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Report Overview: Global Lamination Adhesives MarketThe global lamination adhesives market size was valued at USD 2.42 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2027. Increasing pharmaceutical demand for tablets, pouches, and medical devices is projected to assist the market growth over the long term. With a growing population and increasing share of the geriatric population in some countries, healthcare needs are increasing at a rapid pace. Lamination adhesive products find a wide application in healthcare packaging in the bonding of paper, plastics, and aluminum. Innovation in plastic packaging and focus on increasing the productivity of machines through the use of advanced packaging materials are likely to assist in market growth. The U.S. is one of the leading countries in the global lamination adhesives market and it accounted for a significant revenue share in 2019. Key factors driving the market include increasing healthcare spending through private and government investment and a positive sales trend for consumer goods. The restructuring of the pharmaceutical industry in the U.S. is projected to offer numerous opportunities for market vendors. In order to restructure themselves, pharmaceutical companies are focused on the development of cost-effective products and diversified strategies. This is likely to create a favorable impact on lamination adhesive products over the long term. High spending on the biopharmaceutical R&D and growing demand for medical devices are a promising area for the market players. As per the Pharmaceutical Research and Manufacturers Association, the U.S. companies spend nearly USD 75 billion on new medicines annually. These companies also hold intellectual property rights on most of the new medicines.
Resin Insights: Global Lamination Adhesives MarketThe other segment held the largest revenue share of 50.7% in 2019. Acrylic was the second largest segment in 2019 and is expected to witness the fastest growth over the forecast period 2021-2027. Increasing demand for hospital equipment, respirators, wound dressings, and medical devices are projected to assist in the penetration of acrylic-based adhesives. Pressure-sensitive adhesives are also likely to gain traction in various applications, including blood glucose monitoring strips. Demand for structural adhesive products made using cyanoacrylates is projected to increase over the coming years. Cyanoacrylates are used to bond various types of substrates, such as plastics, rubbers, and metals. They can be used in needle bonding, IV tube sets or plastic tubing applications. Other resins used in the manufacturing of lamination adhesive include epoxy, polyester, polyvinyl acetate, among others. Advantages such as uniform bonding, lack of leakage, improved durability, design flexibility, and cost-effectiveness are likely to contribute to increased penetration over the coming years.
Technology Insights: Global Lamination Adhesives MarketWater-based was the largest technology segment and accounted for a volume share of more than 50.0% in 2019. These adhesives are used in hard to bond films in flexible packaging applications in the food and medical sectors. It offers several advantages such as green strength, excellent food safety, and reduction in operational time. Solvent-based adhesives are projected to expand at a CAGR of 7.1% from 2020 to 2027 in terms of revenue. In these adhesive products, the solvent acts as a carrier during the dry bolding laminating process. These laminations have multiple layers of adhesive layers and are widely used in snack food packaging, fabric laminations, and window films. Other technologies include hot melt, solvent-less, and electron beam curing (EB). Food packaging application is projected to open new avenues for EB products. Factors such as quick turnaround time laminated products, ultra-fast cure speeds, and instantaneous bonds are some of the key factors driving the demand.
The packaging was the largest segment and accounted for a revenue share of over 65.0% in 2019. Demand from the medical sector is a key factor contributing to the growth of the packaging end-use segment. Manufacturing firms including medical devices, implant, contract packaging, and pharmaceutical are the key consumers of products. Innovation in medical devices, new product development, and increasing healthcare spending are some of the key factors driving the healthcare industry. Packaging of healthcare products in order to improve shelf life is expected to grow rapidly over the forecast period. Other industrial end uses include protection and industrial wear, fashion textiles, sportswear, intimate apparel, upholstery textiles, electrical laminates, photovoltaic laminates, sailcloth, window film architecture, automotive, lamination resin for x-wrap films, and plastic wrap.
End-use Insights: Global Lamination Adhesives Market
Regional Insights: Global Lamination Adhesives MarketAsia Pacific emerged as the largest regional market and accounted for a revenue share of over 38.0% in 2019. Increasing end-use industry growth is projected to attract demand for lamination adhesives in the long run. Investments in new production facilities and thereby growing production capacities in the consumer goods, medical, and automotive sectors are likely to provide a boost to the market growth. Over the last few decades, countries including India and China are doing well in the pharmaceutical contract manufacturing. Lower cost of operation including various resources, such as manpower, has assisted in the expansion of the sector. This sector attracts significant demand for medical products, including labels, lids, bags, and pouches. In terms of revenue, Europe is likely to register a revenue-based CAGR of 7.1% from 2021 to 2027. Increased health awareness among the population and increased consumer spending on food and beverage and other consumer goods products are the key factors contributing to the long term growth of the market.
Key Companies & Market Share Insights: Global Lamination Adhesives MarketRegional expansion through investment in production capacities and other inorganic growth strategies adopted by manufacturers are projected to boost the competition over the coming years. Developing countries are likely to attract the establishment of new facilities owing to the low labor costs. Some of the prominent players in the lamination adhesives market include:
Key companies Profiled: Global Lamination Adhesives Market Report
Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Automotive & Transportation
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market | read more...