The global market size for laminating adhesives market reached USD 3.65 billion in 2023 and is anticipated to increase from USD 3.80 billion in 2024 to USD 5.53 billion by 2032, showing a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
Laminating adhesives are crucial for creating films with advanced functionalities by bonding multiple films together, including plastic film, aluminum foil, and paper, among others. These adhesives are cured using heat or a combination of heat and pressure, similar to hot melt adhesives. They offer excellent bonding, high-temperature resistance, and protection against environmental factors. Laminating adhesives cater to various surfaces and can be solvent-free or resistant to chemicals, UV rays, and humidity, withstanding temperatures up to 450°F. The COVID-19 pandemic impacted the market negatively due to reduced demand from sectors like food & beverage and electronics, disrupting supply chains and production.
Fortune Business Insights™ mentioned this in a report titled, “Laminating Adhesives Market, 2024-2032.”
Market Trends:
The market is witnessing increased adoption of solvent-free and water-based adhesives, driven by growing environmental awareness. Solvent-free adhesives eliminate the negative impact of organic solvents on printing ink and offer multifunctionality and compatibility with various materials. Water-based adhesives are eco-friendly, cost-effective, and safer for workers compared to solvent-based alternatives, contributing to market growth.
Market Growth Factors:
Rising demand for flexible packaging in the food & beverage industry is propelling market expansion. Population growth in urban areas has led to increased demand for innovative packaging solutions, driving the need for laminating adhesives in various applications such as microwavable packaging and fresh food packaging.
Technological advancements are leading to the development of eco-friendlier laminating adhesives, made from plant-based or recycled materials, and powered by renewable energy sources. These sustainable adhesives offer environmental benefits and are expected to witness increased demand as businesses prioritize sustainability.
Restraining Factors:
Strict government regulations on plastic disposal pose a challenge to market growth, with concerns about environmental pollution and its impact on marine ecosystems. Regulations aim to address the issue of plastic waste and promote sustainable practices, affecting the demand for laminating adhesives.
Information Source: https://www.fortunebusinessinsights.com/laminating-adhesives-market-108595
Report Coverage
The report offers:
· Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insights into regional developments.
· List of major industry players.
· Key strategies adopted by the market players.
· The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Market Segmentation Analysis:
By resin type, polyurethane holds the largest market share due to its strong bonding properties and wide performance profile. Solvent-based technology dominates the market, especially in flexible packaging applications, while water-based adhesives offer cost advantages and are suitable for various substrates.
The packaging industry dominates the end-use segment, driven by consumer demand for innovative packaging solutions. The industrial segment utilizes laminating adhesives for various applications such as furniture, construction, and automotive.
Regional Insights:
Asia Pacific leads the market, fueled by the expanding packaging industry in China. North America and Europe witness growth due to shifts in consumer behavior and increasing demand for packaged goods. Latin America and the Middle East & Africa regions are experiencing market growth driven by industrialization and rising consumer lifestyles.
List of Key Players Present in the Report:
DuPont (U.S.)
H.B. Fuller Company (U.S.)
Henkel AG (Germany)
3M (U.S.)
Dow (U.S.)
Sika AG (Switzerland)
Bostik (France)
DIC Corporation (Japan)
Pidilite Industries Limited (India)
Flint Group (Luxembourg)