The global laminating adhesives market was valued at US$1,096.377 million in 2022 and is projected to grow at a CAGR of 5.48% to reach US$1,592.498 million by 2029.
Lamination is the process of making a composite material in multiple layers so that the resultant material acquires better durability, strength, stability, insulation, and even appearance. It involves joining two or more flexible packaging substrates like paper, films, and aluminum foil with the help of a bonding agent or adhesive. The market is driven by rising demand for flexible packaging in the growing retail sector, such as pouches, bags, or tubes.
Different consumer commodities worldwide, like gels, toothpaste, chips, glues, creams, and so forth, demand flexible packaging to provide protection and enhance the shelf life of the end products. Because of the rising construction activities and population, the demand for lamination used for furniture and walls in the interior decor domain is anticipated to rise during the forecast period.
The food packaging, cosmetics, and personal care products markets are growing daily, and therefore, flexible packaging material is on the rise globally. According to an article by the United Nations published in May 2021, global e-commerce retail sales had crossed USD 26.7 trillion and increased from 16% in 2020 to 19% in 2021.
Besides, with the increasing disposable income of the population in developing countries, the consumption and sales of food, cosmetics, and other retail products have the potential to grow. Due to the need for flexible packaging of goods, the laminate adhesive market is anticipated to upsurge in the forecast period and beyond.
Moreover, DIC India has established itself as the industry leader in producing high-quality laminating adhesives. The company manufactures flexible packaging films with surface and reverse printing and laminating adhesive materials. DIC India also offers selected solvent-free laminate adhesives derived from polyester and PU, especially for premium poly films and swift printing and lamination equipment. These adhesives are less damaging to the environment since they do not seep into food goods through packaging materials.
The rise in the adoption of laminates for furniture or wall decoration due to rising construction endeavors is a prominent driver in boosting the laminate adhesives market’s growth. With growing environmental awareness, the demand for sustainable agriculture and protective lamination for home walls and floors is anticipated to increase laminate application, further driving this market’s growth in the coming years.
As per the article published by the Global Construction Review (GCR), the global construction output is expected to be 35% higher in the decade to 2030, compared to the ten years to 2020, with US$15.2 trillion by 2030, amounting to 13.5% of global GDP. The increasing construction worldwide is expected to be followed by robust interior design growth, with floor, wall, and wood laminates being an integral part, thus driving the demand for the laminate adhesives market. Rapid advancements and a growing population are other major drivers that will propel this market’s growth during the forecast period and beyond.
Geographically, the Asia Pacific region is anticipated to show robust growth in the laminate adhesives market. With the growing population, rising standards of living, increasing disposable income, and rapid consumption and use of packaged food, cosmetics, and other commodities, the Asia Pacific region is expected to rise rapidly in the global laminate adhesive market. The Indian Packaging Market was predicted to be worth US$ 50.5 billion in 2019 and is expected to increase at a compound annual growth rate (CAGR) of 26.7% to US$ 204.81 billion by 2025.
With dominant populations in countries like China and India, the demand for packaged utilities and construction projects is expected to drive the laminated adhesives market positively during the forecast period and beyond. In addition, the increase in the market size of packaged food items worldwide is projected to be US$ 3.4 billion by 2027, showing the importance of this industry in sustaining several industries. With the world's growing concern about going green and sustainable, the sector builds its capabilities on technical advances and sustainability contributions to India’s laminating adhesives market growth.
The global laminating adhesives market is segmented and analyzed as follows: