The rise in flexible packaging industry to boost the Packaging Adhesives Market growth

 

Packaging Adhesives Market, By Technology (Water-based, Solvent-based, Hot Melt, and Others), By Application (Corrugated Packaging, Labeling, Flexible Packaging Case & Carton, Folding Cartons, Specialty Packaging, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Packaging Adhesives Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Adhesives are utilized in lining food, laminating papers and cardboard, gluing labels packages such as beverage cans. The packaging adhesives utilized in paper and packaging are majorly segmented into three groups such as hotmelts, waterborne and solvent method.

Competitive Landscape:

Major players operating in the global packaging adhesives market are Paramelt B.V., Wacker Chemie AG, Henkel AG & Company, KGaA, 3M Company, H.B. Fuller Company, Bostik SA, Sika AG, Ashland Inc., Dymax Corporation, DowDuPont Inc., Avery Dennison Corporation, and Huntsman Corporation.

Market Key Drivers:

The rise in flexible packaging industry is expected to augment the growth of the global packaging adhesives market. For instance, as per the Flexible Packaging Association, the total US flexible packaging industry recorded around US$ 35.6 billion in 2020.

The rising food industry is projected to boost the growth of global packaging adhesives market. For instance, the food industry forecast to produce a revenue of around US$ 8.8 trillion in 2022 across the globe.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global packaging adhesives market. The imposition of shutdown and lockdown, the disruption in supply chain and the restriction on transportation along with the closure of manufacturing units impeded the market growth.

Key Takeaways:

The global packaging adhesives market is anticipated to exhibit a CAGR of XX % during the forecast period owing to rising collaborations and the partnerships, acquisitions for the expansion of the market. For instance, In January 2021, Avery Dennison adopted the business of Ohio-founded ACPO Ltd for US$ 87.6 million, subject to post-closing modifications. 

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global packaging adhesives market due to rise in food & packaging industry, increase in cleanliness owing to the rise in food contamination, rising partnerships and collaborations. For instance, as per the Indian Institute of Packaging, use of packaging in India rose by 200% and reached 8.6 kgs pppa.