The 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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Lamination adhesives are used to bond or attach multiple layers of substrates such as paper, plastic films, aluminum foil, and fabrics together to produce composite materials called laminates. They are primarily used in the production of flexible packaging products made from paper, aluminum foil, polymers, and combination of these materials. Lamination adhesives provide strength and durability to flexible packaging and protect products from environmental factors.
Market key trends:
The lamination adhesives for flexible packaging market is driven by the increasing demand for packaged and convenient food & beverages globally. According to the United Nations, the global population is estimated to reach 8.5 billion by 2030 and 9.7 billion by 2050. This rapid growth in population is expected to fuel the demand for packaged food products, which in turn is projected to propel the lamination adhesives for flexible packaging market growth over the forecast period. Moreover, growth in online grocery shopping is promoting the need for flexible packaging to protect perishable food items from damage during shipping and transportation. There is also a rise in demand for sustainable flexible packaging materials made from renewable resources, which is projected to present lucrative opportunities for bio-based lamination adhesives in the market.
Threat of new entrants: The threat of new entrants is moderate. High capital requirements for establishing manufacturing facilities and strong brand recognition of existing players pose barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the availability of substitutes. Buyers can negotiate on price and demand quality certifications.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials require specific formulation know-how. Suppliers have low differentiation.
Threat of new substitutes: The threat of substitutes is low as lamination adhesives offer required performance and are compulsory for flexible packaging applications.
Competitive rivalry: Competition is high among established players.
Strengths: Established production facilities and global distribution networks. Ability to provide customized product offerings specific to end-use applications.
Weaknesses: Vulnerable to fluctuations in raw material prices. High R&D investments required to develop new product formulations.
Opportunities: Growing demand for sustainable and bio-based adhesive solutions in flexible packaging. Emerging applications in food packaging and medical devices offer scope.
Threats: Stringent environmental regulations pertaining to VOC emissions. Substitutes from alternative bonding technologies.
Global Lamination Adhesives For Flexible Packaging Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for packaged food and pharmaceutical products. The Asia Pacific region currently dominates the market and is expected to maintain its leading position over 2023-2030, driven by high consumption in China, India, Japan, and other Asian countries.
Regional analysis Europe and North America also hold significant shares and their markets are expected to grow steadily supported by mature packaging industries and strict food safety regulations. Developing regions like Latin America and Middle East & Africa are projected to offer lucrative opportunities owing to rising living standards, population growth, and improving packaging infrastructure in these areas.
Key players operating in the lamination adhesives for flexible packaging market are H.B. Fuller, Henkel AG & Co. KgaA, The Dow Chemical Company, 3M, Flint Group, Arkema Group, Ashland Inc., COIM Group, Morchem, DIC Corporation, and Chemline India Ltd. Major players are focused on introducing bio-based and eco-friendly product varieties to capitalize on sustainability trends in the industry.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it