Laminating Adhesives - Global Market Outlook (2021 - 2028)

Laminating Adhesives - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Laminating Adhesives Market is accounted for $2.90 billion in 2021 and is expected to reach $5.27 billion by 2028 growing at a CAGR of 8.9% during the forecast period. Laminating Adhesives are used for joining and gathering of various material surfaces. It is specially designed to append or fix two distinct surfaces together. It is generally applicable in minimizing weight, vibration-dampening joint and spillage control of liquids or gases. It has its application in different industrial and domestic uses.

Market Dynamics:

Driver:

Rising demand for low volatile organic compounds

The increasing demand of low volatile organic compounds and environmentally sustainable adhesives are some of the predominant driver of the global laminating adhesive market. Moreover, the major end user market of laminating adhesive such as automobiles construction, woodworking, transportation, footwear, and packaging has witnessed a healthy growth over the last few years which in turn driving the growth of the global laminating adhesive market.

Restraint:

Performance limitations of water-based adhesives

The drying and curing of water-based adhesives require more time than that taken by solvent-based adhesives. In addition, water-based adhesives have flow properties that change with humidity, affecting the coating application. During high humidity, water does not easily evaporate, resulting in poor cure and a decrease in performance. Water-based adhesives are also sensitive to freezing conditions. Many water-based adhesives are no longer usable after freezing. Though solvent-based adhesives do not have such performance issues, the consumption of these adhesives is declining due to environmental concerns and regulatory policies.

Opportunity:

Growing trend of water -based & solvent -less adhesives

Stringent environmental regulations are playing a vital role in driving the water-based laminating adhesives market. The use of water-based laminating adhesives is increasing due to the growing concern regarding the generation of waste and emissions. Water-based laminating adhesives are also being used for high-performance laminations and one-part systems for outdoor applications in the automotive industry. The growing interest in water-based laminating adhesives is expected to increase the demand for acrylic and maleic resins, which account for a major share of all water-based adhesives manufactured, globally.

Threat:

Stringent regulatory policies

The chemical industry is facing challenges from regulatory authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA) in Europe and North America. Manufacturers in Europe and North America need to comply with these regulations regarding the production and usage of laminating adhesives in various applications to reduce VOC emissions. This has affected the production of the companies that are mainly into manufacturing laminating adhesives through solvent-based technology. In order to comply with these regulations, manufacturers are required to shift from solvent-based to water-based technology. This is a major threat for the market players.

The polyurethane segment is expected to be the largest during the forecast period

Polyurethane laminating adhesives are made of urethane polymers. Urethane is produced through a chemical reaction between diisocyanate and polyol. Polyurethane laminating adhesives are used in various applications because of their high toughness, abrasion resistance, flexibility, and adhesion to a wide variety of substrates. They possess various properties such as flexibility and strength, low cure temperature, excellent low-temperature resistance, and high environmental resistance. One-component polyurethane adhesives can be elastic or rigid, depending on the structure of thermoset or elastomer and curing techniques. They have relatively high shear and peel strength and are moisture-sensitive. Polyurethane laminating adhesives can be either one-component or two-component.

The packaging segment is expected to have the highest CAGR during the forecast period

Packaging is one of the key factors considered by the firms engaged in the manufacturing industry. With the growing number of manufacturing units, food processing plants, and increasing industrial production, the global packaging industry is witnessing robust growth. In the last few years, the packaging industry has been experiencing a transition, where the manufacturing and industrial sector has been adapting to flexible packaging. Owing to this, the rigid packaging industry is losing its share to the flexible packaging industry in the global packaging industry. Laminating adhesives are extensively used in flexible packaging. Laminating in flexible packaging is a process where two or more packaging webs are joined together using a bonding agent. These webs can be in the form of films, papers, or aluminum foils. Laminating adhesive is applied to the less absorbent substrate of the web, which is then pressed against the second web.

Region with largest share:

Asia Pacific is projected to hold the largest market share owing to the growing manufacturing activities and the increasing need for flexible packaging in countries, such as China, India, and Japan. The region is the largest consumer for the packaging industry, owing to the demand for food in major economies, such as China, India, and Japan. Compared to other countries, China is a late starter in the packaging industry, which, however, has grown to a large-scale industry over the decades. Additionally, the market competition in China has become increasingly fierce in the food and beverage industry, which has enabled companies to tap into overseas markets, with an aim to seek more resources and business opportunities.

Region with highest CAGR:

Europe is projected to have the highest CAGR due to the increased health awareness among the population and increased consumer spending on food and beverage and other consumer goods products. With the increasing share of the geriatric population in some countries, healthcare needs are increasing at a rapid pace. Lamination adhesive products find a wide application in healthcare packaging in the bonding of paper, plastic, and aluminum.

Key players in the market

Some of the key players profiled in the Laminating Adhesives Market include 3M, Dowdupont Inc., Henkel AG & Co. KGaA, Fujifilm Corporation, Arkema (Bostik), H.B. Fuller Company, Vimasco Corporation, Flint Group, DIC Corporation, Coim Group, Ashland Inc., Masterbond, Jubilant Industries, Dymax Corporation, and Franklin International.

Key developments:

In August 2021: Arkema (Bostik) has acquired the performance adhesive businesses for industrial application. This operation marks a major step in Arkema’s strengthening of its Adhesive Solutions segment, and fully aligns with the Group’s strategy to become a pure Specialty Materials player.

In December 2020: DIC Corporation announced introducing a series of new eco-friendly dry laminating adhesives for flexible packaging, DICDRY LX-RP, which are made using recovered polyethylene terephthalate (PET) bottles. This has assisted the company to expand its product portfolio and strengthen its footprint in the market.

Types Covered:
Dry Lamination
Wet Lamination

Resins Covered:
Epoxy
Acrylic
Polyester
Polyurethane
Other Resins

Adhesives Covered:
Silicone
Ethylene
Modified Polyolefin
Synthetic and Natural Rubber

Components Covered:
One-Component
Two-Component

Technologies Covered:
Solvent-Less
Hot Melt
Radiation Curable
Combination Radiation Curable
Solvent-Based
Reactive
Water-Based
Other Technologies

Applications Covered:
Pressure Sensitive Adhesives
Woodwork & Furniture
Paper Converting
Footwear
Window Films
Insulation
Automotive & Transportation
Building & Construction
Industrial (Electronics)
Packaging

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances