Feb 18,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Laminating Adhesives Market.
It was estimated prior to this unanticipated outbreak that the Laminating Adhesives Market was expected to grow at a CAGR of 7.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
With the increasing awareness about product safety, laminating adhesives are increasingly being used in specialty flexible packaging which are initially regarded as too expensive and not technically advanced enough for lamination. Laminating adhesives are used to bond laminated plastic films to other plastic film substrates, paper substrates, or metallic foil substrates in food, medical, and industrial packaging.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the technology type, the market is segmented as solvent-based, water-based, solventless, and others. Water-based laminating adhesive dominated the market in 2019, and is expected to remain dominant during the forecast period. Due to increasing concern on VOC emission from solvent-based laminating adhesives, water-based products are more preferred. Furthermore, water-based laminating adhesives are compatible with a wide range of substrates such as plastics, metallic films, natural and synthetic textiles, etc.
Based on the resin type, the laminating adhesives market is segmented as polyurethane, acrylic, and others. Polyurethane-based laminating adhesives account for the largest share as they offer excellent adhesion with plastics, textile, metal, rubber, leather, paper, wood, etc. They also offer good resistance to solvents and chemicals while providing excellent performance on heat-sensitive substrates.
Based on the end-use industry type, the laminating adhesives market is segmented as packaging, industrial, and automotive & transportation. Packaging accounted for the largest share of the market in 2019. The packaging industry has been witnessing the transition from rigid packaging to flexible packaging due to the latter’s advantages such as light weight, easy handling & transportation, longer shelf life, and smooth printability. As laminating adhesives are used in flexible packaging extensively; this development is expected to propel the laminating adhesives market.
In terms of regions, Asia-Pacific is estimated to remain the largest market during the forecast period. Significant growth in flexible packaging’s demand in Asia-Pacific with the changing lifestyle, growing middle-class population, and rising disposable income are expected to fuel the demand for laminating adhesives in the region.
Some of the major players in the laminating adhesives market are-