Packaging Adhesives Market to Witness 4.6% CAGR during 2020-2030 | Top Key Players are Evonik Industries, H.B. Fuller Company, Henkel AG & Co. KGaA, Dow Inc., Avery Dennison Corporation, The 3M Company, and Arkema Group

In the past few days, the demand for packaged food has increased significantly, owing to the novel coronavirus. People across the world are stocking up on packaged food as there is no certainty regarding how long and how strictly the lockdown will have to be imposed. In such times, food that can last for days is in high demand. Apart from this factor, the demand for packaged food has risen significantly in the past few years because of the rising disposable income of people, particularly in emerging economies, and changing lifestyle across the globe.

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This growing need for packaged food is driving the need for packaging adhesives as well. Packaging adhesives are necessary in the food industry for maintaining the quality of food and keeping it fresh. As per the P&S Intelligence, in 2019, the global packaging adhesives market reached a value of $10,426.9 million and is expected to generate a revenue of $17,137.4 million by 2030, progressing at a 4.6% CAGR during the forecast period (2020-2030). There are three types of packaging adhesives in terms of formulation, namely solid-based, water-based, and solvent-based. Since water-based adhesives are eco-friendly and do not contain any harmful volatile organic compounds, their demand was the highest in 2019.

In 2030, Far East is projected to hold a volume share of over 55% in the packaging adhesives market. This can be mainly attributed to the growth of consumer goods manufacturing sector, along with a rise in the e-commerce industry in China, Japan, and South Korea. The e-commerce industry requires packaging adhesives for labeling in high-volumes used for product tracing, along with usage of tapes for proper delivery of goods. With the growth of these sectors in the region, the market for packaging adhesives is expected to grow during the forecast period.

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Competitive Landscape of Packaging Adhesives Market

The packaging adhesives market is partially consolidated with the top-five players holding a share of over 45%. Some of the key players include Evonik Industries, H.B. Fuller Company, Henkel AG & Co. KGaA, Dow Inc., Avery Dennison Corporation, The 3M Company, and Arkema Group.

Recent Strategic Developments of Packaging Adhesives Market Players

Several adhesives manufacturers serving the packaging sector have taken several strategic measures, such as product launches and geographical expansions, to improve their market position. For instance, in November 2019, Evonik Industries announced its plans of capacity expansion of its plant in Darmstadt, Germany, for organic dispersions and heat sealing applications. The company offers these products under the brand name DEGALAN, which majorly serves the food & beverage packaging industry.

Market Size Breakdown by Segment

Based on Formulation

Water-Based
Solvent-Based
Solid-Based
Based on Resin Type

Acrylic
Rubber
Ethyl Vinyl Acetate (EVA)
Polyurethane (PU)
Polyamide (PA)
Polyvinyl acetate (PVA)
Based on Packaging Type

Rigid Packaging
Flexible Packaging
Tapes & Labels
Geographical Outlook

Americas
U.S.
Canada
Mexico
Brazil
Europe
Germany
U.K.
France
Italy
Commonwealth of Independent States (CIS)
Russia
Poland
Gulf Cooperation Council (GCC)
Saudi Arabia
U.A.E.
Qatar
Kuwait
Middle East
Turkey
Egypt
Algeria
Israel
Far East
China
Japan
South Korea
RoW
India
Australia

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.