According to the new market research report “Laminating Adhesives Market by Technology (Solvent-based, Solventless, and Water-based), Resin (Polyurethane and Acrylic), End-Use Industry (Packaging, Industrial, and Automotive & Transportation), and Region – Global Forecast to 2024″, published by MarketsandMarkets™, the laminating adhesives market is projected to grow from USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.9%, during the forecast period.
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111 – Tables
40 – Figures
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Laminating adhesives offer excellent chemical & heat resistance, superior machine performance, exceptional transparency, superior wettability, high initial & final bond strength, high slip, and compatibility suitable for a wide range of machine speeds. They are used in packaging materials of snacks, confectionery, meat, cheese, agricultural chemicals, medical products, and so on.
Based on technology, the solvent-based segment is estimated to account for the largest share during the forecast period. Solvent-based laminating adhesives are used in a variety of packaging applications in food, healthcare, and other industries, due to their high bonding performance and anti-contaminant factors. These adhesives offer benefits such as high bond strength, lower emission, lesser cure time, and lesser wastage. The solvent-based laminating adhesives market is expected to grow owing to the high growth of the food packaging industry, which is anticipated to witness high growth during the forecast period.
Based on resins, polyurethane (PU) is estimated to account for the largest share and register the highest CAGR during the forecast period. PU adhesives offer excellent adhesion to rubber, leather, textiles, metal, paper, wood, and plastics. PU-based adhesives provide superior resistance to solvents & chemical products and also have a low application temperature, which makes them suitable for heat-sensitive substrates. The PU adhesives are being used in a wide range of applications such as automotive, bus & truck, and rail. Increasing use of adhesives in automotive applications to reduce the weight of vehicles, and rise in demand in emerging countries of APAC and the Middle East & Africa are driving the market for PU-based laminating adhesives.
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The APAC laminating adhesives market is projected to register the highest CAGR during the forecast period. China is estimated to be the largest laminating adhesives market in APAC. Countries such as China and India are likely to lead the growth in this region. Established laminating adhesives manufacturers in Europe are further expanding their presence in the APAC region through acquisitions and strategic partnerships to tap the emerging opportunities in this region.
The laminating adhesives market in China, India, Thailand, and Brazil is expected to grow rapidly due to the growth in end-use industries. Favorable opportunities in these countries are expected to support the growth of the APAC laminating adhesives market in the coming years. Major players such as Henkel (Germany) and Arkema (BOSTIK) (France) have framed their strategies to penetrate and create bases in these emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the laminating adhesives market over the next five years.
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