The laminating adhesives market size is projected to be valued at USD 3.5 billion in 2023 and is expected to rise to USD 6.2 billion by 2033. The sales of laminating adhesives are expected to expand at a significant CAGR of 6.1% during the forecast period.
Various Factors Propelling the Demand for Laminating Adhesives are:
| Attribute | Details |
|---|---|
| Market Estimated Size (2023) | USD 3.5 billion |
| Market CAGR (2023 to 2033) | 6.1% |
| Market Forecasted Size (2033) | USD 6.2 billion |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 5.3% |
| H1,2022 Projected (P) | 5.9% |
| H1,2022 Outlook (O) | 6.1% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (+) 80 ↑ |
Laminating adhesives market is expected to witness a growth rate of 6.1% during the first half of 2022, however, the market was projected to witness a growth outlook of 5.9% during the same time frame. An increment of 20 bps in the growth rate is attributed to expanding food and medical industries in both emerging and developed nations.
Food packaging remains a key application for laminating adhesives, with significant growth in the food and beverage industry and packaged products to create substantial growth opportunities for the market. Further significant rise in the e-commerce business to fuel the growth trajectory of the market.
Future Market Insights has presented a half-yearly comparison and insightful analysis of laminating adhesives market growth outlook along with the current market trends and dynamics impacting the growth of the market.
To comply with the strict environmental laws, prominent players in the global laminating adhesive market are concentrating on producing unique products with low or no VOC (Volatile organic compounds) emissions are key recent trends witnessed in the market. Further, the demand outlook remains highly uneven across regions, with India, and China witnessing a higher sales outlook as compared to the developed countries.
Despite being a significant growth outlook, the market is further subjected to certain challenges. One of the difficulties facing the laminating adhesives market is the health risks provided by the production of primary aromatic amines (PAA).
PAAs may form if the adhesives are not fully dried before the laminate is filled with food. Although, with processing precautions, the laminating adhesives provide certain advantages such as less VOC emission and high wettability, which would bolster the market growth.
Demand Survey of Laminating Adhesives (2017 to 2022) Vs Market Predictions (2023 to 2033)
The global laminating adhesives market is forecasted to expand at a steady CAGR of 5.8% between 2022 and 2027, in comparison to the 4.7% CAGR registered between 2013 and 2021. The robust growth of laminating adhesives market is attributed to the significant growth of the flexible packaging industry, growing demand for eco-friendly adhesives, expansion of the medical packaging market, and increasing adoption of laminating adhesives across various end-use industries such as automotive, food & beverages, and medical devices.
Laminating adhesives are liquids or thin layers of films used for bonding different substrates such as metal, paper, plastics, etc. They improve the performance of the substrate by providing excellent chemical and heat protection and dimensional stability.
In recent years, laminating adhesives have gained wider popularity across various industries due to their eco-friendly and durable nature. They are being increasingly used in the packaging of food products, and medicines as well as in laminating of medical devices automotive parts, and other surgical equipment. Rising production and sales are of these products likely to therefore continue to spur the growth of laminating adhesives market during the forecast period.
Similarly, the implementation of stringent environmental regulations coupled with surging demand for miniaturized electronic products is anticipated to encourage the adoption of water-based laminating adhesives during the forthcoming years.
Principal Consultant
Water-based laminating adhesives are expected to capture a larger market share in the future, as many manufacturers are switching to water-based technology rather than solvent-based technology in response to increasing environmental and sustainability concerns.
Another significant benefit of using water-based adhesives is that they can be used on a diverse range of substrates. Furthermore, with significant growth in sectors like construction, electronics, and packaging, as well as government focus on the agri-food sector, the use of water-based laminating adhesive is increasing.
Flexible packaging laminating adhesives are in demand due to the fast expansion of the packaging industry, the rise in food processing facilities, and industrial production. Fast-track clearances from regulatory agencies like the Food and Drug Administration (FDA) and favorable laws regarding the use of laminating adhesives in food packaging are some of the key factors accelerating the growth of this market segment.
Additionally, the growing use of water-based laminating adhesives in the food packaging industry is likely to support the growth of this market segment due to its several benefits, including high wettability and low VOC emission.
The United States is one of the significant consumers of packaged products in North America. The packaging market in the region is expanding quickly as a result of shifting consumer behavior trends and manufacturers' increased convenience. The United States packaging market is predicted by FMI to capture a CAGR of roughly 3.0% between 2023 and 2033 in terms of value.
