Laminating Adhesives Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Laminating Adhesives Market is segmented By Technology (Solvent-Based, Water-Based, Solvent-Less, Others), By End-Users (Packaging (Food & Beverage, Pharmaceuticals, Consumer Products), Industrial (Insulation, Window Films, Electronics, Other Applications), Automotive & Transportation, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Laminating Adhesives Market Size

The Global Laminating Adhesives Market reached USD 3.2 billion in 2022 and is expected to reach USD 4.9 billion by 2030, growing with a CAGR of 5.5% during the forecast period 2024-2031.

It will augment the growth of the global laminating adhesives market as these adhesives are used for bonding solar panels and insulation materials. Market players are investing in capacity expansion, mainly due to the forecast of rising potential demand. For instance, in August 2022, Brilliant Polymers Pvt Ltd., an Indian manufacturer of laminating adhesives, announced that it was investing Rs 100 crore (USD 12.1 million) in a new plant to double its laminating adhesive production capacity.

Laminating Adhesives Market Summary

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Laminating Adhesives Market Dynamics

Expansion of F&B Industry in Emerging Economies

Emerging economies of Asia-Pacific such as India, China, Malaysia and Indonesia have witnessed sustained strong economic growth over the last decade. The growth has led to profound socio-economic changes such as rapid urbanization, significant increases in disposable incomes, changing lifestyles and change in food preferences. Multinational food and beverage companies see emerging markets as a major source of lucrative sustained long-term growth. 

Many companies are entering in the emerging market and are also expanding their presence in the region. New product launches, upgradation of existing products and production capacity expansion are some of the actions undertaken by food and beverages companies to augment growth. Laminating adhesives are extensively used in the production of flexible packaging materials used in the food processing industry such as pouches, sachets, bags and wraps. 

Laminating adhesives are employed in the production of labels and seals for food and beverage packaging. These adhesives securely bond labels and seals to various packaging materials, providing essential product information, branding and tamper-evident features. Furthermore, laminating adhesives are also used for shelf-ready packaging (SRP) used to display packaged food products on retail store shelves. The expansion of the F&B industry in emerging economies will significantly augment the demand for laminating adhesives. 

Advances in Medical Device Technology

Medical devices are becoming increasingly smaller, lightweight and wearable. The trend is driven by advancements in microelectronics, sensor technology and materials. Laminating adhesives play a vital role in bonding and encapsulating the components of these miniaturized devices, such as biosensors, monitoring devices and drug delivery systems. 

Flexible electronics are witnessing rapid adoption in the medical device industry. Laminating adhesives are essential for bonding and encapsulating these flexible components onto various substrates, such as textiles or films. It provides excellent adhesion, electrical insulation and protection against environmental factors, enabling the production of wearable devices like smart patches, health monitors and physiological sensors.

Wound care devices such as bandages and dressing have also witnessed significant improvements, ensuring faster wound healing. Laminating adhesives are crucial in the production of advanced wound care products. The adhesives provide secure and comfortable adhesion to the skin, ensuring that wound dressings stay in place during movement while maintaining a sterile environment.

Limited Availability of Sustainable Alternatives

Concerns have increased in recent years about the environmental impact of solvents used in laminating adhesives. Many industries are adopting sustainable development initiatives and are moving towards the usage of more sustainable solventless laminating adhesives. However, there is limited availability of these alternatives in the market. 

Developing sustainable laminating adhesives that offer comparable performance to traditional options can be challenging. The complex requirements of laminating adhesives, such as adhesion strength, flexibility and durability, make it difficult to find viable substitutes that meet these criteria while also being eco-friendly.

The production and distribution infrastructure for sustainable materials may be less developed compared to conventional materials. Limited availability of sustainable raw materials and manufacturing capabilities has restricted the scalability and accessibility of sustainable laminating adhesives. The limited availability of sustainable alternatives despite growing demand is constraining the growth of the global laminating adhesives market. 

Laminating Adhesives Market Segmentation Analysis

The global laminating adhesives market is segmented based on type, end-user and region.

Growth of E-Commerce Industry has Led to Increasing Demand from the Packaging Industry

Packaging accounts for nearly half of the global market share. The packaging materials used by major industries such as food and beverage, consumer goods and electronics all utilize laminating adhesives to ensure the sealing of finished products to prevent tampering. Furthermore, the usage of QR-coded and barcoded labels to improve traceability is also increasing the demand for laminating adhesives in the packaging industry. 

