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The global packaging adhesives market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the growing demand from food & beverage industry. However, phasing out of the solvent-borne adhesives owing to the VOC emissions is hindering the growth of the market studied.
- The rapidly growing packaging industry is expected to provide a major growth opportunity for the market studied.
- Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among technology, water-borne segment is expected to witness the highest growth rate during the forecast period.
Key Market Trends
Water-borne Technology to Witness the Highest Growth Rate
- Water-based technology is expected to witness the highest growth rate among the technology types during the forecast period.
- These adhesives are supplied to manufacturers and distributors as either a pre-mixed solution or as formulated dry powders that must be mixed with water, in order to activate its adhesive quality.
- Water-based adhesives are generally applied as emulsion mixes that are converted to adhesive materials when their water content has evaporated. VOC norms has led to the phasing out of solvent-based adhesives.
- Many countries, including many regions of the United States and Europe, have set a ban on the use of solvent-borne materials. Hot-melt adhesives are also gaining popularity, due to their fast set speed and excellent adhesive qualities.
- Hence owing to the above-mentioned factors, water-borne adhesive technology to witness the highest growth rate during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific accounts for the highest share of the global packaging adhesives market currently owing to the high demand from countries like China, Japan, India, etc.
- China is the leading country in the consumption of packaging adhesives, due to the increased demand from end-user industries like food & beverage and consumer goods.
- Growing e-commerce is one of the major driving factors boosting the demand for food packaging in the country.
- Additionally, South-East Asian countries are also witnessing a high demand for packaging adhesives over the past few years.
- Hence, owing tot eh above-mentioned factors, Asia-Pacific is likely to dominate the market studied d during the forecast period.
The global packaging adhesives market is moderately consolidated as the market of the market share is divided among a few players. Some of the key players in the market include 3M, Henkel AG & Co. KGaA, H.B. Fuller Company, Arkema Group, and Sika AG, among others.
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