The market for laminating adhesives is anticipated to experience a noteworthy increase in demand during the projected period along with the rising need for packaging.
| United States Market Size (USD million/billion) by End of Forecast Period (2033) | USD 729.9 million |
|---|---|
| United States Market Absolute Dollar Growth (USD million/billion | USD 187.8 million |
| CAGR % 2017 to 2022 | 2.6% |
| CAGR % 2023 to End of Forecast (2033) | 3.0% |
Global market share was dominated by the Asia Pacific region. The use of laminating adhesives is expanding in the region as a result of expanding manufacturing activity and the rising need for flexible packaging in nations like China, India, and Japan.
The food and beverage industry in China is experiencing increased market rivalry, which has allowed businesses to access foreign markets to find new resources and commercial prospects.
The massive base for electronic manufacturing is located in China. The demand for electronic products is anticipated to rise shortly due to a growth in middle-class consumers' disposable money, which is going to ultimately drive the laminating adhesives industry.
| China Market Size (USD million/billion) by End of Forecast Period (2033) | USD 2.0 billion |
|---|---|
| China Market Absolute Dollar Growth (USD million/billion) | USD 1.1 billion |
| CAGR % 2017 to 2022 | 7.1% |
| CAGR % 2023 to End of Forecast (2033) | 8.1% |
Due to escalating investments and pro-development government policies, India is expected to maintain its profitable expansion in sectors like construction, electronics, and packaging in the years to come. In the coming years, India's demand for frozen meals is anticipated to increase at a rate of about 17%.
The supply of processed agri-foods is anticipated to increase over the next five years as a result of the Indian government's focus on the food processing industry. This may in turn stimulate the demand for packaging in the nation and subsequently aid the growth of the laminating adhesives market.
| India Market Size (USD million/billion) by End of Forecast Period (2033) | USD 679.0 million |
|---|---|
| India Market Absolute Dollar Growth (USD million/billion) | USD 364.3 million |
| CAGR % 2017 to 2022 | 7.5% |
| CAGR % 2023 to End of Forecast (2033) | 8.0% |
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The market for laminating adhesives is fragmented, with several leading international competitors competing for customers.
Competition in the industry is increased through mergers and acquisitions, expansions, joint ventures, etc. For example, Dupont opened a new adhesive manufacturing facility in Zhangjiagang, Jiangsu Province in East China on April 20, 2021.
The competition between businesses is heightened by newly released goods and services, and many businesses are creating cutting-edge technologies. For example, DIC Corporation created the DICDRY LX-RP family of laminating adhesives for use in flexible packaging, which is made from PET bottles.
Partnerships and alliances between businesses are also increasing market competition. The market is becoming more competitive, like Dow, as a result of the business's investments, divestitures, and company splits. 2019 saw the division of Dupont into Dow Inc, Dupont Inc, and Corteva.
3M Company, Ashland Global Specialty Chemicals Inc., Bostik SA (Arkema S. A), Coim Group, DIC Corporation, Dow Inc., DuPont de Nemours Inc., Evonik Industries AG, Flint Group, H.B. Fuller Company, Henkel AG & Co. KGaA, L.D. Davis Industries Inc., Sika AG, and Vimasco Corporation.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.1% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Product Type, Application, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | 3M Company; Ashland Global Specialty Chemicals Inc.; Bostik SA (Arkema S.A); Coim Group; DIC Corporation; Dow Inc.; DuPont de Nemours Inc.; Evonik Industries AG; Flint Group; H.B. Fuller Company; Henkel AG & Co. KGaA; L.D. Davis Industries Inc.; Sika AG; and Vimasco Corporation. |
| Customization & Pricing | Available upon Request |
The global laminating adhesives market is estimated to be valued at USD 3.5 billion in 2023.
The laminating adhesives market is likely to record a CAGR of 6.1% during 2022 to 2033.
The laminating adhesives market is projected to reach a valuation of USD 6.2 billion by 2033.
Asia Pacific is projected to lead the global laminating adhesives market by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Solvent Based Laminating Adhesives 5.2. Water Based Laminating Adhesives 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Food Packaging 6.2. Industrial Packaging 6.3. Medical Packaging 6.4. Others 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Huber Group 15.2. Arkema S.A. 15.3. The DOW Chemical Company 15.4. SAPICI S.p.A. 15.5. TOYOCHEM CO., LTD. 15.6. Ashland Global Specialty Chemicals Inc. 15.7. H.B. Fuller Company 15.8. 3M 15.9. DIC Corp. 15.10. Sika AG 15.11. Henkel AG & Company 15.12. Bayer AG 16. Assumptions & Acronyms Used 17. Research Methodology
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Laminating Adhesives Market
