Over $10,000.0 Million Revenue Expected in Global Packaging Adhesives Market by 2030

The increasing requirement of adhesives in the food & beverage packaging sector is one of the biggest factors responsible for the surging demand for packaging adhesives across the world. There has been a huge rise in consumer awareness about health over the last few years and this has significantly boosted the need for maintaining the shelf life of packaged food items. According to All4Pack Paris, the food packaging sector is predicted to generate a revenue of $356.7 billion by 2023. Additionally, the rising urban population and increasing trend of leading busier lifestyles will further push the global demand for packaging adhesives.

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The rising internet penetration and increasing number of smartphone users across the globe are driving huge progress in the e-commerce industry, which is in turn, propelling the demand for packaging adhesives. Owing to the growing popularity of online shopping and home delivery of products, the demand for high quality packaging materials is increasing rapidly, across the globe. As a result, the global packaging adhesives market is predicted to advance at a CAGR of 4.6% during the forecast period (2020-2030). The valuation of the market is expected to rise from $10,426.9 million in 2019 to $17,137.4 million by 2030.

Globally, the Far East region is expected to register the highest sales of packaging adhesives during the forecast period. This is mainly credited to the presence of flourishing consumer goods manufacturing and e-commerce industries in various Far Eastern countries such as Japan, South Korea, and China. In the e-commerce industry, the packaging adhesives are extensively used for labelling for product tracing and in tapes for the proper delivery of goods.

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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.

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This release was published on openPR.