Published: January 2020 | Report Code: CM11832 | Available Format: PDF | Pages: 400
The global packaging adhesives market was valued at $10,426.9 million in 2019, and it is predicted to register a CAGR of 4.6% during the forecast period (2020–2030) in order to reach $17,137.4 million by 2030.
The Far East region is expected to grow fastest market in the packaging adhesives market during the forecast period. This can be mainly attributed to the growth of manufacturing sector in the countries within the region, which creates a high-volume demand for flexible packaging materials. In addition, the increasing consumption for fast-moving consumer goods is expected to further propel the market growth in the region.
Dynamics of Packaging Adhesives Market
The shifting of consumer preference toward more sustainable adhesives is the latest trend observed in the market. The increasing adoption for biodegradable and recyclable packaging products has led to high demand for adhesives. Adhesives had specific recycling issues in the past, which include a high production time. With the evolvement of new innovations and product development, water-based adhesives have been developed with lesser weight and biodegradability.
Adhesives are widely required in the food & beverage packaging sector. With the rising consumer awareness on health, there has been a significant increase in the demand to maintain the freshness or shelf life of packaged food products. In 2017, All4Pack Paris estimated the demand for food packaging at $273.9 billion and is projected to reach $356.7 billion by 2023. In addition, the increasing urban population, improved awareness on health and nutrition, along with increase in travel activities, and busier lifestyles have resulted in the increasing demand for packaged healthy food, which, in turn, drives the growth of the market.
With the adoption of low-tack adhesives (LTAs) for reclosable applications the market holds a high growth potential for the forecast period. LTA, with high-adhesion ability in reclosable applications, offers better usability for consumers and provides a cost-competitive option to product manufacturers for packaging applications. In addition, products with LTAs do not require precise alignment to reclose a package, unlike zipper seals.
Segmentation Analysis of Packaging Adhesives Market
The acrylic category in terms of resin type generated the highest revenue in the packaging adhesives market in 2019. Acrylic adhesives offer several advantages, such as high tensile strength, shear and peel strength, high shock, and impact resistance, owing to which these are highly preferred for applications in the packaging sector. In addition, these have the ability to cure at room temperature, thereby increasing production efficiency.
Geographical Analysis of Packaging Adhesives Market
Geographically, Far East region held the largest revenue share in 2019. This is majorly attributed to the high-volume consumption from end-use industries, including food & beverage, consumer goods, personal care, and e-commerce in China. Furthermore, e-commerce industry in China and Japan have garnered a rapid pace, owing to ease of convenience offered through direct delivery to homes. With the increase in online shopping activities, the market holds a strong growth potential, owing to their requirement for corrugated boxes and cartons for delivery of goods.
Competitive Landscape of Packaging Adhesives Market
The packaging adhesives market is partially consolidated with the top-five players holding a share of over 45%. Some of the key players include Evonik Industries, H.B. Fuller Company, Henkel AG & Co. KGaA, Dow Inc., Avery Dennison Corporation, The 3M Company, and Arkema Group.
Recent Strategic Developments of Packaging Adhesives Market Players
Several adhesives manufacturers serving the packaging sector have taken several strategic measures, such as product launches and geographical expansions, to improve their market position. For instance, in November 2019, Evonik Industries announced its plans of capacity expansion of its plant in Darmstadt, Germany, for organic dispersions and heat sealing applications. The company offers these products under the brand name DEGALAN, which majorly serves the food & beverage packaging industry.
Market Size Breakdown by Segment
The packaging adhesives market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Formulation
Based on Resin Type
Based on Packaging Type
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