Packaging adhesives are used to join different packaging components such as cartons, boxes, containers, and other flexible packaging materials. They provide strong bonding between packaging substrates while also contributing towards protective packaging. Water-based packaging adhesives are gaining popularity due to their low VOC (volatile organic compound) emission and eco-friendly nature. The growing focus on sustainable packaging is driving the demand for bio-based and recyclable packaging adhesives.
The global Packaging Adhesives Market is estimated to be valued at US$ 8.51 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for sustainable and eco-friendly packaging solutions represents a major opportunity for packaging adhesives market players. Manufacturers are increasingly focusing on developing bio-based adhesive solutions made from renewable resources like plant starches, proteins and sugars. These adhesives help address environmental concerns related to petroleum-based adhesives. They also improve packaging recyclability. The rapidly growing market for green packaging is expected to drive significant demand for bio-based packaging adhesives over the forecast period. Market players can target food and beverage packaging companies focusing on sustainable solutions by innovating new product formulations that meet regulatory compliance and cost competitiveness.
Porter’s Analysis
Threat of new entrants: The packaging adhesives market has a moderate threat of new entrants due to the presence of established brands controlling a major market share. However, new product launches and innovations are creating opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and cheap alternatives available. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Major players control the supply of raw materials like epoxies, polyurethanes, and silicones. This gives suppliers a bargaining advantage over customers.
Threat of new substitutes: New bonding technologies like mechanical fasteners, heat sealing, and ultrasonic welding pose a threat to substitutes the packaging adhesives market.
Competitive rivalry: The market shares of top players are significant. Intense competition exists on factors like pricing, quality, and new product development.
SWOT Analysis
Strengths: Adhesives offer cost-effective packaging solutions. Water-based adhesives pose less threat to the environment.
Weaknesses: Volatility in raw material prices affects the market. Strict regulations on solvent-based adhesives hamper growth.
Opportunities: Growth of end-use industries drives the demand. Development of bio-based and recyclable adhesives presents opportunities.
Threats: Economics downturns reduce packaging consumption. Stringent environmental norms increase compliance costs.
Key Takeaways
The Global Packaging Adhesives Market Growth is expected to witness high over the forecast period supported by growth in the packaging industry.
Regional analysis: The Asia Pacific packaging adhesives market accounted for over 45% of the global demand in 2023 and is expected to continue growing at over 6% until 2030 driven by expanding food and beverage sectors and rising e-commerce activities in the region. China accounted for over 30% share of the Asia Pacific market owing to huge consumption from various end-use industries.
Key players: Key players operating in the packaging adhesives market are Phytex Australia., Aspen Holdings, LGM Pharma, Midas Pharma GmbH, Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP.
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