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Packaging Adhesives Market shares and strategies of key players
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Adhesives are materials used for binding together two or more surfaces. Raw materials for adhesives are primarily polymeric materials, both naturally occurring and synthetic (such as polychloroprene, polyurethane, polyvinyl acetate, cellulose, polyvinyl alcohol, and polyvinyl pyrrolidone). Adhesives can be either water based, solvent based, or hot-melt based, among others. Polychloroprene and polyurethanes are solvent based while polyvinyl acetate, cellulose, polyvinyl alcohol and polyvinyl pyrrolidone are solvent-based adhesives.
The challenges related to innovative packaging are surfacing largely due to the increasing trend to use packaging as a branding of the product and use of adhesives become observable among packers. Adhesive and Sealant Council, Inc., a North American trade association dedicated towards representing the adhesive and sealant industry, has estimated the global adhesive market to expand at a moderate single digit CAGR, wherein the packaging adhesives segment is expected to account for the highest share of the market.
As a result of the rise in consumer focus on convenience and sustainability, the packaging adhesives market has been the fastest growing market in the last ten years, and it is expected to continue to grow over the forecast period as well. The packaging adhesive market is projected to grow at a parallel rate to the growth of the overall packaging industry. The packaging adhesives market in North America is rapidly entering into a maturity stage; however, the market in Asia is growing at a faster rate, which in turn is expected to drive growth of the overall packaging adhesives market in the coming years. Apart from this, population growth, increasing middle class world-wide, demand for safe food & clean water, and innovation and safety are the major growth drivers for the global packaging adhesives market. Increasing regulatory interventions from environmental bodies is a major restraint factor for the growth of the packaging adhesives market.
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Packaging adhesive market is segmented based on formulations, by type and by application. Based on formulations, the packaging adhesives market is segmented into water based, solvent based, and hot melt based. Based on type, the market is segmented into polychloroprene, polyurethane, polyvinyl acetate, cellulose, polyvinyl alcohol, and polyvinyl pyrrolidone. By application, the packaging adhesives market is segmented into case & carton closure, flexible packaging, folding carton, envelopes, and corrugated converting.
By geography, the packaging adhesives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Of these, the North America market is expected to expand at a lower growth rate, while the packaging adhesive market in Europe is expected to expand at a moderate rate in the coming years. Meanwhile, the market in emerging countries in Asia and Africa is exhibiting a robust growth rate currently. Of these, the growth of the market in Asia is driven by the high demand for packaging adhesive products in China.
Some of the key players in the global packaging adhesives market are Henkel AG & Co., HB Fuller, Bostik, Paramelt, Jowat Corp., Sika, Wacker Chemie, Avery Dennison, Ashland Inc., and Dymax.
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