The global market share of the lamination adhesives for flexible packaging market is estimated to be $1.3 billion, set to increase to $2.2 billion by 2024, a compound annual growth rate (CAGR) of 6.4% from 2016–2024, according to a recent report from Persistence Market Research.
Lamination adhesives for flexible packaging are one of the emerging adhesive solutions widely used for food packaging. The lamination adhesives for flexible packaging market is estimated to project increased growth throughout the forecast period, driven by factors such as lesser cure time, lesser emission, lower wastage, and higher bond strength. Also, increasing demand for packaged foods in healthcare and personal care products have augmented market growth. However, government initiatives and rising consumer awareness towards usage of eco-friendly adhesives have limited the growth of the lamination adhesives for flexible packaging market.
Market consolidation has been observed as a key trend, with leading market players engaging in strategic mergers and acquisitions to enhance their product portfolio and increase global footprint. Another notable trend indicates that solvent fewer lamination adhesives are fast replacing solvent based adhesives owing to their eco-friendly nature.
The global lamination adhesives for flexible packaging market report is split into three sections, based on product type, end use, and region. The solvent-based product type emerges as the dominant segment due to its wide application in multiple industries. This segment is estimated to account for 42.8% of the overall lamination adhesives for flexible packaging market revenue by the end of 2016. However, the segment is anticipated to lose substantial market share to the solvent-less segment, owing to an increasing preference of eco-friendly adhesives among end users. The solvent-less segment is estimated to witness fastest year-over-year growth during the forecast period from 6% in 2014 to 8.2% in 2024.
The food packaging segment reportedly stands out among all segments owing to the rising demand for packaged foods. The medical packaging segment is forecasted to be the fastest growing end-use segment owing to a high consumer spending in the healthcare sector and is estimated to expand at a significant CAGR of 6.9% during the forecast period. Food packaging is the key segment driving demand for lamination adhesives with over 60% of the overall market demand is generated by the food packaging segment.
By region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. The market in Asia-Pacific is anticipated to register a steady year-over-year growth from 7.1% in 2014 to 9% in 2024. This market alone is estimated to account for over 40% of the global flexible packaging market in terms of value by the end of 2016. Within the Asia-Pacific region, the markets in China and India are anticipated to witness maximum year-over-year growth across the forecast period. The lamination adhesives for flexible packaging market in North America is expected to increase 1.5 times over the forecast period; while the Latin America market is poised to increase 1.6 times over the forecast period.
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