TAGS: Polyurethane Adhesives Solvent borne Adhesives Waterborne Adhesives
Markets and Markets (M&M) anticipates that the laminating adhesives market is projected to grow from USD 3.6 billion in 2022 to USD 5.1 billion by 2028, at a CAGR of 5.8% between 2023 and 2028. The polyurethane, by resin segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for laminating adhesives.
Increasing Demand for Customer-Friendly Packaging
The use of laminating adhesives is driven by the rising demand for stand-up pouches for packaged meals and microwaveable food items. Glass bottles, boxes, and cans are not necessary when laminating adhesives are used. Due to shifting lifestyles and rising middle-class household wealth, microwaveable food is in high demand. Due to its qualities including aroma preservation and odor resistance, laminating adhesives are popular for use in food product packaging.
Most food and pharmaceutical products experience quality changes over time. The variations in food's color and textures make the change in food quality evident. Consumers place a high value on the way foods like dairy, poultry, vegetables, and fruits appearance. Transparent packaging is preferred by consumers over opaque packaging for food products.
Restraints: Environmental Regulations in North America and Europe
The Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), the Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA) in Europe and North America are among the regulatory authorities that pose challenges to the chemical industry.
To lessen VOC emissions, manufacturers in Europe and North America have to comply by certain regulations regarding the production and application of laminating adhesives in various applications. The production of businesses that specialize in making laminating adhesives using solvent-based technology has been impacted by this. Manufacturers are forced to switch from solvent-based to water-based technologies in order to comply with these laws. This is the main barrier for market participants. Additionally, water-based technology has drawbacks including greater production costs.
Environmental regulations that are strict are a major factor in the market growth of water-based laminating adhesives. The growing concern over waste generation and emissions has led to an increase in the use of water-based laminating adhesives. In the automotive industry, one-part systems and high-performance laminations are both made with water-based laminating adhesives. The demand for acrylic and maleic resins, which make up the majority of all water-based adhesives produced globally, is anticipated to rise in response to the increased interest in water-based laminating adhesives.
Source: Markets and Markets (M&M)