The global packaging adhesives market was valued at $10,426.9 million in 2019, which is projected to reach $17,137.4 million by 2030, growing at a CAGR of 4.6% during the forecast period (2020–2030). This can be attributed to the high-volume demand arising for applications in the food & beverage packaging sector.
The polyurethane (PU) category based on resin type is expected to demonstrate the fastest volumetric growth during the forecast period. This can be attributed to the fast-paced adoption of PU based adhesives owing to its properties such as high heat and chemical resistance along with high flexibility. In addition, it offers adhesion to a variety of substrates including paper, plastic, and leather.
Increasing Preference for Sustainable Adhesives
The increasing environmental concerns from government and public and changes in consumer behavior have created a demand for environment-friendly products. A trend in the market is observed with the development of adhesives that are suitable for application on recycled products. These adhesives help in reducing weight of the final products by replacing traditional adhesives, and also conform to biodegradability and composability requirements.
Rising Demand from the Food & Beverage Industry
Rising demand for packaging adhesives in the food & beverage industry is one of the major drivers for the growth of the market. In the recent times, the demand for packaged food has witnessed a rapid surge, owing to shift in preferences for ready-to-eat food items with a longer shelf life. This, in turn, has created a significant demand for packaging adhesives, owing to their requirement in packaging of these food items for proper adhesion even under greasy conditions.
Segmentation Analysis of Packaging Adhesives Market
Geographical Analysis of Packaging Adhesives Market
In 2030, Far East is projected to hold a volume share of over 55% in the packaging adhesives market. This can be mainly attributed to the growth of consumer goods manufacturing sector, along with a rise in the e-commerce industry in China, Japan, and South Korea. The e-commerce industry requires packaging adhesives for labeling in high-volumes used for product tracing, along with usage of tapes for proper delivery of goods. With the growth of these sectors in the region, the market for packaging adhesives is expected to grow during the forecast period.
Browse report overview with detailed TOC on "Packaging Adhesives Market Research Report: By Formulation (Water-Based, Solvent-Based, Solid-Based), Resin Type (Acrylic, Rubber, Ethyl Vinyl Acetate, Polyurethane, Polyamide, Polyvinyl Acetate), Packaging Type (Rigid Packaging, Flexible Packaging, Tapes & Labels) – Industry Size, Share, Trends and Growth Forecast, 2030" at:https://www.psmarketresearch.com/market-analysis/packaging-adhesives-market
Competitive Landscape of Packaging Adhesives Market
The global packaging adhesives market is partially consolidated with the presence of several large manufacturers and many small-scale product manufacturers. Some of the players involved in the market include H.B. Fuller Company, Arkema Group, Dow Inc., Avery Dennison Corporation, Henkel AG & Co. KGaA, The 3M Company, and Evonik Industries.