by Packaging adhesives play a crucial role in manufacturing and packaging of consumer goods as they help provide structural integrity and protection from external elements. They are cost-effective and convenient for joining packaging components together. Rising concerns regarding environmental protection have led to increased demand for sustainable packaging materials like paper and paperboard. This has accelerated the uptake of packaging adhesives as they facilitate production of packaging made from recycled or bio-based content.
The global packaging adhesives market is estimated to be valued at US$ 8.51 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing preference for sustainable packaging has bolstered demand for adhesives suitable for paper, paperboard and corrugated packaging applications. Bio-based and water-based adhesives generate less waste and have lower volatile organic compound emissions compared to solvent-based varieties. They also allow producers to obtain eco-labels and marketing advantages. As such, manufacturers are increasingly developing packaging adhesives from renewable plant-based resources instead of petroleum to align with sustainability goals of brand owners from industries like food and beverages. This shift towards eco-friendly adhesive formulations will continue steering market expansion over the coming years
SWOT Analysis
Strength: Packaging adhesives provide protection against moisture, abrasion, and contamination. This helps increase shelf life of packaged products.
Weakness: Strict environmental regulations around VOC emissions can hamper market growth. Adhesive residues left on packaging materials after use also present disposal and recycling challenges.
Opportunity: Growing demand from food & beverage industry driven by changing consumer lifestyles and rise in food delivery services. Adoption of eco-friendly adhesive technologies also presents an opportunity for market expansion.
Threats: Availability of alternative joining technologies like welding and mechanical fasteners threatens adhesive market share. Fluctuations in raw material prices also introduce uncertainties.
Key Takeaways
The Global Packaging Adhesives Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 8.51 Billion by 2023 registering a CAGR of 5.3% during the forecast period.
Regional analysis: Asia Pacific dominates the global packaging adhesives market and is expected to maintain its lead over the forecast period. This can be attributed to rapid growth of end use industries like food & beverage in countries such as China and India. Growing urbanization and increasing disposable incomes are driving packaging needs in the region.
Key players: Key players operating in the packaging adhesives market are Phytex Australia, Aspen Holdings, LGM Pharma, Midas Pharma GmbH, Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP. The market is quite fragmented with many global and local players offering varied product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
