Future Market Insights (FMI) has released an updated research report forecasting the global elastic laminate market to achieve a net worth of US$ 5.6 billion by the end of FY 2024. The market is projected to grow at a compound annual growth rate (CAGR) of 2.7% over the next decade, reaching US$ 7.3 billion by 2034. This growth is attributed to the rising use of elastic laminates in adult incontinence pads, diapers, and feminine care products.
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Market Dynamics and Key Drivers
1. Rising Demand for Hygiene and Medical Products: The increased use of elastic laminates in products such as adult incontinence pads, baby diapers, and feminine care items is driving market growth. These products offer enhanced comfort and functionality, making them popular among consumers.
2. Technological Advancements and Sustainability: Key players in the market are focusing on developing sustainable material-based elastic laminates. For instance, Nitto Denko Corporation’s acquisition of Mondi Group’s personal care components business aims to enhance its human life solutions, supporting well-being and health.
3. Government Initiatives and Education: Continuous government initiatives and rising education levels are increasing awareness and demand for feminine care products and diapers, further boosting the market.
Business Growth Opportunities:
- E-commerce Expansion: Embrace and optimize online sales channels to reach a broader customer base, tapping into the growing trend of online shopping.
- Global Market Penetration: Explore and enter new international markets to diversify revenue streams and capitalize on untapped customer segments.
- Product Diversification: Expand product offerings or introduce complementary services to cater to evolving customer needs and preferences.
- Technology Integration: Invest in advanced technologies such as AI, IoT, or automation to enhance operational efficiency, reduce costs, and stay competitive in the market.
- Sustainability Initiatives: Implement eco-friendly practices and products to align with the increasing consumer demand for sustainable and socially responsible business practices.
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The list of Key Players Covered in the Elastic Laminates Market are:
- Golden Phoenix Fiberwebs, Inc.
- Pantex International S.p.A.
- Neos Italia Srl
- Mondi Group plc
- Berry Global Group, Inc.
- Exxon Mobil Corp
- Tredegar Corporation
- Schweitzer-Mauduit International, Inc.
- Kraton Corporation
- Aplix S.A.
Adjacent Markets
- Pharmaceutical Plastic Packaging Market: The pharmaceutical plastic packaging market is seeing significant growth, driven by the demand for safe and efficient packaging solutions for pharmaceutical products. The trend towards sustainable packaging is also influencing this market.
- Packaging Laminate Market: The packaging laminate market is experiencing growth due to the increasing demand for flexible packaging solutions that offer convenience and sustainability. This market is benefiting from advancements in material science and technology.
Regional Market Insights
- United States: The U.S. elastic laminate market is expected to expand at a CAGR of 1.4% through 2034. Despite reaching maturity, the market continues to grow due to the increasing prevalence of urinary incontinence among the adult population and the ongoing demand for baby diapers. Companies like Nitto Denko Corporation are leading the market with innovative elastic laminates featuring strong elastic films and soft nonwoven layers.
- Germany: Germany is a key market in Europe, projected to register a CAGR of 1% over the next decade. While the market is approaching saturation, new players like Pedilay Care GmbH are entering the scene. Pedilay Care GmbH has recently launched an elastic nonwoven laminate conversion facility in Germany, aiming to meet the material needs of commercial and R&D customers in the hygiene, medical, and wellness industries.
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Key Segments Covered:
By Material Type:
- Ethylene-based Elastomers
- Propylene-based Elastomers
- Styrene-block Copolymers
- Others (PET-based)
By Structure:
- Elastic Strand Based
- Elastic Film Based
- Elastic Netting based
- Elastic Nonwovens Based
By Application:
- Medical
- Hygiene
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (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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