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Press Release: Lamination Adhesives for Flexible Packaging Market To Surpass US$ 2600 Million By 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Lamination adhesive is a type of glue that holds the materials together and also provides excellent properties such as chemical & heat resistance, flame resistance, optical clarity, thermoforming capability, and electrical insulation. Moreover, they are also lightweight, easy to handle, and provide damage resistance. Lamination adhesive for flexible packaging acts as raw material for producing products for consumer durable industries. Pharmaceutical, medical, agricultural containers, and the food industry are some of the major end-user of lamination adhesive for flexible packaging.
The global lamination adhesives for flexible packaging market is projected to surpass US$ 2600 million by the end of 2027, in terms of revenue, growing at cagr of 6.6% during the forecast period (2020 to 2027).
Drivers
Growing spending on packaged food across developed as well as developing regions is expected to propel the market growth of lamination adhesive for flexible packaging. According to the United States Department of Agriculture Economic Research Service, in 2018, U.S. consumers, businesses, and government entities spent US$ 1.71 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks. Thus, growing spending by the consumer on packaged food is projected to augment the market growth of lamination adhesive for flexible packaging.
Developing markets such as BRICS (Brazil, Russia, India, China, and South Africa) are projected to experience an surge in GDP growth over the forecast period. This is projected to ultimately increase in the manufacturing industry which is expected to propel the market growth of lamination adhesive for flexible packaging. Moreover, the increase in the foreign direct investment coupled with the increasing initiatives by the government is further anticipated to augment the market growth.
Regionally, Asia Pacific dominated the global Lamination Adhesives for Flexible Packaging market in 2019, reporting 37% market share in terms of revenue, followed by North America and Europe, respectively.
Figure 1. Global Lamination Adhesives for Flexible Packaging Market, Revenue Share (%), By Region, 2019
Market Restraints
The high cost of adhesives due to the fluctuating price of raw materials used in the manufacturing of lamination adhesive is expected to hinder the market growth of lamination adhesive for flexible packaging. This is due to the rise in prices of oil which has affected the production process.
Rising concern over energy consumption the production of adhesive is an energy-intensive process that is expected to hamper the market growth. Moreover, the process is time-consuming which is also expected to restrict the market growth of lamination adhesive for flexible packaging.
Market Opportunities
Rising demand for solvent-less adhesives is expected to offer an enormous potential opportunity to the market of lamination adhesive for flexible packaging. For instance in July 2019, Uflex Limited has introduced a general performance, single component solvent-less PU adhesive – FLEXBON OC512. The moisture curing adhesive is designed for laminating film with printed and un-printed board or paper, with an average coating weight of 3 to 5 GSM.
The growing focus of manufacturers to develop bio-based laminated adhesives is expected to present major growth opportunities to the market of lamination adhesive for flexible packaging. A growing population coupled with the increasing disposable income of the people across the developing region is further anticipated to fuel the market growth of the lamination adhesive for flexible packaging over the forecast timeframe.
Figure 2. Global Lamination Adhesives for Flexible Packaging Market – Opportunity Analysis
Market Trends
The growing demand for laminate adhesives from the automotive industry is projected to augment market growth over the forecast period. Laminate adhesive provides strong bonding that conventional technology which makes them ideal for automotive application such as fenders, body panels, heat shields, grille opening reinforcement (GOR), headlamp reflectors and picks up boxes. Thus emerging application of laminate adhesives across the automotive industry is expected to propel the market growth.
Growing demand for flexible packaging across various end-user industries is expected to be a major trend in the market. This is primarily attributed to the rising disposable income of the consumer due to economic growth. All these factors are are expected to propel the market growth of the lamination adhesive for flexible packaging.
Figure 3. Global Lamination Adhesives for Flexible Packaging Market, Revenue Share (%), By Product Type, In 2019
On the basis of product type, solvent based dominated the global Lamination Adhesives for Flexible Packaging market in 2019 with around 42% of market share in terms of revenue, followed by solvent less and heat/cold seal, respectively,
Competitive Section
Key players are operating in the global Lamination Adhesives for Flexible Packaging market are H.B. Fuller, Henkel AG & Co. KgaA, The Dow Chemical Company, 3M, Flint Group, Arkema Group, Ashland Inc., COIM Group, Morchem, DIC Corporation, and Chemline India Ltd
Few Recent Developments
Henkel AG & Co. KgaA
Lamination adhesive is an important ingredient for manufacturing of flexible packaging products for various end-user industries such as healthcare & pharmaceuticals, food & beverages, manufacturing and others. Flexible packaging is the type of packaging product which is made from flexible materials and easily resilient materials. Flexible packaging can be readily moulded into multiple shapes after filling or canning.
Market Dynamics
The global Lamination adhesives for flexible packaging market has witnessed significant growth in recent past years, owing to the rising growth of various end-user industries across the globe. Manufacturers involved in the market are focusing on improving production technology for development of environmental protection and better performing lamination adhesives. This scenario is expected to provide lucrative growth to the global Lamination adhesives for flexible packaging market over the forecast period.
Major players in the global lamination adhesives for flexible packaging market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends various end-user industries such as food & beverages, consumer goods and pharmaceuticals. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Lamination Adhesives for Flexible Packaging Market” – global forecast to 2027
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