Austin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- According to SNS Insider Research, The Laminating Adhesives Market size is projected to reach USD 5.80 billion by 2032 and grow at a CAGR of 5.64% over the forecast period of 2024-2032.
Increased Adoption in Automotive and Electronics Drive Market Growth.
Laminating adhesives are increasingly gaining acceptance in the automotive and electronics industry. They demonstrate exceptional bonding capabilities and can withstand extreme conditions. The automotive industry utilizes laminating adhesives for a variety of products, including interior trim pieces, dashboards, or window film products that need to be particularly durable and resistant to fluctuating temperatures. Laminating adhesives are becoming increasingly popular, and the most well-known manufacturers of adhesives have already created products that cater to those markets.
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Key Players:
- Ashland Inc.
- H.B. Fuller
- Dowdupont Inc.
- 3M
- Coim Group
- Arkema
- Flint Group
- Henkel AG
- DIC Corporation
- Sika AG
For instance, Henkel AG & Co. introduced a group of adhesives specially designed for use in the automotive interior. They offer better thermal stability and flexibility. Finally, 3M Company has recently created several adhesives that offer exceptional bonding strength and resistance to shocks and vibrations a good match for electronic assemblies and automobile parts.
Moreover, government statistics substantiate the trend as recent data from the U.S. Department of Commerce shows that the use of high-performance materials has increased in both automotive and electronics production. The automotive industry is excelling in the development of electric vehicles and, therefore, adhesives that would keep lightweight but highly efficient details will be required for the production of the cars. In the electronics industry, high-performance materials are required for the number of advanced consumer electronics that aim to be delivered to the market and for the display area that promotes substantial innovation. Thus, the application of laminating adhesives is likely to enhance in the two industries, and the market will grow due to the improvement of technologies and the necessity of reliable high-performance materials.
The packaging sector is a significant driver of growth in the laminating adhesives market, primarily due to the rising demand for flexible, durable, and high-quality packaging solutions. Laminating adhesives play a crucial role in producing multi-layered packaging materials that not only enhance the shelf life of products but also provide superior protection against external factors. Recent developments by key players reflect this trend.
In 2023, Henkel AG & Co. launched its new range of high-performance laminating adhesives designed specifically for flexible packaging. These adhesives are engineered to meet the stringent requirements of the food and beverage industry, offering improved barrier properties and extended product freshness.
Additionally, the European Commission's recent report on packaging waste highlights a significant shift towards recyclable and compostable materials, which is influencing the development of advanced laminating adhesives. The focus on reducing environmental impact and enhancing packaging performance is expected to drive continued growth in the laminating adhesives market, as the industry adapts to evolving consumer preferences and regulatory requirements.
Laminating Adhesives Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.54 Billion |
| Market Size by 2032 | US$ 5.80 Billion |
| CAGR | CAGR of 5.64% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Resin Type (Polyurethane, Acrylic, Others) • By Technology (Solvent-based, Solvent-less, Water-based, Others) • By End-use Industry (Packaging, Industrial, Automotive & Transportation) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| DRIVERS | • Rising demand for packaging drives the market growth. |
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Segmentation Analysis
By Resin Type
Polyurethane held the largest market share around 46.34% in 2023. Polyurethane adhesives are leading bonding material, with flexibility, resistance to temperature changes, and moisture. The combination of these qualities has made adhesive products produce these substances to be successfully used in packaging, automotive, and electronics. A particularly successful place for using such adhesives is the packaging industry, where there is a need to create durable multi-layer materials that increase product protection and extend shelf life. Thus, all the examples can be classified among the recent energy of polyurethane adhesives.
For example, in 2023, Henkel AG & Co. will present an improved polyurethane-based adhesive for flexible packaging. It will offer greater strength and wear resistance in response to high demand-defense packaging as a durable, high-security flexible solution that can also have sustainability benefits, thus closing the recycling loop. BASF, in turn, will expand its product portfolio with superior-performance polyurethane adhesives.
By Technology
Water-based technology held the highest market share around 52.23% in 2023. Water-based adhesives are leading in terms of technology due to their environmental and performance benefits. Water-based adhesives have gained prominence because they are considered more environmentally friendly compared to solvent-based and solvent-less adhesives. They contain lower levels of volatile organic compounds (VOCs), which align with stringent environmental regulations and sustainability goals. The shift towards water-based adhesives is driven by their numerous advantages. They offer excellent bonding strength and versatility while minimizing health and safety concerns associated with high VOC emissions.
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Regional Landscape:
Asia-Pacific is the largest market share holder in the laminating adhesives market. The rapid industrialization, economic flourishing, and escalation in the demand from the consumer goods industry have amplified the sales of laminating adhesives in the region. The major manufacturing base in the region, particularly in countries such as China and India, has augmented the use of laminating adhesives in the packaging, automotive, and electronic industries. The packaging sector has primarily benefited from a rise in the number of e-commerce channels and retail activities, which has bolstered the need for premium, safe, and flexible packaging. Moreover, the rising automotive industry in Asia-Pacific and the rising demand for light-weight and high-quality antiparticle components to enhance fuel efficiency have driven the utilization of premium quality adhesives in the industry.
Owing to the use of adhesives in the electronic and electrical equipment industry, related to this region’s high dominance in electronics production and innovation, this sector too, has witnessed a high demand. Furthermore, the government in these regions has implemented many favorable policies and is focusing on developing strong infrastructure that is boosting industrial growth on a large scale, eventually resulting in the sale of laminating adhesives. The strong economic conditions and the region being a manufacturing hub, further contribute to the leading share of Asia-Pacific.
Recent Developments
- 2023: Henkel launched eco-friendly laminating adhesives under its LOCTITE brand. These adhesives are designed for flexible packaging and offer enhanced performance with lower environmental impact, aligning with the growing demand for sustainable solutions.
- In 2022, 3M introduced its new series of laminating adhesives specifically for high-performance applications in the automotive and electronics industries. These adhesives feature advanced bonding capabilities, designed to withstand extreme temperatures and harsh conditions.
Key Takeaways:
- Water-based adhesives lead the market due to their environmental benefits, and lower VOC emissions.
- Recent innovations, including the development of eco-friendly and high-performance adhesives by key players.
- There is a growing emphasis on sustainable solutions, with key players investing in adhesives that reduce environmental impact.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Laminating Adhesives Market Segmentation, by Resin Type
8. Laminating Adhesives Market Segmentation, by Technology
9. Laminating Adhesives Market Segmentation, by End-use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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