Lamination adhesives are used to bond flexible packaging films such as polyethylene, polypropylene, polyester, and others. They provide packaging strength, durability, and heat sealing capability. Lamination adhesives offer advantages like compatibility with a wide range of substrates, durability, high bond strength, clarity, and resistance to moisture and solvents. The increasing demand for flexible packaging from food & beverage, pharmaceutical, cosmetics, and other industries is driving the need for lamination adhesives. The global Lamination Adhesives For Flexible Packaging Market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Development of bio-based lamination adhesives is one of the key trends witnessed in the lamination adhesives for flexible packaging market. Consumers and regulations are pushing flexible packaging manufacturers to adopt eco-friendly solutions. Thus, manufacturers are focusing on developing bio-based and sustainable alternatives to fossil fuel-based adhesives by using renewable resources such as plant oils and resins. For instance, Henkel AG developed Roady, a hot melt adhesive for flexible packaging made from renewable raw materials. It provides high tack and heat resistance with a low carbon footprint. Such development of bio-based adhesives will support the growth of sustainable flexible packaging solutions.
Segment Analysis
The global lamination adhesives for flexible packaging market is dominated by the water-based segment. Water-based lamination adhesives account for over 40% of the total market share as they offer benefits like low VOC emissions, high bonding strength with flexible substrates and ease of usage. Solvent-based lamination adhesives hold the second largest share and are preferred where high heat resistance is required. Other segments include hot melt based and radiation cured lamination adhesives but have relatively lower market penetration currently.
Key Takeaways
The global Lamination Adhesives For Flexible Packaging Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising demand for flexible packaging from food and consumer goods end use industries.
Regional analysis: Asia Pacific as the fastest growing regional market for lamination adhesives attributed to expansion of packaging industry in major economies like China and India. North America currently dominates the global market owing to high per capita packaging consumption in the region.
Key players operating in the lamination adhesives for flexible packaging market are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma Ltd., Cipla Ltd., Dr. Reddy's Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides Pharma Science Limited, and Unichem Laboratories.
For more insights, read- https://www.pressreleasebulletin.com/lamination-adhesives-for-flexible-packaging-market-trends-size-and-share-analysis/
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