Laminating Adhesives Market Size, Share & COVID-19 Impact Analysis, By Resin Type (Polyurethane, Acrylic, and Others), By Technology (Solvent-Based, Solvent-Less, Water-Based, and Others), By End-Use Industry (Packaging, Industrial, and Transportation), and Regional Forecast, 2023-2030

The global laminating adhesives market size was valued at USD 3.52 billion in 2022 and is projected to grow from USD 3.65 billion in 2023 to USD 5.05 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period.

Laminating adhesives is an essential component to produce films with advanced functions by laminating multiple films, which are bonded together to form a top layer. These include plastic film, aluminum foil, paper, and others. The laminating mechanisms are cured using heat or a combination of heat and pressure, similar to hot melt adhesives. These adhesives can bond well, withstand high temperatures, and shield from low-risk environmental factors. The adhesives’ properties are always apparent and are used to laminate paper or films that need to be read while protecting them from water and tearing.

Laminating adhesives can bond certain surfaces due to their varied compositions. Some products stick to paper, metal, glass, and masonry, while others stick to textiles, wood, and porous surfaces. The adhesives can also join two different materials such as rubber and metal. A laminating adhesive may or may not contain solvents. They can be made resistant to chemicals, UV rays, and humidity and withstand temperatures up to 450°F. Besides, these can also be developed for use in high-voltage applications and with electrical goods.

COVID-19 IMPACT

Disruptions in Logistics and Temporary Halt on Supply Chains Led to Market Decline

The outbreak of COVID-19 has severely affected economies across the globe. The industrial and transportation sectors are some of the major sectors which were negatively impacted by the pandemic. The spread of COVID-19 led to a reduced demand for laminating adhesives owing to the shutdown of operations by various end-use industries. These included food & beverage, electronics, pharmaceuticals, and other sectors. It forced manufacturers to reduce production. Also, limitation on the movement and trade disrupted the supply chains involved in the market. Market trends such as breaks in cash flow, transfer in resource allocation, the essential for social distance, and others will bring about change on every stage.

The impact of COVID-19 on the manufacturing industry has been devastating. With restrictions imposed by local authorities, all manufacturing activities have come to a halt, resulting in significant losses for the country and adhesives manufacturers alike. This work stoppage has had a ripple effect on the company's top line, job opportunities, and order delays. It's not just local manufacturers that have been impacted, but also those who import laminating adhesives from China and other countries. The restrictions on exporting goods from one country to another have significantly affected manufacturing activities due to the high dependence on Chinese producers. However, amid these difficult times, many end-use industries are developing strategies to ensure long-term availability of goods by identifying alternative material suppliers.

LATEST TRENDS

Rising Adoption of Solvent Free and Water Based Adhesives to Propel Industry Expansion

As environmental awareness has grown, solvent-free adhesives have become more common in the flexible packaging industry. It eliminates the erosion of organic solvent on printing ink caused by residual solvents in packaging products. Solvent-free adhesives are a future development trend that will be multifunctional and able to work with various materials in various industries. Waterborne adhesives are eco-accommodating and less harmful to on-site laborers. Water is a much cheaper solvent than organic solvent. Besides, waterborne adhesives are safer and less expensive than similar solvent-based adhesives. These are some of the primary reasons for driving the global laminating adhesives market growth.

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DRIVING FACTORS

Growing Demand for Flexible Packaging in the Food & Beverage Industry to Propel Industry Expansion

. Surge in the population in the urban areas has increased the demand for flexible packaging which is bringing innovative trends of smarter and safer packaging in the food & beverages industry. The necessity for laminating adhesives has risen recently from general-purpose economic packages to high-performance applications such as direct usage microwavable packaging. This calls for the manufacturer to integrate laminating coating with energy-efficient and eco-friendly structures that can be used under dry food packaging (snack food, soup pouches, coffee, pasta, and others), fresh food packaging (meat, cheese, and fish packaging), fruit juices stand-up pouch, confectionery and ice cream packaging, portion lidding, glass lidding (dairy products, dry food), and ready meal packaging. Thus, the flexible packaging sector is expected to increase the global market size significantly.

