April 12, 2024
Packaging Adhesives Market

The Growing Need For Packaging Security Drives The Packaging Adhesives Market

Packaging adhesives are widely used across various end-use industries such as food and beverage, healthcare, personal care and cosmetics for bonding and sealing of packages. They provide excellent adhesion between non-porous and porous packaging materials like plastic films, foils, papers, cartons and glass. Packaging adhesives protect products from contamination, moisture and oxygen, ensuring a longer shelf life. They come in various formulations like water-based, solvent-based and hot melt to suit different packaging applications. The growing demand for packaging convenience and product safety has necessitated strong, durable and reliable adhesion for secure packaging.

The global Packaging Adhesives Market is estimated to be valued at US$ 8.51 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Some of the key trends in the packaging adhesives market include growing preference for sustainable and bio-based adhesives. Stringent environmental regulations regarding VOC emissions have boosted research into plant-based adhesive technologies. Water-based adhesives capture a major share due to their low odour and good performance characteristics. Technological advancements focus on improving adhesion strength, temperature and chemical resistance of adhesives. Miniaturization and personalized packaging need adhesive solutions for very small volumes and intricate designs. Supply chain integration with packaging converters to develop customized adhesive formulations as per end-use requirements also influences market trends.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the packaging adhesives market is low due to high capital requirements and need for research and development.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and low switching cost.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials used in packaging adhesives.
Threat of new substitutes: The threat of new substitutes is moderate as there are substitutes like mechanical protection methods available.
Competitive rivalry: Competition in the packaging adhesives market is high due to presence of many global and regional players.

Key Takeaways

The Global Packaging Adhesives Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region accounts for the largest share in the global packaging adhesives market due to rapid industrialization and growing e-commerce industry in emerging economies of China and India. The growth of the packaging industry in Asia Pacific is propelling the demand for packaging adhesives in the region.

Key players: Key players operating in the packaging adhesives market are Phytex Australia., Aspen Holdings, LGM Pharma, Midas Pharma GmbH, Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it