The global lamination adhesives for flexible packaging market is projected to surpass $2.6 billion by the end of 2027, growing at a CAGR of 6.6% during the forecast period (2020-2027), according to a study by Coherent Market Insights. Regionally, Asia-Pacific dominated the global lamination adhesives for flexible packaging market in 2019, reporting 37% of the market share in terms of revenue; North America and Europe followed, respectively.
Increasing spending on packaged foods across developed and developing regions is expected to propel market growth. According to the U.S. Department of Agriculture Economic Research Service, U.S. consumers, businesses, and government entities spent $1.7 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks in 2018. Thus, growing spending by consumers on packaged food is projected to augment market growth of lamination adhesives for flexible packaging.
Developing markets such as BRICS (Brazil, Russia, India, China, and South Africa) are projected to experience a surge in GDP growth over the forecast period. This growth is projected to ultimately lead to an increase in the manufacturing industry, which is expected to propel the market growth of lamination adhesives for flexible packaging. Moreover, increases in foreign direct investment, coupled with increasing initiatives by the government, are further anticipated to augment market growth.
Rising demand for solvent-less adhesives is expected to offer an enormous potential opportunity to the market for lamination adhesives in flexible packaging. The growing focus of manufacturers to develop bio-based laminated adhesives is expected to present major growth opportunities.
On the basis of product type, solvent-based adhesives dominated the global market in 2019, with around 42% of market share in terms of revenue. Solventless and heat/cold seal adhesives followed, respectively.
Additional details are available at www.coherentmarketinsights.com.