New York, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The global Heat Seal Coatings Market is expected to witness significant growth at a remarkable CAGR of 6.9% during the forecast period of 2023-2031. Factors such as rising demand for packaged food and beverages and increasing demand for flexible packaging are accelerating the demand for heat seal coatings, which, in turn, is boosting the market growth. In addition, the growing demand for sustainable packaging solutions will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the heat seal coatings market is poised for strong expansion and is expected to reach USD 15,989.33 million by 2031, and USD 9,391.09 million by 2023. The market, which was valued at USD 8,832.40 million in 2022 is predicted to grow at a compound annual growth rate of 6.9% during the period 2023-2031. The report highlights the rising demand for packaged food and beverages, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the heat seal coatings market.
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Heat seal coatings are thermoplastic adhesives that are applied to flexible substrates to seal them together. They are often used in packaging applications to create flexible lids or pouches. Heat seal coatings are applied to a substrate and allowed to dry. They are then heated and pressed onto another surface to create a strong bond. These coatings are highly formulated and have specific characteristics for various applications. Heat seal coatings are available in both water-based and solvent-based formulations
Global Heat seal coatings Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 15,989.33 Million |
| CAGR (2023-2031) | 6.9% |
| By Type | Solvent-based heat seal coatings, Water-based heat seal coatings, and Hot-melt adhesives |
| By Application | Food and Beverage packaging, Pharmaceutical packaging, Cosmetics packaging, and Others |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Henkel AG & Co. KGaA, Bostik, Michelman, Dow Inc., Flint Group, Ashland Global Holdings Inc., Avery Dennison Corporation, 3M, Bemis Company, and Amcor plc |
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Global Heat Seal Coatings Market Segmentation Details:
Based on Type, the solvent-based heat seal coatings segment contributed the largest shares of 36.55% to the market growth in 2022. Solvent-based heat seal coatings are the most common type of heat seal coating. They are made with solvents, such as toluene and xylene, which dissolve the resins and polymers in the coating. Solvent-based heat seal coatings offer several advantages, including high performance, good adhesion, and wide versatility. Also, new product launches by the key players in the heat seal coatings market are propelling the segment growth further.
Based on Application, the food and beverage packaging segment contributed the largest shares to the market growth in 2022. Heat seal coatings are essential for packaging a wide range of food and beverage products, such as bags, pouches, cartons, and lids. These coatings help to protect food and beverage products from moisture, contamination, and other environmental factors. Hence, due to the wide usage and applications of heat seal coatings in food and beverage packaging, the segment is witnessing significant growth in the heat seal coatings market.
Based on Region, in the year 2022, North America accounted for the largest share contribution of 35.50% to the market growth owing to large and well-developed food and beverage, pharmaceutical, and other industrial sectors. The North American e-commerce market is growing rapidly, and this is driving larger demand for heat seal coatings as they can protect products during shipping and handling. Hence, due to the aforementioned factors, the heat seal coatings market is witnessing significant growth in the region.
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Competitive Landscape
Henkel AG & Co. KGaA, Bostik, and Michelman are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of heat seal coatings. Further, the heat seal coatings market is expected to grow steadily due to growing demand for sustainable packaging solutions, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years.
Recent Developments
- In September 2022, Henkel completed the acquisition of the Thermal Management Materials business of Nanoramic Laboratories (Nanoramic) headquartered in Boston, MA, USA. With this acquisition, Henkel aims to strengthen the position of its adhesive technologies business unit in the growing markets for Thermal Interface Materials (TIM) by expanding its capabilities in high-performance segments.
- In March 2022, Bostik and DGE announced a partnership for adhesives and sealants distribution In EMEA. This has strengthened the reach of both of the partners in Europe, Middle East and Africa regions.
Key Market Takeaways
- North America accounted for the highest market share at 35.50% valued at USD 3,135.50 million in 2022 and USD 3,338.53 million in 2023 and is expected to reach USD 5,708.19 million in 2031. Moreover, in North America, U.S. accounted for the highest market share of 66.15% during the base year of 2022.
- Based on type, the solvent-based heat seal coatings segment accounted for the highest share contribution of 36.55% to the heat seal coatings market statistics in 2022.
- Based on application, the food and beverage packaging segment accounted for the highest share contribution to the heat seal coatings market statistics in 2022.
- Asia Pacific is expected to boost the market demand for heat seal coatings due to the increasing food and beverage sector in the region.
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List of Major Global Heat seal coatings Market:
- Henkel AG & Co. KGaA
- Bostik
- Michelman
- Dow Inc.
- Flint Group
- Ashland Global Holdings Inc.
- Avery Dennison Corporation
- 3M
- Bemis Company
- Amcor plc
Global Heat Seal Coatings Market Segmentation:
- By Type
- Solvent-based heat seal coatings
- Water-based heat seal coatings
- Hot-melt adhesives
- By Application
- Food and Beverage packaging
- Pharmaceutical packaging
- Cosmetics packaging
- Others
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Frequently Asked Questions in the Heat seal coatings Market Report
- What was the market size of the heat seal coatings industry in 2022?
- In 2022, the market size of heat seal coatings was USD 8,832.40 million.
- What will be the potential market valuation for the heat seal coatings industry by 2031?
- In 2031, the market size of heat seal coatings will be expected to reach USD 15,989.33 million.
- What are the key factors restraining the growth of the heat seal coatings market?
- Prevalence of alternatives is restraining the market growth at the global level.
- What is the dominating segment in the heat seal coatings market by type?
- In 2022, the solvent-based heat seal coatings segment accounted for the highest market share of 36.55% in the overall heat seal coatings market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the heat seal coatings market?
- Asia Pacific region is growing at the fastest CAGR over the forecast period in the heat seal coatings market.
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