Global Laminating Adhesives Market - 2023-2030

Global Laminating Adhesives Market - 2023-2030

The Global Laminating Adhesives Market reached US$ 3.2 billion in 2022 and is expected to reach US$ 4.9 billion by 2030, growing with a CAGR of 5.5% during the forecast period 2023-2030.

The growth of the global e-commerce industry will propel the growth of the global laminating adhesives market in the coming years. Secure packaging materials are critical for the e-commerce industry, furthermore, increasing usage of tracebility solutions such as barcoded labels will also augment demand for laminating adhesives.

Major market players are increasing production in Asia-Pacific, as the region is expected to the major source of demand in the coming years. For instance, in September 2022, Toyo Ink, a Japanese producer of inks, adhesives and sealants, announced that it was doubling its laminating adhesives production capacity in Asia in anticipation of future demand.

Market Dynamics

Increasing Adoption of Electric Vehicles

Electric vehicle (EV) adoption has increased significanty in recent years, as falling prices and technological improvements make it a viable eco-friendly alternative to conventional vehicles. Data from the international energy agency (IEA) suggests that more than 10 million electric vehicles were sold globally in 2022, with the agency forecasting that sales could increase by 35% to around 14 million in 2023.

Laminating adhesives play a crucial role in bonding and sealing various components in electric vehicles. The adhesives are used in applications such as battery cell bonding, power electronics assembly, motor and generator encapsulation and interior trim bonding. Using laminating adhesives instead of mechanical bonding such as nuts and bolts, greatly reduces vehicle weight, extending range and performance.

Technological Advancements in Adhesive Formulations

New advancements in adhesive technology has led to the development of high-performance laminating adhesives. The adhesives offer enhanced properties such as superior adhesion strength, improved flexibility, increased heat resistance and better durability. Traditional adhesives often require lengthy curing processes, leading to longer production cycles. However, technological advancements have resulted in the development of laminating adhesives with faster curing times.

Furthermore, new advancements have made it possible to produce solvent-free adhesives at economical prices on a commercial scale. In September 2022, Toyo-Morton, Ltd., a Japanese manufacturer of laminating adhesives, launched its ECOAD range of solvent-free laminating adhesives. Advances in adhesive formulation will lead to the development of new applications for adhesives, thus driving the growth of the global market.

Volatility in Raw Material Prices

Raw materials used in laminating adhesives, such as resins, solvents and additives, are subject to price fluctuations in the global market. Factors like supply-demand imbalances, geopolitical tensions and natural disasters can cause sudden price spikes or shortages. High prices can increase production costs for manufacturers, thus impacting their profit margins. Producers generally pass on the cost increase to end-users.

The volatility in raw material prices makes it challenging for manufacturers to predict and stabilize the pricing of laminating adhesives. The uncertainty can create challenges for both manufacturers and end-users in budgeting, planning and executing projects. It can potentially delay long-term high capital investments, thereby proving detrimental to the growth of the global market.

COVID-19 Impact Analysis

The COVID-19 pandemic resulted in fluctuating demand for laminating adhesives across various industries. Certain sectors, such as automotive, electronics and constructions, experienced significant declines in demand due to reduced activities and project postponements. OHowever, industries such as packaging, medical and pharmaceuticals witnessed increased demand for laminating adhesives for applications like hygienic food packaging, medical devices and personal protective equipment (PPE).

The post-pandemic period has witnessed strong recovery in various industries, which in turn has led to improved demand for laminating adhesives. Furthermore, with increased health and hygiene conciousness, demand from sterile healthcare equipment manufacturers is likely to remain elevated in the short-term.

Ukraine-Russia War Impact

The Russia-Ukraine conflict has significantly impacted the demand for laminating adhesives in Europe. The war has totally upended Ukraine’s industry, thus completely stopping demand for adhesives. Furthermore, the severe economic sanctions imposed on Russia by U.S. and EU has disrupted the supply of laminating adhesives to Russian industries.

Many western adhesive manufacturers in Russia ceased operations and exited the country, whereas western imports of specialized adhesives were halted due to sanctions. The conflict has forced Russian industries to source laminating adhesives from alternative suppliers, mainly those based in Asian countries such as China and India.

Segment Analysis

The global laminating adhesives market is segmented based on type, end-user and region.

Versatility and Safety Ensure Widespread Adoption of Water-based Laminating Adhesives

Differential pressure meters are relatively simple in design, consisting of a primary element, such as an orifice plate and a differential pressure transmitter. Water-based adhesives offer good adhesion to a wide range of substrates, including films, foils, papers and textiles. Water-based adhesives are more economical than solvent-based adhesives and also have faster curing times, thus ensuring shorter production cycles.

Water-based laminating adhesives comply with stringent regulatory requirements imposed by government agencies and industry standards. The adhesives meet various global regulations, including restrictions on hazardous substances such as REACH regulations of the European Union (EU) and USFDA regulations for food contact materials.

Geographical Analysis

New Innovations and Product Launches Will Augment Market Growth in North America

North America is expected to occupy nearly a quarter of the global laminating adhesives market. North America has a high-income consumerist society. Various industries such as food and beverage, quick service restaurants (QSR) and consumer goods producers are constantly launching new products to maintain their market position and drive growth. Each new product launch generates a short-term rise in demand for laminating adhesives for packaging applications.

The automotive industry of North America is currently engaged in expanding the production of electric vehicles (EVs) due to favorable government policies and rising consumer demand. Automakers are launching new EV models and also undertaking research to innovate new technologies. Laminating adhesives are extensively used in the EV production process to securely fit various components and sub-assemblies.

Competitive Landscape

The major global players include Dow, H.B. Fuller Company, 3M, Henkel AG & Co. KGaA, Ashland, Arkema, DIC Corporation, Flint Group, Coim Group and Vimasco Corporation.

Why Purchase the Report?
• To visualize the global laminating adhesives market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of laminating adhesives market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Type mapping available as Excel consisting of key products of all the major players.

The global laminating adhesives market report would provide approximately 50 tables, 49 figures and 185 Pages.

Target Audience 2023
• Consumer Electronics Manufacturers
• Automotive Manufacturers
• Packaging Manufacturers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies