Increasing demand for flexible packaging solutions, driven by evolving consumer preferences and sustainability initiatives, is anticipated to drive the growth of the global solvent-based laminating adhesive market during the forecast period. The Asia-Pacific region held the majority of the market share in 2022.
Portland , Jan. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Solvent-based Laminating Adhesive MarketSize, Share, Competitive Landscape and Trend Analysis Report by Material (Polyethylene Terephthalate (PET), Others), by Application (Food Packaging, Medical and Healthcare, Cosmetic Products, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global solvent-based laminating adhesive market generated $1,412.5 million in 2022, and is anticipated to generate $2,599.3 million by 2032, witnessing a CAGR of 6.3% from 2023 to 2032.
Prime Determinants of Growth
The increasing demand for flexible packaging solutions, driven by evolving consumer preferences and sustainability initiatives, is a key factor boosting the rising prominence of solvent-based laminating adhesives in various industries. Additionally, the surge in the food and beverage sector, coupled with the adhesive's robust bonding properties and adaptability to diverse packaging formats, is boosting the growth of the solvent-based laminating adhesive market. However, fluctuations in raw material prices, including solvents and chemical components, are anticipated to hamper market growth during the forecast period. On the other hand, the rising emphasis on eco-friendly and sustainable packaging solutions, coupled with continuous research and development efforts by industry players to identify cost-effective materials are expected to unlock growth opportunities in the solvent-based laminating adhesive market.
Increasing consumer preference for flexible packaging solutions The rising emphasis on product safety and packaging performance in the food and beverage sector
Opportunities
Continuous research and development efforts to identify cost-effective materials and formulations Rising focus on eco-friendly and sustainable packaging solutions
Restraints
Fluctuations in the prices of key raw materials
COVID-19 Scenario:
The COVID-19 pandemic significantly impacted the growth trajectory of the global solvent-based laminating adhesive market. Supply chain disruptions, due to lockdowns and social distancing measures, increased the prices of raw materials, thereby impacting production costs and potentially limiting the availability of laminating adhesives.
Furthermore, changes in consumer behavior, such as the increasing demand for online shopping and altered preferences, resulted in shifts in the use of laminating adhesives in the packaging industry.
These challenges, coupled with regulatory changes affecting chemical production, posed obstacles to market growth, necessitating adaptive strategies and resilient measures by industry players to stand at the forefront in the evolving market post-pandemic crisis.
Material: Polyethylene Terephthalate (PET) Sub-Segment Expected to Grow Significantly by 2032
The Polyethylene Terephthalate (PET) sub-segment dominated the global solvent-based laminating adhesive market share in 2022, holding a major share of 52.7%. The sub-segment is expected to observe significant growth by 2032. This growth is mainly because of the increasing demand for Polyethylene Terephthalate (PET) within the packaging industry due to its versatility and thermoplastic properties, which are majorly contributing to the rising popularity of solvent-based laminating adhesives.
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Application: Food Packaging Sub-Segment Anticipated to Grow with Highest CAGR by 2032
The food packaging sub-segment dominated the market in 2022, holding a major share of 47.0%. This dominance is expected to continue till 2032, growing with a CAGR of 6.7%. This growth is mainly due to the increasing demand for efficiently packaged food products, with consumers favoring convenient and modern packaging solutions, thus driving the adoption of solvent-based laminating adhesives.
By Region: Asia-Pacific Held the Dominant Position in 2022
The Asia-Pacific region dominated the global solvent-based laminating adhesive market in 2022, holding a major share of 42.0%. This is mainly due to the continuous industrial expansion, driving an increasing demand for reliable and effective adhesive solutions across diverse sectors such as automotive, electronics, and textiles.
Leading Players in the Solvent-based Laminating Adhesive Market:
Flint Group
Henkel Corporation
Dow Chemical Company
Morchem
3M
H.B. Fuller
COIM Group
Arkema Group
Evonik Industries
Ashland
The report provides a detailed analysis of the key players of the global Solvent-based laminating adhesive market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