The growth of e-commerce has significantly impacted the packaging industry. With the rise of online shopping, products need to be packaged securely to withstand the rigors of transportation and prevent damage. Additionally, e-commerce packaging often includes additional protective materials, inserts, or customized labels to enhance the unboxing experience and create a positive impression on the consumer. 

Laminating Adhesives Market Geographical Share

Rapid Industrialization Will Propel Market Growth in Asia-Pacific

Asia-Pacific is expected to account for more than a third of the global laminating adhesives market. The region is experiencing rapid expansion of industries with major countries such as India and China showcasing strong growth. China’s manufacturing PMI rose to 50.9 in May 2023, the fastest growth in 11 months. India’s manufacturing PMI rose to 58.7 in May 2023, indicating the strongest growth in factory activity since October 2020.  

The automotive and electronics industry are likely to become key beneficiaries of the rapid industrialization in the region. China, India and Japan are among the leading automotive manufacturers whereas China, India, Taiwan, Vietnam and South Korea are leading electronic manufacturers. Both industries are expected to generate significant demand for laminating adhesives. 

Furthermore, other industries such as food processing and e-commerce are also witnessing strong growth in the region. Sustained foreign direct investment, friendly governmental policies and capital expenditure focused on expansion by domestic players are expected to generate significant demand for laminating adhesives in Asia-Pacific.

Laminating Adhesives Market Players

The major global players include Dow, H.B. Fuller Company, 3M, Henkel AG & Co. KGaA, Ashland, Arkema, DIC Corporation, Flint Group, Coim Group and Vimasco Corporation.

COVID-19 Impact on Laminating Adhesives Market

COVID Impact

The COVID-19 pandemic created opportunities and challenges for the global laminating adhesives market. The decline in production of automotive, electronics and construction industries reduced demand for laminating adhesives. Furthermore, pandemic restrictions constrained the production of laminating adhesives.  

Increased focus on hygiene and sanitation led to a rise in demand for laminating adhesives for various healthcare applications, including sterile packaging, hygienic food packaging and for personal protection equipment (PPE). It drove the demand for flexible sensors, flexible displays and other healthcare-related flexible electronic products. Strong demand recovery from major end-users will drive the growth of the global laminating adhesives market in the initial post-pandemic period.

Russia-Ukraine War Impact 

The Russia-Ukraine conflict which broke out in February 2022, has had some significant implications for the global laminating adhesives market. In retaliation for imposition of severe economic sanctions, Russia drastically cut back on energy supply to Europe. The disruption of energy supplies led to high energy prices, which reduced the competitiveness of European industries.  

Multinational chemical companies were looking to shift production of laminating adhesives to Asia-Pacific or North America due to the rising production costs caused by energy supply disruptions. The current situation will prove beneficial to adhesive manufacturers in Asia-Pacific, which will allow them to expand their share of the global market. Furthermore, the advantage is likely to increase the more the conflict drags on and the European energy supply remains disrupted. 

Key Developments

• In April 2023, Bostik, a subsidiary of the French multinational chemical company Arkema, launched HERBERTS LF686/H186, a new solventless laminating adhesive for the pharmaceutical industry.
• In December 2022, the U.S.-based multinational chemical company Dow received approval from RecyClass for the mechanical recycling of its MOR-FREE L 75-300/ CR88-300 and ROBOND L-350/ CR-3 laminating adhesives. 
• In September 2022, Toyo Ink SC Holdings Co., Ltd., a Japanese manufacturer of inks, adhesives and sealants, announced that it was doubling its production of laminating adhesives at its plant in Malaysia. The company noted strong demand from the food and pharmaceutical packaging industries as one of the major factors behind its decision. 

Why Purchase the Report?

• To visualize the global laminating adhesives market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of laminating adhesives market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Type mapping available as Excel consisting of key products of all the major players.

The global laminating adhesives market report would provide approximately 50 tables, 49 figures and 185 Pages.

Target Audience 2024

• Consumer Electronics Manufacturers
• Automotive Manufacturers
• Packaging Manufacturers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies