The global laminating adhesives market is estimated to top US$ 4.33 Bn by the end of 2027 in comparison to the US$ 3.10 Bn registered in 2021
Shifting approach toward low volatile organic compounds (VOCs) & environmentally sustainable adhesives continue to drive global laminating adhesive market. Growth in disposable products is another factor enabling broader consumption of laminating adhesives in the packaging industry. In 2027, the laminating adhesives market is projected to reach US$ 4.33 Bn in 2027, expanding at a healthy 5.8% CAGR during the forecast period of 2022-2027.
The laminating adhesives market is expected to experience significant growth, owing to growing industries – food, pharmaceutical, automotive and construction. Moreover, governments across the world are substantially investing in the healthcare sector, which is again expected to bolster the demand for laminating adhesives.
The COVID-19 Impact on Global Market Scenario
The coronavirus (COVID-19) pandemic has significantly affected every facet of industrial sector globally. This has steered several changes in the laminating adhesives market landscape. Self-quarantine regulations have led to supply shortage and event withdrawals, and market players are gradually shifting their sources away from East Asia, given production and manufacturing disturbances in the region. However, the coronavirus pandemic is likely to boost the adoption of flexible packaging to enhance food safety and thus, would offer new opportunities for players in laminating adhesives market.
In the global laminating adhesives market, food packaging applications are likely to hold key market shares. Among laminating adhesive types, water based laminating adhesives are expected to capture over 50% share of global market value, owing to their low-VOC content that reduces the negative impact on environment.
Key Takeaways of the Study
- Factors such as increasing disposable incomes and rising urbanization that will continue to boost demand for packaging adhesives and increase packaged consumer goods sold in supermarkets, e-commerce websites, and other retail outlets will augur well for laminating adhesives market.
- Water based adhesives are estimated to outpace solvent based laminating adhesives market, especially in the US and Europe over the forecast period.
- North America and Europe are likely to see healthy growth in their respective transportation equipment markets, as manufacturers of automobiles and aerospace equipment are increasingly embracing adhesive technologies to reduce vehicle weight and thus meet fuel efficiency requirements.
- India is expected to be the fastest-growing market of laminating adhesives, fueled by robust increases in motor vehicle output and construction spending.
Major players involved in the laminating adhesives market are focusing on expanding their customer base and distribution channel to meet the growing demand for laminating adhesives. For instance, in May 2022, Arkema S.A.’s subsidiary company Bostik S.A. expanded its distribution channel of maintenance, repair, and operations (MRO) in the US. The MRO product line includes glue sticks, anti-seize compounds and lubricants, woodworking lubricants, epoxy adhesives, and aerosol adhesives to satiate the rising demand from manufacturers across the country.
Key players involved in the laminating adhesives market include The DOW Chemical Company, Huber Group, Arkema S.A., TOYOCHEM CO., LTD., Ashland Global Specialty Chemicals Inc., SAPICI S.p.A., H.B. Fuller Company, 3M, Sika AG, Henkel AG & Company, KGaA, Bayer AG, and among others.