaging.
- According to FMI, the United States is expected to dominate the North America packaging laminates market with a market share of 81.7% during the assessment period, owing to rising packaged food consumption, the expansion of the medical device packaging market, and the presence of key market players.
- India is anticipated to develop into a very lucrative market for packaging laminates over the forecast period due to the rising popularity of packaging laminates in packaging applications and the expansion of end-use verticals. According to emerging trends, India is likely to command Asia Pacific, which currently accounts for 49.2% of global income, in 2022.
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Competitive Landscape
To comply with the strict environmental laws, major players in the worldwide laminating adhesive market are concentrating on producing unique products with low or no VOC emission. In addition, they have expanded its global footprint by implementing expansion methods like alliances, purchases, mergers, collaborations, and the use of online sales platforms.
Latest Developments
For the food packaging and industrial markets, primarily in Asia, Toyo-Morton, Ltd. introduced the new ECOAD family of polyurethane solvent-free laminating systems in August 2022.
For flexible packaging laminates, SONGWON created the HI-THANE A-7363 + HI-THANE A-6600 new solvent-free packaging laminates in July 2022.
For the dry lamination of films in flexible packaging, Toyo-Morton, Ltd. developed new bio-based packaging laminates in June 2022.
Global Packaging Laminate Market Outlook by Category
By Material:
- Aluminum Foil
- Paper & Paperboard
- Plastic
- PP
- PE
- PET
- PA
- Others (EVOH and PVC)
By Thickness:
- Up to 30 Microns
- 30 to 45 Microns
- 45 to 60 Microns
- Above 60 Microns
By Packaging Format:
- Films
- Pouches
- Tubes
By End-use:
- Food & Beverages
- Healthcare & Pharmaceuticals
- Beauty & Personal Care
- Homecare & Hygiene
- Others (Personal Protective Equipment & Pet Care)
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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