Adhesives to grow due partly to flexible, rigid and paperboard use
The global packaging adhesives market is expected to reach USD 10.11 billion by 2025, according to a new report by Grand View Research Inc. (grandviewresearch.com) The growing usage of packaging adhesives in flexible packaging, paper & board packaging, and rigid packaging is anticipated to strengthen the market growth.
Increasing demand for packaged food products and organized retailing has resulted in heightened demand for folding cartons. In an attempt to lure more consumers, food vendors are offering products with longer shelf life, which come in an attractive packaging. Folding carton packaging is witnessing maximum demand from the food and beverage industry.
The rising demand for labeling is expected to spur the market growth of application segment over the forecast period. Labeling adhesives application ensure reliable bonding properties on various surfaces for different machines. This is expected to boost the market growth over the forecast period.
Asia Pacific is anticipated to be a key consumer of packaging adhesives over the forecast period owing to numerous technological innovations such as the hot-melt technology, which is designed to enhance the productivity of packaging adhesives. The key industry participants are also involved in the development of innovative adhesive products through R&D and technical expertise, which in turn is expected to drive the industrial adhesive solutions.
Further key findings from the report suggest:
- The global packaging adhesives market was valued at USD 6.28 billion in 2016 and expected to progress at a CAGR of 4.5% from 2017 to 2025.
- Water-based technology dominated the market in 2016 followed by solvent-based.
- Flexible packaging was the largest application segment in 2016 and the trend is expected to continue over the forecast period. The segment is expected to register 5.0% CAGR over the coming years.
- Asia Pacific is anticipated to be the fastest growing segment at a predicted CAGR of 6.0% from 2017 to 2025.
- Increasing demand from the food and beverages industries is projected to drive the Asia Pacific regional market.