RESTRAINING FACTORS

Strict Rules and Regulations by Governments on the Disposal of Plastics to Restrain Market Growth

Governments all over the globe have been imposing programs and recycling processes for the release of dangerous chemicals from the recycling shops. This has raised a concern in the way plastics are discarded in the form of bags and holders which pollutes the aqueducts leading to clogging and hence, making a harder impact on marine brutes. Each time, large quantities of plastic is dumped in the oceans, it impacts the food chains of the marine ecosystems. Due to this, global authorities along with municipal authorities have imposed strict rules and regulations which hampers the demand for laminating bonds.

SEGMENTATION

By Resin Type Analysis

Polyurethane Segment to Hold the Largest Share Owing to the Strong Bonding Hold and Wide Performance Profile

Based on resin type, the market is segmented into polyurethane, acrylic, and others. The polyurethane segment held a significant laminating adhesives market share in 2022 owing to their characteristics over the other resin types in the market. These adhesives have excellent adhesion to a wide range of substrates with numerous properties. These include non-flammability, enhancement of cure time, and formulation changes that can vary pot life. In addition, good flexibility can be achieved in the cured product. These adhesives remain bonded through a wide range of operating temperatures.

Acrylic is a better choice of tar for some water-based covering glues known as acrylics or acrylic hybrids. Free-radical polymerization of acrylic monomers in water results in the production of these emulsion polymers. Acrylic overlaying adhesives seem smooth white with low thickness and high application solids. They provide laminates with high shear resistance and excellent weather resistance due to their high molecular weight. These factors are set to boost the growth opportunities for the industry during the forecast period.

By Technology Analysis

Solvent-Based Segment to Dominate with the Growing Product Use in the Packaging Industry

Based on technology, the market is segmented into solvent-based, solvent-less, water-based, and others. Solvent-borne adhesive is the most widely used technology for flexible packaging laminating adhesives. It offers urethane technology with a long history of product development. Also, it provides good adhesion and performance to meet requirements from general to high-performance food packaging with good adhesion, product resistance, and heat resistance. This is the major driving factor for the growth of solvent-based adhesives.

In the past, general-purpose applications have been served by waterborne acrylic adhesives. For converters, waterborne adhesive typically costs less than solvent-borne adhesive. An emulsion polymer known as waterborne acrylic is produced by water's free radical polymerization of acrylic monomers. The lamination can be immediately slit to the waterborne adhesive with the increased shear strength.

By End-Use Industry Analysis

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Packaging Segment to Dominate Due to the Growing Consumer Demand

Based on end-use industry, the market is segmented into packaging, industrial, and transportation. The growth in the demand for retail packaging sector and supportive government policies, the packaging sector witnessed a rebound in 2022 and is expected to exhibit a strong growth rate during the forecast period. The adhesives coatings are marketed for multiple packaging applications, including flexible coverings for packaging various products such as vegetables, meat, cheese, condiments, and dairy. Non-food contact applications include medical instrument packaging, pharmaceutical blister packaging, and industrial applications.

The laminating elastic adhesive for industrial use is produced by an extraordinary synthetic technique. It is utilized for clinging to metal, wood, furniture, formica board, design board, high-pressure cover, compressed wood, softwood, cowhide, bassage board, counterfeit calfskin, foam, concrete, elastic, plastics, and different materials. The laminating technology is growing and will create a new set of regimens in bringing safer norms to achieve hygiene solutions in the food and consumer goods sector. All these factors will help to generate the demand for laminating adhesives across various industries.

REGIONAL INSIGHTS

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The market size in Asia Pacific was USD 1.31 billion in 2022, and it is estimated to register the fastest CAGR during the review period. The market growth is fueled by the expanding regional industry, which positively impacts various sectors within the area. The packaging industry in China has been the driving force behind the country's dominance in the Asia Pacific region in 2022 and has witnessed significant growth and development of the sector in the region.

