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Market Report


A closer look at the global lamination adhesives for flexible packaging market


Coherent Market Insights strategy consultant, Raj Shah discusses developments and trends within the market; highlighting key opportunities for companies


he global lamination adhesives for flexible packaging market is projected to surpass US$2,600million by the end of 2027, in terms of revenue, exhibiting a CAGR of 6.6% during the forecast period (2020 to 2027). On the basis of product type, solvent-based lamination adhesives was the dominant segment in the global lamination adhesives for flexible packaging market in 2019, with approximately 42% of market share in terms of revenue, followed by solvent less and heat/cold seal, respectively. Solvent-based adhesives contain a solvent, which acts as a carrier. The solvent is subsequently dried after application, which then makes the lamination by leaving the active resin system on the substrate to be bonded to a secondary substrate. The growing spending on packaged food across developed ,as well as emerging regions, is expected to propel the market growth of lamination adhesive for flexible packaging. For instance, according to the United States Department of Agriculture Economic Research Service, in 2018, U.S. consumers, businesses, and government entities spent US$1.71trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks. In addition, the growing demand for lamination adhesives coupled with high bond strength from the healthcare industry is expected to accelerate market growth over the forecast period.


T


Consumer market is driven by shorter run times, faster time to market, due to the nature of its business, where speed is the king. The packaging manufacturers have to respond swiftly and accomplish orders while ensuring performance or appearance. Motivated by consumer preferences seeking for new attractive packages, ease of use, sustainability, and pro-environmental offerings, the flexible packaging industry is showcasing impressive growth rate. Lamination adhesive for flexible packaging acts as raw material for producing products for consumer durable industries. Emerging markets ,such as BRICS (Brazil, Russia, India, China, and South Africa) are projected to experience a surge in GDP


growth over the forecast period (2020-2027). This is expected to ultimately aid in the growth of the manufacturing industry in each country. As lamination adhesives are used widely in industrial packaging, growth in the industrial sector will propel the market growth of lamination adhesive for flexible packaging. Moreover, increasing demand for flexible packaging from the packaging industry is further projected to stimulate the market growth of lamination adhesive for flexible packaging.


However, high cost of adhesives, owing to the fluctuating price of raw materials used in the manufacturing of lamination adhesive, is expected to hinder the market growth of lamination adhesive for flexible packaging. Additionally, the production process of adhesives is an energy-intensive process. Rising concerns over energy consumption in the production of adhesives is expected to hamper the market growth.


A NEW OPPORTUNITY


The increasing demand for solvent-less adhesives is expected to offer a potential opportunity to the players in lamination adhesive for flexible packaging market. For instance, in July 2019, Uflex Limited introduced a general performance, single component solvent-less PU adhesive – FLEXBON OC512. The moisture curing adhesive is designed for laminating film with printed and un-printed board or paper, with an average coating weight of 3 to 5 GSM. Furthermore, the growing focus of manufacturers to develop bio-based laminated adhesives is expected to present major growth opportunities to the market of lamination adhesive for flexible packaging. Lamination adhesives provide strong bonding, which makes them ideal for automotive applications. The growing demand from the automotive industry is a major factor propelling demand for lamination adhesives for flexible packaging. Additionally, the rising demand for flexible packaging across various end-use industries is expected to be a major trend in the market.


Regionally, Asia Pacific is projected to be the dominant market, owing to growth in the smart city projects across the region, coupled with the rise in the retail industry in the region. The increasing demand for flexible packaging from the packaging industry is further projected to stimulate the market growth of lamination adhesive for flexible packaging in the region. Asia Pacific was dominant in the global lamination adhesives for flexible packaging market in 2019, reporting 37% market share in terms of revenue, followed by North America and Europe, respectively. Key players operating in the global 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. Almost from a last decade, all the incumbents and new challengers (market participants) in the industry are trying to retain their market share or trying to acquire market share (respectively), by differentiating their product, primarily focusing on product innovation & up gradation, flexibility, versatility and sustainability, further.


Various manufacturers are focused on launching new products in order to remain competitive at a global level. In June 2019, Henkel launched Loctite Liofol LA 2798 for high-performance packaging applications. Moreover, in April 2019, 3M announced the addition of 3M Extended Wear Medical Transfer Adhesive, 4075 to its advanced adhesives portfolio for medical devices.


u coherentmarketinsights.com convertermag.com March 2021 35


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