The global Laminating Adhesives Market was worth USD 2.93 billion in 2021 and is projected to reach a valuation of USD 5.66 billion by 2030, amplifying at a CAGR of 7.6% over 2022-2030.
Laminating adhesives are generally referred to as thin layers of films that are coated on substrates. They are dried using heat or airflow and offer strong bonding, high temperature resistance along with chemical protection to the substrates. These adhesives are widely used across pharmaceutical, medical, automotive, transportation, and food processing applications.
The global Laminating Adhesives Market was worth USD 2.93 billion in 2021 and is projected to reach a valuation of USD 5.66 billion by 2030, amplifying at a CAGR of 7.6% over 2022-2030.
What are the major drivers aiding industry progression?
Escalating demand from various end use industries such as transportation, automotive, and medical, among others and surging cognizance about eco-friendly adhesives are primarily augmenting industry outlook. Alongside, rising production and sales of luxury vehicles across the globe is fueling laminating adhesives market growth.
Furthermore, growing preference for lightweight electronic devices is adding traction to market progression. Laminating adhesives are widely used to laminate the circuit board and improve the durability of miniaturized electronics. Alongside, these adhesives also assist in reducing heat while allowing the bond of touch screens which in turn decreases the weight of the electronic gadgets.
On the contrary, government regulations to reduce VOC emissions owing to increasing environmental sustainability concerns is likely to impede market expansion. Although prominent companies are increasing their focus towards the development of environmental friendly laminating adhesives to comply with the stringent government policies.
Moreover, COVID-19 induced restrictions including indefinite lockdowns adversely impacted the overall market growth due to supply chain disruptions and temporary halt in manufacturing activities.
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Segmental analysis of the market place
Based on resin
- Polyurethane
- Acrylic
- Others
The polyurethane segment presently dominates the overall market owing to their efficient properties including low cure temperature, flexibility, strength, and high environmental resistance.
By technology
- Solvent based
- Solvent less
- Water based
- Others
The solvent based segment is poised to register notable gains over 2022-2030 as solvent based adhesives are cost effective, safe, and durable in nature. Moreover, they also comply with clean air laws which in turn is increasing their adoption across various sectors.
In terms of end use
- Packaging
- Industrial
- Automotive
- Transportation
The packaging segment is expected to capture a significant market share over the stipulated timeline ascribing to fast-track approvals from regulatory bodies and favorable policies associated with efficient food packaging.
Expounding the geographical ambit of global laminating adhesives market
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America are the primary regions constituting the geographical landscape of this business sphere. Asia Pacific is poised to showcase lucrative expansion trends over 2022-2030 owing to high economic growth and increasing investments across sectors such as consumer goods & appliances, automotive, construction, and manufacturing.
Also, growing disposable income, industrialization, lifestyle improvements, and surging consumption packaged food are further aiding APAC regional market progression.
Similarly, Europe is anticipated to capture a substantial revenue share over the projected timeline due to increase in purchasing power of the masses, surging luxury car production, and presence of major market players.
Highlighting the major companies operating in the market
The prominent players operating in worldwide laminating adhesives market are Bayer AG, Sika AG, Henkel AG & Company, The 3M Company, Arkema S.A., The DOW Chemical Company, SAPICI S.p.A., DIC Corp., Ashland Global Specialty Chemicals, Inc., H.B. Fuller Company, Toyochem Co., Ltd., and Huber Group.
Notably, Japan-based chemical company DIC Corp., in December 2020 launched a series of eco-friendly dry laminating adhesives for flexible packaging named DICDRY LX-RP. The product launch was aimed at expanding the firm’s product portfolio and strengthen its market foot print.
Apart from that, other industry giants have also increased their focus on strengthening their overall market footprints using strategies such as mergers & acquisitions, innovative product launches, collaborations, research & development investments, and partnership deals.
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