Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Packaging Adhesives Market Report (2023-2028),” the market is estimated at USD 27.43 billion in 2023. It is expected to register a CAGR of 6.44% during the forecast period.
The COVID-19 pandemic restricted dining out, leading to increases in home cooking. Significant drops in the manufacturing values of juices, water, soft drinks, and alcoholic beverages were compensated by growth in wheat flour, dairy, health foods, and ready-to-eat foods. The factors steering the growth of the market studied are the mounting demand from the food and beverage industry, strengthening awareness about food safety, and avoiding risks of contamination.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 27.43 billion |
| Market Size (2028) | USD 37.47 billion |
| CAGR (2023-2028) | 6.44% |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growing demand from the food and beverage industry. |
| Increasing awareness about food safety. |
Who are the Top Companies in the Packaging Adhesives Market?
The packaging adhesives market is fragmented since no major company holds a significant share of the global market.
The noteworthy players in the packaging adhesives market are:
- 3M
- Arkema Group (Bostik)
- AVERY DENNISON CORPORATION
- Ashland
- Dow
- Henkel AG & Co. KGaA
- H.B. Fuller Company
- Jowat SE
- Paramelt RMC BV
- Wacker Chemie AG
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Key Highlights from the Packaging Adhesives Market Report:
The surge in Demand for Flexible Packaging Application
- Flexible packaging is expanding at a remarkable rate, driven by consumer preferences shifting toward new attractive packages, ease of use, sustainability, and responsible environmental ideals.
- Laminating adhesives for flexible packaging are offered in various technologies, viscosities, and solids concentrations. There are four elementary categories of laminating adhesives that are generally used, viz., waterborne, solvent-based, reactive 100% solid (solventless) liquid, and hot melt.
Asia-Pacific to Hold a Significant Market Share
- Asia-Pacific currently accounts for the highest share of the packaging adhesives market due to the high demand from countries such as China, Japan, India, etc.
- China is the chief country in the consumption of packaging adhesives owing to the growing per capita income, coupled with rising e-commerce titans.
What are the Latest Developments in the Packaging Adhesives Market?
- In March 2022, the Confederation of European Paper Industries (CEPI) publicized that H.B. Fuller Company joined the 4evergreen alliance, a cross-industry initiative to enhance the circularity of fiber-based packaging.
- In January 2021, Avery Dennison acquired Ohio-based ACPO Ltd for USD 87.6 million (subject to post-closing adjustments). With almost 170 employees, ACPO yields pressure-sensitive overlaminate products for the label and flexible packaging markets.
Mordor Intelligence has Segmented the Packaging Adhesives Market Based on Technology, Application, and Geography:
- By Technology
- Water-based
- Solvent-based
- Hot-melt
- By Application
- Flexible Packaging
- Folding Boxes and Cartons
- Sealing
- Labels and Tapes
- Other Applications
- By Geography
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Packaging Adhesives Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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