November 21, 2023 01:34 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global laminating adhesives market size was USD 3.52 billion in 2022 and is anticipated to expand from USD 3.65 billion in 2023 to USD 5.05 billion by 2030, exhibiting a CAGR of 4.7% over the estimated period. The surge is driven by the increasing adoption of water-based and solvent-free adhesives. Solvent-free adhesives are touted to exhibit substantial applicability across various industries. Uv Resin Hardener
Fortune Business Insights™ provides this information in its research report, titled “Laminating Adhesives Market, 2023-2030”.
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List of Key Players Mentioned in the Laminating Adhesives Market Report:
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The COVID-19 Pandemic Impacted Industry Expansion Driven by Halted Supply Chain
The coronavirus pandemic led to a severe impact on industry expansion driven by a decreased laminating adhesives demand. This decline can be attributed to the closure of operations by numerous end-use sectors. These comprised pharmaceuticals, electronics, food & beverage, and other sectors.
Polyurethane Segment to Hold Key Share Impelled by Robust Bonding Hold
By resin type, the market for laminating adhesives is subdivided into acrylic, polyurethane, and others. The polyurethane segment accounted for a major market share in 2022 and is set to depict lucrative growth throughout the projected period. The surge is propelled by the excellent adhesion properties.
Solvent-based Segment to Lead Driven by Soaring Product Deployment in the Packaging Sector
On the basis of technology, the market is fragmented into solvent-based, solvent-less, water-based, and others. The solvent-based segment held a key market value during the forecast period. This is due to the extensive deployment of solvent-based solutions for flexible packaging adhesives.
Packaging Segment to Register Notable Growth Impelled by Surging Demand from Consumers
By end-use industry, the market for laminating adhesives is categorized into transportation, industrial, and packaging. The packaging segment is slated to depict notable expansion over the forecast period. The segment held a dominating position in the market driven by increasing demand for retail packaging and favorable government policies.
Based on geography, the market for laminating adhesives has been studied across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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The report provides substantial coverage of the pivotal factors driving industry expansion over the forthcoming years. Besides, it delves into the major trends impelling the global business scenario over the study period. Additional components comprise an account of the vital initiatives undertaken by leading companies to strengthen their market positions.
Industry Share to Rise Driven by Soaring Flexible Packaging Demand in Food & Beverage Sector
The laminating adhesives market growth is being propelled by the increasing demand for flexible packaging. This has led to an increase in innovation focused on smart and safer packaging.
However, the industry expansion may be hampered by the enforcement of strict rules and laws by government bodies.
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Asia Pacific to Lead Driven by Growing Packaging Industry in China
The Asia Pacific dominated the global laminating adhesives market share in 2022. The regional market is anticipated to grow at the fastest rate over the study period. The surge is driven by the expanding packaging sector in China.
The North America market is estimated to exhibit notable expansion over the forecast period. The expansion is driven by the increasing demand for packaged food & beverages and structural changes in consumer buying behavior.
Leading Companies Undertake R&D Initiatives to Strengthen Industry Foothold
Prominent industry players are undertaking various research and development activities to strengthen their market footholds. Some of the other steps comprise an increase in merger agreements, acquisitions, partnerships, and the rollout of new products. These steps are being adopted for the expansion of product reach and increasing the geographical footprints.
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June 2023 – H.B. Fuller Company acquired XCHEM International and Adhesion Biomedical. These strategic acquisitions would help transform the company’s portfolio toward highly specified applications.
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