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The global laminating adhesives market size was valued at USD 3.65 billion in 2023 and is projected to grow from USD 3.80 billion in 2024 to USD 5.53 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. Asia Pacific dominated the laminating adhesives market with a market share of 37.53% in 2023.
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.
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.
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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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.
Advances in Technology Lead to Development of Eco-Friendlier and More Sustainable Laminating Adhesives
Advances in technology have revolutionized the production of laminating adhesives, making them eco-friendlier and more sustainable. With the increasing awareness of environmental issues, manufacturers have started developing adhesives that have minimal impact on the environment, while still providing the same level of performance as traditional adhesives.
New eco-friendly laminating adhesives are being made using plant-based or recycled materials that are non-toxic and biodegradable. Additionally, some manufacturers are now using renewable energy sources to power their production processes, thereby reducing their carbon footprint. These sustainable laminating adhesives are not only better for the environment, but they also offer other benefits, such as improved safety for workers and reduced waste. As more businesses adopt sustainable practices, the demand for eco-friendly laminating adhesives is expected to grow, leading to even more advancements in this area.
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.
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 2023 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.
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.
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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 2023 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.
Asia Pacific Laminating Adhesives Market Size, 2023 (USD Billion)
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The market size in Asia Pacific was valued at USD 1.37 billion in 2023, 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 2023 and has witnessed significant growth and development of the sector in the region.
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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.
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.
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.
An Infographic Representation of Laminating Adhesives Market
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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 regarding 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.
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 4.7% from 2024 to 2032 |
Unit | Value (USD Billion), Volume (Million Tons) |
Segmentation | By Resin Type
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By Technology
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By End-Use Industry
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By Geography
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Fortune Business Insights says that the global market size was valued at USD 3.65 billion in 2023 and is projected to reach USD 5.53 billion by 2032.
In 2023, the Asia Pacific market size was valued at USD 1.37 billion.
Registering a significant CAGR of 4.7%, the market will exhibit rapid growth during the forecast period of 2024-2032.
Based on technology, the solvent-based segment is expected to lead the market during the forecast period.
The rising polyurethane demand is a key factor driving industry expansion.
China held the highest market share in 2023.
DuPont, H.B. Fuller Company, Henkel AG, 3M, and Dow are the major players in the market.
The rising demand from the packaging industry in the end-use industry segment is expected to drive the product adoption.
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