The market for laminating adhesives is expected to register a CAGR of almost 5.7% from 2019-2024, according to a recent report from Mordor Intelligence. Major factors driving the market include rapid growth in the flexible packaging industry and increasing demand for packaged food. Growing concerns regarding plastic disposal are expected to hinder market growth.
Flexible Packaging Popularity
Packaging is one of the key factors considered by manufacturers. With the growing number of manufacturing units, food processing plants, and increasing industrial production, the global packaging industry is witnessing robust growth.
In the last few years, the packaging industry has been experiencing a transition, where the manufacturing and industrial sector has been adapting to flexible packaging. Due to this trend, rigid packaging is losing its share to flexible packaging in the global packaging industry. Benefits such as light weight, easy handling, less space, longer shelf life, easy transit, damage resistance, and better printability have made flexible packaging popular.
In 2018, flexible packaging held the highest share (> 40%) in the global packaging market. This trend is expected to continue over the forecast period.
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 web, which is then pressed against the second web. As demand for flexible packaging increases, the market for laminating adhesives is also expected to register noticeable growth in demand during the forecast period.
The Asia-Pacific region dominated the global market in 2018. With growing manufacturing activities and the increasing need for flexible packaging in countries such as China, India, and Japan, the use of laminating adhesives is increasing in the region.
China has the world’s largest electronics production base. Electronic products such as smartphones, OLED TVs, tablets, wires, cables, and others have the highest growth in the electronics segment. With the increase in the disposable income of the middle-class population, demand for electronic products is projected to grow in the near future, thereby driving the laminating adhesives market.
In addition, India’s lucrative growth in industries such as packaging, electronics, automotive, and construction is likely to continue in the coming years as a result of growing investments and supportive government policies. With the growth of such industries, the laminating adhesives market holds great opportunity for growth in the region during the forecast period.
Additional details are available at www.mordorintelligence.com.