The global laminating adhesives market is projected to grow from USD 2.5 billion in 2018 to USD 3.4 billion by 2023, at a CAGR of 6.9% between 2018 and 2023.
There has been wide acceptance of laminating adhesives in various industries such as packaging, industrial, and automotive & transportation. This is expected to drive the laminating adhesives market.
The solvent-based segment is estimated to account for the largest share of the laminating adhesives market, by technology, during the forecast period.
Solvent-based laminating adhesives are used in a variety of packaging applications in food, healthcare, and other industries, due to their high bonding performance and anti-contaminant factors. The solvent-based laminating adhesives offer properties such as high bond strength, lower emission, lesser cure time, and less wastage. These benefits will drive the solvent-based laminating adhesives market.
The automotive & transportation segment is estimated to be the fastest-growing end-use industry in the laminating adhesives market during the forecast period.
Laminating adhesives as a preferred replacement for nuts & bolts, and other conventional techniques owing to the lesser energy spent in the production of adhesives. Also, the laminating adhesives provide more bonding strength than the conventional techniques. The key factors that drive the laminating adhesives market in the automotive industry are the increasing demand for lightweight vehicles, use of safe and high-quality products, and stringent regulations of environment protection authorities. Laminating adhesives are used in body panels, fenders, grille opening reinforcement (GOR), heat shields, headlamp reflectors, pickup box in automotive, which is driving the demand for laminating adhesives.
Laminating adhesives market in APAC is expected to register the highest CAGR during the forecast period.
The APAC laminating adhesives market is segmented as China, Japan, India, South Korea, Thailand, Malaysia, and Rest of APAC. APAC is an emerging and lucrative market for laminating adhesives, owing to industrial development and improving economic conditions. This region constitutes, approximately, 61% of the world’s population, resulting in the growth of the manufacturing and processing sectors.
Major players operating in the laminating adhesives market include Henkel (Germany), H.B. Fuller (US), Dow Chemical Company (US), and Arkema (Bostik) (France).