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Packaging Adhesives Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global packaging adhesives market is valued at USD 16,560. 21 million in 2021 and is projected to register a CAGR of 5. 63% during the forecast period (2022-2027). Key Highlights
New York, June 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Packaging Adhesives Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06272894/?utm_source=GNW
The factors driving the growth of the market studied are growing demand from the food & beverage industry and increasing awareness of food safety? and avoiding risks of contamination.
On the flip side, the impact of regulations on the various raw materials to be used for manufacturing adhesives will somehow hinder the growth of the market studied.
However, the rapid growth in e-commerce will further provide opportunities for the market to grow.
Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
Key Market Trends
Flexible Packaging Application to Witness the Highest Growth Rate
Flexible packaging is growing at an impressive rate, driven by consumer preferences shifting toward new attractive packages, ease of use, sustainability, and environmental conscientious ideals.
Laminating adhesives for flexible packaging are available in a variety of technologies, viscosities, and solids concentrations. There are four basic categories of laminating adhesive that is commonly used. These are waterborne, solvent-based, reactive 100% solid (solventless) liquid, and hot melt.
Solvent-based adhesives used in flexible packaging are generally two-component polyurethane laminating adhesives. These are designed for use in the dry lamination process.
Additionally, flexible packaging is also the biggest application type for VAE adhesives. Another large category is laminating applications due to their flexibility, moisture resistance, and superior substrate adhesion.
With the growing population in countries such as the United States, China, and India, the requirement for food is increasing, thus, resulting in increased demand for flexible packaging worldwide.?
According to the Flexible Packaging Association (FPA), the total US flexible packaging industry was more than USD 35.6 billion in annual sales by the end of 2020. This flexible packaging industry includes packaging for retail and institutional food and non-food, medical and pharmaceutical, industrial materials, and retail shopping bags, among others. The US food industry is the largest segment for flexible packaging.?
Furthermore, packaging adhesives are also used in lidding films, which are a type of flexible packaging film that is commonly made by using foils, paper, polyester, polyethylene, and others which are generally used to seal paperboard pints, plastic containers, and trays for food items, including dairy products, such as cottage cheese, sour cream, and others.
According to Statista, the food industry worldwide is estimated to generate a revenue of USD 8.8 trillion in 2022. The market is expected to register a CAGR of 4.79% during 2022-2027 annually.
Hence owing to the above-mentioned factors, water-borne adhesive technology to witness the highest growth rate during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific accounts for the highest share of the global packaging adhesives market currently owing to the high demand from countries like China, Japan, India, etc.
China is the leading country in the consumption of packaging adhesives, owing to factors, such as growing per capita income, coupled with rising e-commerce giants in the country. ?
According to the National Bureau of Statistics of China, the total retail sales revenue of the consumer goods accounted for CNY 39,198.07 billion in 2020, which rose to CNY 44,082.34 billion in 2021, thereby enhancing the consumption of adhesives from consumer goods packaging and shipping activities.
Additionally, China has one of the largest food industries globally. The country is expected to witness consistent growth during the forecast period due to the rise of customized packaging in the food segment, like microwave food, snack foods, frozen foods, and increasing exports. The use of packaging adhesives is expected to increase in the future. ??
Furthermore, In India, the food industry is among the largest consumer of packaging adhesives. Some key end-user sectors of packaging adhesives include pharmaceuticals, personal care products, consumer electronics, etc. Increasing demand from these end-user segments is creating a huge potential for the market’s growth.?
In India, the packaging industry is also increasing at a rapid rate. It is the fifth-largest sector in India’s economy and is currently one of the fastest and highest growing sectors in the country. Amid the e-commerce surge, the Indian packaging industry is witnessing steep growth and is one of the strongest growing segments.
According to the Indian Institute of Packaging (IIP), packaging consumption in India increased 200% in the past decade, from 4.3 kgs per person per annum (pppa) to 8.6 kgs pppa.?
Hence, owing to above-mentioned factors, Asia-Pacific is likely to dominate the market studied d during the forecast period.
Competitive Landscape
The global packaging adhesive market is fragmented in nature, as no major company holds a significant share in the global market. The global companies are significantly focusing on R&D and collaborations to develop new technologies, in order to maintain their market presence and foothold. Some of the key players in the market include Henkel AG & Co. KGaA, H.B. Fuller, Dow, Arkema (Bostik), and Avery Dennison Corporation, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272894/?utm_source=GNW
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