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The laminating adhesives market has experienced an impressive surge, evolving from $2.72 billion in 2023 to a projected $3 billion in 2024, marking a noteworthy Compound Annual Growth Rate (CAGR) of 10.3%. The growth trajectory witnessed in the historic period is attributed to the expanding packaging industry, the rise of e-commerce, sustainable packaging initiatives, and the robust performance of the agricultural sector.

Key Growth Figures:

• 2023 Market Size: $2.72 billion
• Projected 2024 Size: $3 billion
• CAGR (2023-2024): 10.3%
• Drivers: Packaging industry growth, e-commerce boom, sustainable packaging, agricultural industry

Accelerated Growth on the Horizon

The laminating adhesives market is poised for accelerated growth in the upcoming years, with a projected valuation of $4.58 billion by 2028, fueled by a compelling Compound Annual Growth Rate (CAGR) of 11.2%. This growth surge is anticipated to be driven by the pharmaceutical sector, renewable energy initiatives, the construction and building materials industry, the automotive sector, and the woodworking industry.

Future Projections:

• 2028 Projected Size: $4.58 billion
• CAGR (2024-2028): 11.2%
• Driving Factors: Pharmaceutical growth, renewable energy, construction, automotive, woodworking

Packaging Industry’s Dominant Role

The laminating adhesives market is witnessing a substantial boost, courtesy of the soaring demand from the packaging industry. This surge is primarily attributed to the indispensable role laminating adhesives play in enhancing packaging solutions. These adhesives provide a gamut of benefits, including product protection, visual appeal enhancement, ensuring product safety, and aligning with sustainability demands. The Flexible Packaging Association reported a significant increase in U.S. flexible packaging industry sales in 2021, reaching an estimated $39 billion, reinforcing the vital role of laminating adhesives in the packaging sector.

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Packaging Industry Insights:

• Benefits: Product protection, visual appeal, safety, sustainability
• Key Contributor: Laminating adhesives
• Industry Growth: U.S. flexible packaging sales reached $39 billion in 2021

Pioneering Companies in Laminating Adhesives

Major companies spearheading the laminating adhesives market include Henkel AG & Co., Ashland Global Specialty Chemicals Inc., BASF SE, Bostik, DuPont de Nemours Inc., and a plethora of other key players. Their contributions are pivotal in shaping the landscape of laminating adhesives.

Major Companies:

• Henkel AG & Co.
• Ashland Global Specialty Chemicals Inc.
• BASF SE
• Bostik
• DuPont de Nemours Inc.
• And many more…

Sustainable Packaging Solutions

A significant trend in the laminating adhesives market is the development of innovative, sustainable solutions. Major companies are focusing on creating solvent-free laminating adhesives to meet the escalating demand for sustainable packaging. These adhesives, designed for metalized multilayer packaging, not only provide excellent adhesion and performance but also align with environmentally friendly practices. Toyo-Morton Ltd., a Japanese manufacturer, exemplifies this trend with its new line of solvent-free laminating adhesives developed for metalized multilayer packaging designs.

Sustainable Packaging Trends:

• Innovation: Solvent-free laminating adhesives
• Advantages: Environmental impact reduction, improved safety, enhanced performance
• Example: Toyo-Morton Ltd.’s development in August 2022

Strategic Acquisitions for Market Expansion

In August 2021, Arkema S.A., a French specialty chemicals company, strategically acquired Ashland’s performance adhesive businesses. This acquisition, valued at around $360 million, aligns with Arkema Group’s goal to become a pure specialty materials player by 2024. The move emphasizes a focus on sustainable and high-performance solutions. Ashland, a USA-based company founded in 1924, provides innovative technology solutions and a wide range of adhesives for flexible packaging.

Strategic Acquisition:

• Acquirer: Arkema S.A.
• Acquired: Ashland’s performance adhesive businesses
• Objective: Focus on sustainability, high-performance solutions
• Value: Approximately $360 million

Market Segmentation and Regional Dynamics

The laminating adhesives market is intricately segmented based on resin type, technology, and application. Resin types include polyurethane, acrylic, and other resin types. Technologies encompass solvent-based, solvent-less, water-based, and other technologies. Applications span across automotive, industrial applications, packaging, medical, food, and various other sectors. In 2023, Asia-Pacific emerged as the largest region in the laminating adhesives market, with expectations of maintaining its status as the fastest-growing region during the forecast period.

Market Segmentation:

1. Resin Type:
   • Polyurethane
   • Acrylic
   • Other Resin Types
2. Technology:
   • Solvent-Based
   • Solvent-Less
   • Water-Based
   • Other Technologies
3. Application:
   • Automotive
   • Industrial Application
   • Packaging
   • Medical
   • Food
   • Other Applications

Regional Dynamics:

• Dominant Region (2023): Asia-Pacific
• Fastest-Growing Region: Asia-Pacific (Forecast Period)

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The Laminating Adhesives Global Market Report 2024  provides an overview of the laminating adhesives market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The laminating adhesives market forecast analyzes laminating adhesives market size, laminating adhesives market share, leading competitor and their market positions.

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