Laminating Adhesives Market to Profit Growing with Global Trends, Statistics, Size, Share, Regional Analysis by Key Players | MarketsandMarkets™
The report "Laminating Adhesives Market by Technology (Solvent-based, Solventless, and Water-based), Resin (Polyurethane and Acrylic), End-Use Industry (Packaging, Industrial, and Automotive & Transportation), and Region - Global Forecast to 2024", is projected to grow from USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.9%, during the forecast period.
Market Dynamics
There is a huge demand for flexible packaging in the APAC region. This is mainly backed by the rising disposable income, changing lifestyle, and growing middle-class population. According to the National Bureau of Statistics of China, consumer goods retail sales reached USD 459.21 billion in December 2015; it witnessed a growth rate of 11.1% from 2014 to 2015. All these factors are driving the laminating adhesives market.
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However, the chemical industry is facing challenges from regulatory authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA) in Europe and North America. Manufacturers in Europe and North America need to comply with these regulations regarding the production and usage of laminating adhesives in various applications to reduce VOC emissions. This has affected the production of the companies that are mainly into manufacturing laminating adhesives through solvent-based technology. In order to comply with these regulations, manufacturers are required to shift from solvent-based to water-based technology. This is a major challenge for the market players. Moreover, water-based technology has disadvantages such as higher production costs and higher drying time.
The solvent-based segment is estimated to account for the largest share of the laminating adhesives market, by technology, during the forecast period.
Solvent-based laminating adhesives are used in a variety of packaging applications in food, healthcare, and other industries, due to their high bonding performance and anti-contaminant factors. The solvent-based laminating adhesives offer properties such as high bond strength, lower emission, lesser cure time, and less wastage. These benefits will drive the solvent-based laminating adhesives market.
The automotive & transportation segment is estimated to be the fastest-growing end-use industry in the laminating adhesives market during the forecast period.
Laminating adhesives are preferred as a replacement for nuts & bolts and other conventional techniques owing to the lesser energy spent in the production of adhesives. Also, laminating adhesives provide more bonding strength than conventional techniques. The key factors that drive the laminating adhesives market in the automotive industry are the increasing demand for lightweight vehicles, use of safe and high-quality products, and stringent regulations of environment protection authorities. Laminating adhesives are used in body panels, fenders, grille opening reinforcement (GOR), heat shields, headlamp reflectors, pickup box in automotive, which is driving the demand for laminating adhesives.
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Laminating adhesives market in APAC is expected to register the highest CAGR during the forecast period.
The APAC laminating adhesives market is segmented as China, Japan, India, South Korea, Thailand, Malaysia, and Rest of APAC. APAC is an emerging and lucrative market for laminating adhesives, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world’s population, resulting in the growth of the manufacturing and processing sectors.
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