North America’s growing packaging industry will boost the growth of the market in this region. The shift into consumer behavior, market awareness, and demand for packaged food & beverages are driving growth in North America, impacting several end-use industries.

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The automotive industry in Germany, which is the largest in Europe, is currently driving market growth in the region. The rapid adoption of electric vehicles is a response to the increasing levels of CO2 emissions. Furthermore, major industrial manufacturers in the area are expected to raise their consumption of products, leading to further growth in the sector.

Industrialization of Latin America has led to growth in the market, particularly in the use of laminated bonds in Industrial and packaged food industries. This trend is expected to accelerate the growth of the market in the region. Meanwhile, Saudi Arabia is driving significant market growth in the Middle East and Africa due to increased consumption in the industrial sector. Furthermore, the rising economy within the region and improved lifestyles of consumers further surge the demand for finished consumer goods such as cosmetics, pharmaceuticals, and packaged food products.

KEY INDUSTRY PLAYERS

Joint Ventures and Facility Extension are the Prime Strategic Initiatives Implemented by Leading Companies

The foremost market players, including DuPont, H.B. Fuller Company, Henkel AG, 3M, and Dow are companies operating in the materials business.

DuPont has a strong presence in North America and manufactures laminating adhesives. The company is the largest manufacturer of specialty chemicals and advanced raw materials in the region. DuPont has a strong networks of distribution and offers a wide range of products. Other key players in the market have also has a strong regional presence, robust distribution channels, and diverse product offerings.

LIST OF KEY COMPANIES PROFILED:

• DuPont (U.S.)


• H.B. Fuller Company (U.S.)


• Henkel AG (Germany)


• 3M (U.S.)


• Dow (U.S.)


• Sika AG (Switzerland)


• Bostik (France)


• DIC Corporation (Japan)


• Pidilite Industries Limited (India)


• Flint Group (Luxembourg)

KEY INDUSTRY DEVELOPMENTS:

• June 2023- Henkel AG announced a groundbreaking ceremony for its new manufacturing adhesive-based business unit in Shandong Province, China. The new plant will be established at an approximate value of USD 126 million with the name of 'Kunpeng.' The facility would aim to meet the growing demand and Henkel's consumer base by optimizing the supply network in the Asia Pacific and international markets.


• May 2023- H.B. Fuller announced the acquisition of a stake of a U.K.-based venture, Beardow Adam, a family-owned business that commits to innovation and sustainable adhesives offerings. The acquisition aimed to provide a leading position in the H.B. Fuller market portfolio by expanding the customer base and technology to address the market demand.


• April 2023- Bostik, a subsidiary of Arkema Group and a leading producer of specialty adhesives for construction, industrial, and consumer markets, has launched a new series of solvent free adhesive lamination solutions in Asia. The company's HERBERTS series is sustainable, environment-friendly, specifically designed for food packaging solutions, and can be used for industrial and pharmaceutical markets.


• February 2022- Flint Group launched a sustainable UV LED dual cure ink, named EkoCure ANCORA, specifically designed for packaged food and product labeling. These dual inks and coatings are uniquely designed by using low-energy UV LEDs. It has optimized curing with enhanced adhesion to a wide range of substrates.


• November 2022- Sun Chemical, a member of the DIC Corporation group of companies, announced the acquisition of SAPICI, one of the leading manufacturers of high-performance PU for flexible packaging, coating, and industrial purposes. The acquisition aimed to provide DIC/Sun Chemical with a diversified polymer portfolio for various end-use industries.

REPORT COVERAGE

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The market research report provides detailed market analysis and focuses on crucial aspects such as resin type, technology, end-use industry, and leading companies. It provides quantitative data in terms of value, research methodology for market size estimation, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the above-mentioned factors, the report encompasses various factors contributing to the market growth in recent years.

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