The report “Laminating Adhesives Market by Resin Type (Polyurethane, Acrylic, Others), Technology (Solvent-based, Water-Based, Solvent-less), End-Use Industry (Packaging (Food & Beverages, Pharmaceuticals, Consumer Products), Industrial, and Region (2023-2028)”, exhibits high growth potential and is projected to reach a market size of USD 5.1 billion by 2028 from USD 3.6 billion in 2022, at a CAGR of 5.8%. Asia Pacific is the largest laminating adhesives market that is projected to register the second-highest CAGR. This high growth is due to the growing demand from the packaging, industrial, and automotive & transportation industries. There is rising awareness about the use of eco-friendly adhesives in this region. Asia Pacific is the biggest market and is expected to remain the same in the near future. The continuous rise in the manufacturing of various products for use within the region and for exports drives the demand for laminating adhesives. Rising population and growing end-use industries have led to innovation and developments, making it a major laminating adhesives market.
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The increasing demand for stand-up pouches for packed meals and microwaveable food items drive the use of laminating adhesives. The use of laminating adhesives eliminates the need for rigid packaging, glass bottles, boxes, and cans. Microwaveable food is in high demand owing to changing lifestyles and increasing middle-class household income. Laminating adhesives are in demand for the packaging of food products owing to their properties such as preservation of aroma and protection against odor. The quality of most food and pharmaceutical products changes over a period of time. The change in the quality of food is visible with the changes in its color and texture. The appearance of food products such as dairy, poultry, vegetables, and fruits is of importance to consumers. Consumers prefer food products packed in a transparent film rather than in an opaque one. Transparent laminating adhesives allow the packed product to be seen by the customers, thereby making it easier to check any change in food quality.
Polyurethane, by resin type segment is expected to hold largest share of the laminating adhesives market during the forecasted period.
Polyurethane laminating adhesives are made of urethane polymers. Urethane is produced through a chemical reaction between diisocyanate and polyol. Polyurethane laminating adhesives are used in various applications because of their high toughness, abrasion resistance, flexibility (especially at low temperatures), and adhesion to a wide variety of substrates. They possess various properties such as flexibility and strength, low cure temperature, excellent low-temperature resistance, and high environmental resistance. One-component polyurethane adhesives can be elastic or rigid, depending on the structure of thermoset or elastomer and curing techniques. They have relatively high shear and peel strength and are moisture sensitive. Polyurethane laminating adhesives can be either one-component or two-component. They are used in the automotive & transportation, textile, packaging, and electronics industries. The primary disadvantage of polyurethane laminating adhesives is their high cost.
Asia Pacific is one of the fastest-growing markets for polyurethane laminating adhesives. Many packaging, electronics, and transportation manufacturers are setting up or expanding their manufacturing bases in this region to take advantage of the low manufacturing cost, which is generating high demand for polyurethane laminating adhesives in Asia Pacific.
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Solvent-based, by technology segment hold the largest growing segment in overall laminating adhesives market during forecast period.
The solvent-based technology segment accounted for more than half of the overall market size, in terms of volume, in 2022. Solvent-less is the fastest-growing technology segment of the laminating adhesives market due to the growing demand from the packaging industry for stand-up pouches, coffee bags & pouches, snack food packaging, frozen food packaging, confectionary packaging, and condiment packaging applications. Owing to the increasing environmental concerns and tightening VOC regulations, laminating adhesive manufacturers are shifting toward the production of water-based technology. This has fuelled the water-based laminating adhesives market. In the recent past, the solvent-based technology segment has lost a significant market share to solvent-less and water-based technologies.
Automotive & Transportation laminating adhesives likely to account a largest share of the global laminating adhesives market during the forecast period.
The growth of the automotive industry is dependent on the demand from emerging countries of Asia Pacific. These countries are expected to be the key contributors to the demand for laminating adhesives in this industry. The developing Asia Pacific countries, such as China, South Korea, Thailand, and India, are driving automotive production due to the continuous manufacturing of small cars. Laminating adhesives are used in body panels, fenders, GOR (grille opening reinforcement), heat shields, headlamp reflectors, and pickup box in the automotive & transportation industry.
Asia Pacific region likely to account the largest share of the global polyurea coatings market during forecasted period.
Asia Pacific is the biggest market and is expected to remain the same in the near future. The continuous rise in the manufacturing of various products for use within the region and for exports drives the demand for laminating adhesives. Rising population and growing end-use industries have led to innovation and developments, making it a major laminating adhesives market.
The markets in Asia Pacific, Eastern Europe, the Middle East & Africa, and South America are in the growth phase, where manufacturers compete with each other with very similar product offerings. The growth in the developing countries and increasing demand for sustainable products in these countries is expected to drive the market, globally, during the forecast period.
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Henkel AG (Germany), 3M (US), H.B. Fuller (US), The Dow Chemical Company (US), Arkema S.A. (France), Sika AG (Switzerland), DIC Corporation (Japan), Pidilite Industries (India), DuPont (US), Flint Group (Luxembourg) are the key players in thee global laminating adhesives market.
COIM Group (Italy), Vimasco Corporation (US), Franklin International (US), Master Bond Inc. (US), Fujifilm Corporation (Tokyo) are some of the startups in the global laminating adhesives market.
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