DUBLIN--(BUSINESS WIRE)--The "Packaging Adhesives Market Research Report: By Formulation, Resin Type, Packaging Type - Industry Size, Share, Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global packaging adhesives market was valued at $10,426.9 million in 2019, which is projected to reach $17,137.4 million by 2030, growing at a CAGR of 4.6% during the forecast period (2020-2030). This can be attributed to the high-volume demand arising for applications in the food & beverage packaging sector.
The polyurethane (PU) category based on resin type is expected to demonstrate the fastest volumetric growth during the forecast period. This can be attributed to the fast-paced adoption of PU based adhesives owing to its properties such as high heat and chemical resistance along with high flexibility. In addition, it offers adhesion to a variety of substrates including paper, plastic, and leather.
The increasing environmental concerns from government and public and changes in consumer behavior have created a demand for environment-friendly products. A trend in the market is observed with the development of adhesives that are suitable for application on recycled products. These adhesives help in reducing weight of the final products by replacing traditional adhesives, and also conform to biodegradability and composability requirements.
Rising demand for packaging adhesives in the food & beverage industry is one of the major drivers for the growth of the market. In the recent times, the demand for packaged food has witnessed a rapid surge, owing to shift in preferences for ready-to-eat food items with a longer shelf life. This, in turn, has created a significant demand for packaging adhesives, owing to their requirement in packaging of these food items for proper adhesion even under greasy conditions.
The water-based category held the largest volumetric share in the packaging adhesives market in 2019. Water-based adhesives are environment friendly in nature and do not contain harmful volatile organic compounds, unlike solvent-based adhesives, which are hazardous to the environment and human health.
The acrylic category held the largest volumetric share in 2019 in the packaging adhesives market. This is attributed to their high-temperature resistance and chemical resistance properties. Moreover, acrylic adhesives offer instant adhesion, which further helps facilitate efficiency in production, and demonstrate moisture resistance, which makes these suitable for application in cold storage food & beverage packaging.
The flexible packaging category is expected to demonstrate the fastest volumetric growth during the forecast period. This can be attributed to the usage of papers and films for packaging of fast-moving consumer goods, such as soaps, powdered detergents, and chips.
In 2030, Far East is projected to hold a volume share of over 55% in the packaging adhesives market. This can be mainly attributed to the growth of consumer goods manufacturing sector, along with a rise in the e-commerce industry in China, Japan, and South Korea. The e-commerce industry requires packaging adhesives for labeling in high-volumes used for product tracing, along with usage of tapes for proper delivery of goods. With the growth of these sectors in the region, the market for packaging adhesives is expected to grow during the forecast period.
- Beta Kimya Inc.
- Wacker Chemie AG
- Jowat SE
- Ashland Global Holdings Inc.
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- The 3M Company
- Arkema Group
- Avery Dennison Corporation
- Huntsman Corporation
- Dow Inc.
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