Laminating Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• On the flip side, growing concerns regarding plastic disposal and performance limitations of water-based adhesives are expected to hinder the growth of the market studied.
• The packaging industry dominated the market and is expected to grow during the forecast period, owing to the increasing demand for flexible packaging in the food and beverage industry.
• Asia-Pacific dominated the market across the world, with the largest consumption from the countries such as China and India.

Laminating Adhesives Market Trends

The Packaging Industry is Expected to Dominate the Market

• Packaging is one of the key factors considered by firms engaged in the manufacturing industry. The global packaging industry is witnessing robust growth with the growing number of manufacturing units, food processing plants, and increasing industrial production.
• In the last few years, the packaging industry is experiencing a transition where the manufacturing and industrial sectors adapted to flexible packaging. The rigid packaging industry is losing its share of the flexible packaging industry in the global packaging industry. The benefits of lightweight, easy handling, less space-consuming, longer shelf life, easy transit, damage resistance, and better printability have made flexible packaging popular.
• Laminating adhesives are extensively used in flexible packaging. Laminating in flexible packaging is a process where two or more packaging webs are joined together using a bonding agent. These webs can be in the form of films, papers, or aluminum foils. Laminating adhesive is applied to the less absorbent substrate of the web, which is then pressed against the second web.
• This shift in consumer preference for convenient packaging and packaged products contributed to packaging growth in the food and beverage sector. The food-processing sector is the largest user of flexible packaging, accounting for more than 50% of the total demand.
• With the increasing population, rising demand for packaged foods, and numerous market growth opportunities in different regions, many food manufacturing multinational companies (MNCs) are setting up their manufacturing facilities, which, in turn, is increasing the demand for packaging and boosting the demand for laminating adhesives.
• The United States is North America's largest consumer of packaged goods, followed by Canada and Mexico. Due to the pandemic, consumption patterns have also changed, and flexible packaging became much more significant, particularly given the risks associated with unpackaged goods. It is expected to boost the demand for laminating adhesives in the future.
• According to Statista, the market for organic packaged food in the United States is increased to USD 21.39 billion in 2022 compared to USD 16.09 billion in 2017. Thus, the rising demand for packaged food is expected to boost the demand for laminating adhesives.
• Hence, with the increasing demand for packaging, the market for laminating adhesives is also expected to register a noticeable growth in demand during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region dominated the global market share. With growing manufacturing activities and the increasing need for flexible packaging in countries such as China, India, and Japan, the usage of laminating adhesives is increasing in the region.
• Asia-Pacific is the largest consumer of the packaging industry, owing to the demand for food in major economies such as China, India, and Japan. Compared to other countries, China is a late starter in the packaging industry, which grew into a large-scale industry over the decades.
• The packaging industry growth in China is mainly attributed to the rising middle-class population, improvement of the supply-chain system, and emerging e-commerce activities over the years. Furthermore, the growing attention to food safety and quality in post-pandemic times across the nation is likely to drive the food processing industry, which will further contribute to the packaging demand in the coming years.
• India is one of the major consumers of packaged foods and beverages. According to the Packaging Industry Association of India (PIAI), the packaging industry is expected to grow at 22% during the forecast period.
• The demand for frozen foods in India is expected to grow by approximately 17% in the next few years. Moreover, with the Indian government focusing on the food processing sector, the supply of processed agri-foods is expected to rise over the next five years, which, in turn, may stimulate the demand for the packaging industry in the country and consequently help to laminate adhesives market to grow.
• The factors above, coupled with government support, may contribute to the increasing demand for laminating adhesives consumption in the region during the forecast period.

Laminating Adhesives Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
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