Dublin, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The "Solventless Laminating Adhesive Market - Global Industry Size, Share, Trends Opportunity, and Forecast, 2028F" report has been added to ResearchAndMarkets.com's offering.
The global Solventless Laminating Adhesive Market is poised for robust growth, with a market value of USD 488.75 million in 2022 and a projected Compound Annual Growth Rate (CAGR) of 4.18% expected through 2028. Solventless laminating adhesives, known for their eco-friendly nature, versatility, and strong bonding properties, have become integral to various industries, including packaging, automotive, aerospace, and flexible electronics.
One of the key advantages of solventless laminating adhesives is their eco-friendliness. Unlike solvent-based adhesives, they do not contain volatile organic compounds (VOCs), making them environmentally friendly and compliant with stringent regulations. These adhesives have gained traction in response to growing environmental concerns and stricter regulations regarding VOC emissions.
The packaging industry, driven by consumer demand for sustainable packaging materials, is a major contributor to the growth of the solventless laminating adhesive market. Flexible packaging, characterized by films, pouches, and bags, offers cost-effectiveness, customization, and sustainability. Solventless laminating adhesives play a crucial role in creating multi-layered structures that protect and preserve packaged goods while meeting sustainability goals.
The food and beverage industry also benefits from solventless laminating adhesives, as they are considered a safer choice for food packaging due to their absence of harmful emissions. These adhesives are versatile and can be used in a variety of applications, including flexible electronics and automotive manufacturing.
Manufacturers are investing in research and development to enhance the performance of solventless laminating adhesives, making them suitable for demanding applications. Customized adhesive solutions are gaining popularity, ensuring compatibility with unique substrates and performance criteria. Additionally, the rise of digital printing in packaging has driven the need for solventless adhesives compatible with digital printing processes.
However, challenges remain, such as the initial cost of solventless laminating adhesives, which can deter smaller manufacturers, and the need for precision and expertise in the application process.
The report also highlights significant trends in the market, including the growing demand for water-based solventless laminating adhesives and the increasing adoption of these adhesives in new applications beyond packaging.
In conclusion, the global solventless laminating adhesive market is poised for substantial growth, driven by the imperative for environmentally sustainable solutions, advances in packaging technology, and the evolving needs of various industries. As adhesive manufacturers continue to innovate and adapt to market demands, solventless laminating adhesives are poised to play an increasingly pivotal role in a wide range of applications, contributing to eco-friendly and high-performance bonding solutions. Researchers, manufacturers, and industry stakeholders should closely monitor this market's developments and opportunities as it continues to expand and diversify.
Key Market Drivers
Growing demand for flexible packaging is a major factor for Solventless Laminating Adhesive Market Growth: Flexible packaging is gaining popularity across various industries due to its versatility, sustainability, and consumer appeal. The global solventless laminating adhesive market is experiencing significant growth, driven by the surging demand for flexible packaging solutions. Flexible packaging offers several advantages, including being lightweight, cost-effective, customizable, and environmentally friendly. It extends product shelf life, reduces waste, and enhances convenience, aligning with environmentally conscious consumer preferences.
Increasing Use of Solventless Laminating Adhesive in the Electrical & Electronics Industry Drives the Demand for Solventless Laminating Adhesive: High-temperature sealants, including solventless laminating adhesives, play a crucial role in the electrical and electronics industry. These specialized sealants offer exceptional performance in environments with extreme heat, making them ideal for applications such as printed circuit boards, semiconductor bonding, microelectronic substrates, and electrical connectors. With the growing global sales of semiconductors, the demand for high-temperature sealants is projected to increase, particularly in applications related to electronics and semiconductor manufacturing.
Increasing demand for sustainable packaging: The global packaging industry is undergoing a transformation driven by evolving consumer preferences, environmental consciousness, and sustainability goals. Within this context, the demand for sustainable packaging solutions is on the rise, and it is serving as a significant driver for the global solventless laminating adhesive market. Solventless laminating adhesives play a pivotal role in achieving sustainable packaging solutions, as they are inherently free of volatile organic compounds (VOCs) and offer exceptional bonding properties. They contribute to eco-friendly packaging solutions, facilitate recycling, and ensure packaging durability.
Key Market Challenges
More Expensive than Solvent-Based Laminating Adhesives: The higher initial cost of solventless laminating adhesives compared to solvent-based alternatives presents a significant challenge to market growth. Some manufacturers, particularly smaller ones with tight budgets, may find the upfront investment in solventless laminating adhesives prohibitive. Transitioning from solvent-based to solventless adhesives may also require equipment modifications or upgrades, adding to the overall implementation cost. However, the long-term benefits, such as reduced solvent handling expenses and improved workplace safety, can offset the initial cost barrier.
Lack of Awareness: The lack of awareness regarding the benefits of solventless laminating adhesives among certain users hinders their widespread adoption. In some markets and industries, traditional practices and established preferences for solvent-based adhesives persist due to a limited understanding of the advantages offered by solventless alternatives. Overcoming this awareness gap is essential for market growth, and manufacturers and industry stakeholders should engage in educational campaigns to highlight the advantages of solventless laminating adhesives, including their environmental friendliness and compliance with regulatory standards.
Key Market Trends
Growing Demand for Water-Based Solventless Laminating Adhesives: The increasing demand for water-based solventless laminating adhesives is a significant trend driving market growth. Water-based formulations are favored for their eco-friendliness, reduced emissions, and compliance with environmental regulations. These adhesives offer low odor, improved workplace safety, and compatibility with various substrates. As awareness of these benefits grows, the demand for water-based solventless laminating adhesives is expected to surge, further propelling market growth.
Increasing adoption of solventless laminating adhesives in new applications: Solventless laminating adhesives are finding applications beyond traditional packaging. They are being adopted in new and diverse industries, including automotive, electronics, healthcare, and construction, due to their exceptional performance characteristics. These adhesives offer versatility and adaptability, making them suitable for high-performance solutions in various sectors. As they continue to find new applications, their market growth is expected to accelerate, further diversifying the market.
The report provides a comprehensive analysis of the global Solventless Laminating Adhesive Market, including segmentation by type (Isocyanate-Based and Polyol-Based), application (Food Packaging, Beverage Packaging, and Others), and region (Asia-Pacific, North America, Europe, South America, Middle East & Africa). It also includes detailed profiles of key companies in the market.
Competitive Landscape
Detailed analysis of major players include:
- Ashland
- Dow
- Songwon International
- Bostik
- Morchem
- DIC Corp
- ACTEGA Kelstar
- Toyochem
- Toyo-Morton
- BASF
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $488.75 Million |
| Forecasted Market Value (USD) by 2028 | $621.63 Million |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qyy2oe
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