The global laminating adhesives market was valued at USD 3 billion in 2022. It is projected to reach USD 5.56 billion by 2031, growing at a CAGR of 7.1% during the forecast period (2023–2031).
Chemicals are known as laminating adhesives that bond plastic films to various substrates by applying pressure or heat. It serves to fortify the product against the elements and enhance its visual appeal. Flame resistance, chemical resistance, thermoforming capability, and reduced gas permeability are some of the additional benefits provided by laminating adhesives. Packages for foods, including snacks, meats, candies, cheeses, agricultural chemicals, and medicines, all benefit from laminating adhesives. They have several desirable characteristics, including high resistance to chemicals and heat, excellent mechanical performance, transparency, wettability, bond strength, and compatibility with other materials. Therefore, you'll find their applications in sectors as diverse as flexible packaging, the auto industry, public transit, the supply chain, and the building trades.
Rising Demand from the APAC Region
The demand for flexible packaging in the Asia-Pacific area is exceptionally high. This trend is driven by the burgeoning middle class, more disposable income, and more affluent consumers. Sales of consumer goods in China hit USD 5.68 trillion in December 2020, per the country's National Bureau of Statistics. The market for laminating adhesives is growing due to all of these considerations. With regards to laminating adhesives, the market in India is expanding at a faster rate than any other country in Asia. Indian industries, including packaged food, healthcare, and automobiles, are undergoing fast change and expansion. Continual improvements in the economy and the state of public facilities are the primary causes of this expansion.
Performance Limitations of Water-Based Adhesives
There is a time difference between water- and solvent-based adhesives' drying and curing processes. Furthermore, humidity can alter water-based adhesives' flow properties, which can impact the coating's application. High humidity prevents water from evaporating quickly, leading to a poor cure and diminished performance. All water-based adhesives will freeze and crack in freezing temperatures. The freezing process renders many adhesives ineffective. Although solvent-based adhesives do not suffer the same performance limitations, their use is dwindling due to environmental worries and government regulations.
Growing Trend of Water-Based & Solvent-Less Adhesives
The market for water-based laminating adhesives is increasing due to more stringent environmental restrictions. Concern over pollution and waste has led to a rise in the usage of water-based laminating adhesives. High-performance laminations and one-part systems for outdoor applications in the automotive industry are also using water-based laminating adhesives. Acrylic and maleic resins, which make up most water-based adhesives produced worldwide, are projected to see increased demand as interest in water-based laminating adhesives continues to rise. The rising demand for medical devices and the large amount of money spent on their research and development make the biopharmaceutical business lucrative.
The global laminating adhesives market is segmented by type and application.
Based on type, the global laminating adhesives market is bifurcated into solvent-borne, water-borne, and solvent-less.
The water-borne segment is the highest contributor to the market and is expected to grow during the forecast period. Laminating is a technique used in flexible packaging in which two or more packing webs are bonded together. Such adhesives find utility in flexible packaging for food and medicine, specifically in films that are difficult to bond. It has several benefits, including reduced operational time, increased food safety, and lower environmental impact. At the dry bolding lamination stage, the solvent in these adhesive formulations serves as a carrier. Laminations with multiple adhesive layers find widespread application in the packaging of snack foods, the lamination of fabrics, and the installation of window films.
Based on application, the global laminating adhesives market is bifurcated into food and beverage, pharmaceutical, automobile, packaging, and industrial application.
The packaging segment is the highest contributor to the market and is expected to grow during the forecast period. The rapid pace of R&D due to increased funding from a wide range of pharmaceutical and chemical businesses and government agencies, as well as the introduction of artificial intelligence and big data, has led to significant advances in the discovery of effective new medicines. Pharmaceutical industry research has led to increased individualized care and the widespread availability of novel therapeutic approaches. Not only that, but the recent worldwide coronavirus pandemic united all doctors and researchers to develop a vaccine and medications to combat the disease. Government and private investors have put in billions of dollars to make this a reality. The pharmaceutical industry is poised for promising future growth in the coming decades. Laminating adhesives seal packages containing tablets, pills, pellets, and beads to preserve the contents from oxygen, humidity, and other environmental factors.
The global laminating adhesives market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific Dominates the Global Market
Asia-Pacific is the most significant shareholder in the global laminating adhesives market and is expected to grow during the forecast period. A number of the world's most developed economies are located in Asia and the Pacific. These include South Korea, Japan, and, increasingly, China. The region is the largest in land area, and its wealth of natural resources and cheap labor force make it an attractive location for new entrants. A foundation for rapid development is also being laid by the favorable investment climate brought about by the passage of legislation that makes it easy for key global players to establish themselves in the region. There is a large market for laminating adhesives in countries like India, Malaysia, China, and Thailand. Twenty-two of the thirty most polluted cities in the world is located in India. Locals are increasingly turning to natural, organic, and moral skin care products to counteract the increased pollution. To extend the product's shelf life, preserve its chemical composition, and make the package more aesthetically pleasing, laminating adhesives are used for packaging beauty and cosmetic creams.
North America is expected to grow during the forecast period. The United States is expected to lead the North American laminating adhesives market throughout the forecast time frame because of increased demand for packaged food goods, the medical device packaging market growth, and the presence of key market participants in the country. A combination of factors, including people's growing penchant for convenience, their rising purchasing power, and the proliferation of fast-food restaurants, has led to a meteoric rise in the demand for ready-to-eat food and drink products in the United States. The need for laminating adhesives is increasing as a result.
Due to increasing demand for automotive laminating adhesives and the rise of the optically clear adhesives market, the laminating adhesives market in Germany is predicted to expand strongly throughout the projected period. The automotive industry uses laminating adhesives inside and out to give high-end vehicles a glossy appearance. As a result, the laminating adhesives market is anticipated to expand over the forecast period due to rising production and sales of premium automobiles. Packaging in the food and beverage industry has expanded due to a movement in consumer preference toward the use of convenient packaging and packaged products.
The global laminating adhesives market’s major key players are
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