Laminating Adhesives Market Growth 2022-2030
The demand for water-based laminating adhesives is increasing in end-use industries on account of increasing regulations against VOC emissions that occurs when solvent-based adhesives are used. Water-based adhesives are manufactured using natural occurring materials such as dextrin’s, sodium silicates, and natural rubber.
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The demand for water-based adhesives is increasing in numerous applications including flexible packaging and automotive among others. Solvent free laminating adhesives are being widely preferred in wet environment and also, in food applications due to growing awareness about the material safety used for packaging. Solvent based laminates are used in both food and non-food applications such as automotive interiors, construction material, and electrical materials among others.
Laminating Adhesives Market Segmentation
The global laminating adhesives market has been segmented by type, resin, application, and region. Based on type, the market has been segmented into solvent-based, solvent free, water-based, hot melt, radiation curable, and others.
Competitive Analysis
Some of the key players in the global laminating adhesives market are 3M(US), DowDuPont (US), Coim Group (Italy), H.B. Fuller Company (US), Ashland (US), Henkel AG Co. KGaA (Germany), Vimasco Corporation (US), Bostik (US), Flint Group (Luxembourg), and LD Davis (US), and Toyo-Morton, Ltd (Japan).
Based on resin, the market has been segmented into polyether urethane, polyester, polyester urethane, acrylic, and others. Acrylic segment accounted for the largest share of the global laminating adhesives market growth in 2021. This market growth can be attributed to the superior benefits offered such as cost effectiveness and ability to provide bonds for all materials ranging from flexible and tough to rigid and hard.
Based on application, the market has been segmented into packaging, automotive interiors, construction materials, floor basecoat, electrical materials, and others. Packaging has been further sub-segmented into food, medical, and others. Packaging segment accounted for the largest market share on account of increasing demand in flexible packaging applications especially food. Automotive interior segment is likely to drive the market growth at a significant rate on account of increasing production of vehicles globally.
Regional Analysis
Based on region, the laminating adhesives market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
Asia-Pacific accounted for the largest share of the laminating adhesives market on account of the growing end-use industries in the region, especially the food beverage, packaging, and pharmaceutical. An expanding population base and rising disposable income of consumers are the other factors driving market growth.
North America is a prominent market for laminating adhesives due to the growing flexible packaging industry as a result of the increasing consumption of packaged beverages and food products.
The European market is expected to grow at a considerable rate during the review period. The expanding automotive and pharmaceuticals industry are propelling market growth.
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