The global laminating adhesives market is projected to amass a revenue of US$ 6.2 billion by 2033, with sales growing at a restored and positive CAGR of 6.1% from 2023 to 2033. Historically, the target market recorded an average CAGR of 4.7 % from 2017 to 2022. The laminating adhesive market will likely reach an estimated US$ 3.5 billion in 2023.
The estimated growth for the forecast period can be attributed to heightened demand from various end-use sectors like packaging, healthcare, food and beverages, manufacturing, and pharmaceuticals, among others. The packaging industry, particularly, generates a strong demand for laminating adhesives. Lamination adhesive is an essential part of the manufacturing process of flexible packaging goods.
The rising awareness of the advantages of flexible packaging such as its lightweight aspect, easier handling, less space requirement, smoother transportation, extended shelf life, protection from damage, and improved printability further promotes the demand for flexible packaging which, in turn, has a positive impact on the laminating adhesive market.
Since packing is one of the important factors that manufacturing enterprises take into consideration before venturing into the production process, the market for laminating adhesives looks at positive growth in the forthcoming years.
In the past few years, more and more businesses in the manufacturing and industrial sectors have been opting for flexible packaging which is transforming the structure of the packing sector. Thus, flexible packaging is taking over the rigid packaging sub-sector.
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This augurs well for laminating adhesives as they are eco-friendly, durable, and also come in solvent-free varieties. Hence, the expansion of the flexible packaging sector and rising demand for eco-friendly adhesives act as primary growth drivers for the laminating adhesive market.
Moreover, immense demand for laminating adhesives from food and beverage packaging, medical packaging, and expansive use of the product across various industries like industrial, automotive, and transportation sectors will underpin the growth of the laminating adhesive market during the projection period.
Key Takeaways:
- Water-based laminating adhesives will gain rapid traction over the next couple of years owing to the implementation of strict environmental regulations and the high demand for miniaturized electronic products.
- The growing consumption of packaged food will fuel the use of laminating adhesives in the food packaging sector.
- The laminating adhesives market in the US will reach a value of US$ 729.9 million by 2033.
- Asia Pacific will emerge as an opportunistic pocket for the laminating adhesive market owing to surging manufacturing activity in China, Japan, and India.
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