Packaging adhesives are organic polymers that are used for binding packaging components together and sealing packages securely. They provide packaging materials with structural integrity and flexibility. Packaging adhesives also extend the shelf-life of packaged products by preventing moisture, oxygen, and other environmental contaminants from interacting with the contents. The increasing consumption of packaged convenience foods, beverages, pharmaceuticals and other products has augmented the need for efficient packaging adhesives.
The global Packaging Adhesives Market is estimated to be valued at US$ 9.81 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Demand for sustainable and eco-friendly packaging solutions has been steadily rising over the years. Many packaging adhesive producers are increasingly focusing on developing bio-based and renewable resins made from plant or agricultural feedstocks like corn, soybeans, sugarcane etc. These adhesives offer comparable performance to traditional petroleum-based ones and are more environment-friendly as they have lower carbon footprint. They also help companies boost their sustainability credentials. Investments in R&D of biodegradable and recyclable adhesive technologies will likely drive the growth of green packaging adhesives.
Segment Analysis
The global packaging adhesives market can be segmented based on technology, material, application, and region. Based on technology, water-based technology dominates the market and accounts for around 45% share due to its low VOC emissions and eco-friendly properties. Water-based adhesives find wide use in packaging applications such as case & carton, as labels and films/foils require low viscosity adhesives.
Key Takeaways
The global Packaging Adhesives Market Growth is expected to witness high growth over the forecast period. The global Packaging Adhesives Market is estimated to be valued at US$ 9.81 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
The Asia Pacific region dominated the global market in 2020 and is expected to continue its dominance over the forecast period. This can be attributed to high usage of packaging adhesives in various end-use industries such as food & beverages, healthcare, personal care & cosmetics, and others where packaging plays a crucial role. Additionally, the presence of emerging economies like China and India providing huge market opportunities in the region.
Key players operating in the packaging adhesives market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, ABASSCO.
For more insights, read- https://www.newsstatix.com/packaging-adhesives-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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