Global Packaging Adhesives Market to See CAGR of 5.4% to 2026
The global packaging adhesives market is estimated to value U,S, $7,263.4 million in 2017 and is projected to register a CAGR of over 5% in terms of value during the forecast period 2017–2026. The first five-year cumulative revenue (2017–2021) is projected to be U.S. $40,237.5 million, which is expected to increase rather significantly over the latter part of the five-year forecast period.
Increasing use of packaging adhesives in various applications — such as folding cartons, case & cartons, transportation, food & beverages — and labeling in various countries globally is a major factor driving growth of the global packaging adhesives market.
Major influences driving growth of the market are increasing demand for packaging adhesives from the food & beverages industry, due to increasing demand for packing food & beverages products. Increasing awareness among consumer regarding use of ecofriendly packaging products is expected to drive demand for the global packaging adhesives market.
Rising demand for use of ecofriendly compounds in packaging adhesives, owing to stringent government regulations increases manufacturing cost, which is expected to hamper growth of the market. In addition, strict government norms regarding environmental safety lays emphasis on production of lower volatile organic compounds (VOC), which is expected to affect growth of the global packaging adhesives market adversely.
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