by Lamination adhesives are used to bond layers of flexible materials such as paper, plastic films, aluminum foils, and nonwovens into composite structures for flexible packaging applications. These adhesives provide good adhesion strength and durability along with preventing flavors, odors, moisture, oxygen, and light from penetrating the package. They are commonly used in food packaging for snacks, confectionery, frozen food, and fresh produce. In addition, they find usage in pharmaceuticals, lifestyle, and personal care product packaging due to their ability to protect products from external environmental conditions. The growing demand for high moisture barrier and extended shelf-life packaging from end-use industries is propelling the lamination adhesives for flexible packaging market.
The global Lamination Adhesives for Flexible Packaging Market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the lamination adhesives for flexible packaging market is the development of bio-based and recyclable adhesive solutions. Traditional petroleum-based adhesives release harmful volatile organic compounds (VOCs) into the environment and are not suitable for flexible packaging meant for recycling. To address sustainability concerns, manufacturers are focusing on shifting to plant-oil based and other bio-based polymers and resins to produce adhesives that reduce environmental footprint and support a circular economy. Another trend gaining traction in the market is the introduction of multi-layer cohesive technology adhesives. These novel adhesives allow the formation of thin, ultra-clear flexible packaging laminates using less raw material. Their superior properties including high clarity, toughness, reliability, and cost-effectiveness compared to solvent-based adhesives is increasing their popularity among flexible packaging converters.
Porter’s Analysis
Threat of new entrants: The lamination adhesives for flexible packaging market requires high capital investment for R&D which poses a barrier for new players. Global players dominate the market due to their diverse product portfolio and economies of scale.
Bargaining power of buyers:
The presence of numerous lamination adhesive manufacturers ensures that buyers have sufficient bargaining power to negotiate low prices. However, shifting preferences towards sustainable products increases customer dependency on existing suppliers.
Bargaining power of suppliers:
Key raw material suppliers like resin producers possess moderate bargaining power due to limited availability of substitutes and suppliers. However, the threat of forward integration by buyers curtails suppliers’ power.
Threat of new substitutes: Alternatives like solvent-based adhesives, seals, and thermal lamination provide competition but cannot entirely replace water-based and solvent-free adhesive technologies due to sustainability benefits.
Competitive rivalry:
The global market is moderately competitive due to the strong presence of large international players. Differentiation through product innovation, reliability, and service quality have increased competitive pressure in the industry.
Key Takeaways
The global Lamination Adhesives For Flexible Packaging Market Growth is expected to witness high growth.
Regional analysis:
Asia Pacific is estimated to expand at fastest CAGR during the forecast period. Countries like China, India, Japan, and South Korea are major flexible packaging consumers in the region. Increasing consumption of packaged food & beverages coupled with favorable government initiatives is fueling the Flexible Packaging market growth.
Key players operating in the lamination adhesives for flexible packaging are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
