The flexible packaging industry has witnessed immense growth in the last decade and is anticipated to grow at a substantial rate in the near future.
Albany, NY -- (SBWIRE) -- 02/17/2017 -- The market share of lamination adhesives for flexible packaging is estimated to be 4% of the global adhesives market in 2016, and is projected to increase at a CAGR of 6.4% throughout the forecast period (2016–2024). The market value of lamination adhesives for flexible packaging in 2016 is estimated at US$ 1.3 Bn and this is likely to increase to US$ 2.2 Bn by 2024. Lamination adhesives for flexible packaging find wide usage in the packaging of food products. These adhesives are also sought after in the healthcare and industrial sectors, owing to high performance and anti-contaminant factors.
The flexible packaging industry has witnessed immense growth in the last decade and is anticipated to grow at a substantial rate in the near future. This in turn is expected to drive the overall demand for lamination adhesives for flexible packaging. Other key factors such as lesser cure time, lesser emissions, lower wastage, and high bond strength have contributed to the growth of the lamination adhesives for flexible packaging market worldwide. Further, mounting demand for packaged foods in healthcare and personal care products have augmented market growth.
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However, government initiatives and growing consumer awareness towards the usage of eco-friendly adhesives have put a limitation on the growth of the lamination adhesives for flexible packaging market. Market consolidation has been observed as a key trend, with top market players going the mergers and acquisitions route to enhance their product portfolio and increase global footprint. Also, solvent less lamination adhesives are fast replacing solvent based adhesives owing to their eco-friendly nature.
The global lamination adhesives for flexible packaging market is segmented on the basis of product type, end use, and region. On the basis of product type, the market has been segmented into water based, solvent based, solvent less, and heat/cold seal. On the basis of end use, the market has been segmented into food packaging, medical packaging, industrial packaging, and other end use. In the end use segment, while food packaging remains the key segment, lamination adhesives are likely to witness greater adoptability in the medical packaging industry during the forecast period.
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Market analysis by segmentation
The solvent based lamination adhesives segment currently dominates the overall lamination adhesives for flexible packaging market in terms of volume and value. This segment has been estimated to account for 42.8% of the overall lamination adhesives for flexible packaging market revenue by the end of 2016. The solvent less segment is estimated to witness fastest Y-o-Y growth during the forecast period from 6.0% in 2014 to 8.2% in 2024. The adoption of eco-friendly adhesives for flexible packaging is expected to increase the global sales of water based adhesives 1.7X during the forecast period. The heat/cold seal product type segment is expected to increase 1.7X in terms of value over the forecast period.
The medical packaging segment is estimated to expand at a significant CAGR of 6.9% over the forecast period. Food packaging is the key segment driving demand for lamination adhesives. Over 60% of the overall market demand is generated by the food packaging segment.
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On the basis of region, the lamination adhesives for flexible packaging market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to be the dominant region in the global lamination adhesives for flexible packaging market. China and India alone are expected to account for over 40% of the market share. North America – though a developed market with multiple market players – is expected to gain momentum in the later phase of the forecast period with future investments in manufacturing sectors and re-engineering processes. The mature market in Europe is anticipated to witness uneven growth throughout the forecast period.
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