Laminating Adhesive Market Overview
Laminating adhesives are used to provide high strength bond between two membranes. These adhesives are generally serves the purpose of film to film metallization. Laminating adhesive provide strong bond and exhibit excellent heat and chemical properties. These adhesives come in a range of solvent based, solvent free and water based laminating adhesives.
Market Size and Forecast
Global laminating adhesive market was valued at USD 1,653 Million in 2016. Further, the market is expected to grow at a CAGR of 6.8% over the forecast period. Rapid growth of end-user industries such as automotive, food and beverage and healthcare is anticipated to spur the growth of global laminating adhesive market during the forecast period. Additionally, increasing demand for laminating adhesive from growing economies is anticipated to drive the market of global laminating adhesive.
In terms of region, Asia-Pacific is anticipated to dominate the overall laminating adhesive market. In 2016, Asia-Pacific accounted for more than 43% market share and is expected to continue its dominance over the forecast period. This can be attributed to growth and expansion of automotive sector and packaged food industries in the Asian countries. China, Malaysia and India are expected to be the major countries witnessing the augmented demand for laminating adhesive during the forecast period.
Europe is expected to maintain second position over the forecast period. Factors such as presence of automotive industries are expected to propel the growth of laminating adhesive market in the Europe region during the forecast period. Although being a mature market, North America is expected to showcase significant growth in the end years of forecast period due to expected expansion of automotive industries in the region. Further, presence of major laminating adhesive manufacturers such as The Dow Chemical Company and 3M Company is anticipated to augment the growth of laminating adhesive market in the North America region.
On the basis of type, the market is segmented into solvent based laminating adhesive, solvent less laminating adhesive and water based laminating adhesives. Solvent based laminating adhesive accounted for the largest market share, with more than 46% in overall laminating adhesive market in 2016. Water based laminating adhesives market share is projected to grow over the forecast period on the account of its eco-friendly feature.
Our in-depth analysis segmented the global laminating adhesive market in the following segments:
Global laminating adhesive market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The growth of the global laminating adhesive market is driven by increasing demand from flexible packaging type industries. In the past few years, these industries have witnessed huge growth. Further, these industries are projected to grow over forecast period which in turn, is expected to escalate the demand for laminating adhesives. Additionally, increasing penetration of laminating adhesive products in other end-use industries such as transportation and automotive, construction, woodwork, electronics and other industries is anticipated to fuel the growth of global laminating adhesive market during the forecast period.
Apart from this, research and development associated with laminating adhesives such as high bond strength and low emission is expected to drive the growth of the global laminating adhesive market.
However, government regulations and increasing consumer inclination towards eco-friendly products is anticipated to limit the growth of the global laminating adhesives market.
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