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Packaging Adhesives Market 2024 - By Key Players, Regional Overview, Opportunities, Challenges And Outlook By 2033
Packaging Adhesives Market
According to The Business Research Company's, The packaging adhesives market size hasgrown strongly in recent years. It will grow from $15.62 billion in 2023 to $16.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to rise of e-commerce, growing emphasis on sustainable and eco-friendly adhesives, rising safety challenges in food and beverage packaging, consumer demand and sustainability trend, and regulations and compliance.
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Market Drivers and Trends:
The growth of the e-commerce industry is expected to propel the growth of the packaging adhesives market going forward. E-commerce, or electronic commerce, refers to the trading of goods and services on the Internet. Packaging adhesive is used in the e-commerce sector to provide reliable and efficient packaging solutions for order fulfillment. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, eCommerce revenues in the UK are expected to have an annual average growth rate of 12.6% by 2025, and as of January 2021, consumer eCommerce accounted for 36.3% of the UK's overall retail industry, and expected to reach $285.60 billion by 2025. Therefore, the growth of the e-commerce industry is driving the growth of the packaging adhesives market.
Major companies operating in the packaging adhesives market are focused on developing innovative solutions, such as sustainable flexible packaging adhesives, to gain a competitive edge in the market. Sustainable flexible packaging adhesives are eco-friendly adhesives specifically designed for use in flexible packaging applications. For instance, in May 2022, Henkel, a Germany-based chemicals company, launched a new RE range of adhesives and coatings specifically designed for recycling and enabling the creation of sustainable, flexible packaging at the design phase. Loctite Liofol LA 7818 RE/6231 RE and Loctite Liofol LA 7102 RE/6902 RE have been launched under the RE series, which are solvent-free adhesives designed for use in flexible packaging and to enable improved packaging recycling. The systems have also been acknowledged for their recyclability by RecyClass, a broad industry-wide program that promotes the recyclability of plastic packaging and guarantees the traceability and transparency of recycled plastic material in Europe. These ground-breaking solvent-free adhesives underwent rigorous testing in compliance with rigorous scientific methods to obtain RecyClass approval, demonstrating their compatibility with the package recycling procedure.
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Major Key Players of the Market:
BASF SE, The Dow Checimal Company, 3M Company, Henkel AG & Company KGaA, Illinois Tool Works Inc., DowDuPont Inc., Arkema S.A., AkzoNobel N.V., Eastman Chemical Company, Sika AG, Avery Dennison Corporation, Wacker Chemie AG, Huntsman Corporation, H.B. Fuller Company, Ashland Inc., RPM International Inc., Sipchem, Mapei S.p.A., Paramelt B.V., Scott Bader Company Ltd., Beardow Adams Group (Acquired by H.B. Fuller), Dymax Corporation, Adhesives Research Inc., Super Glue Corporation, Jowat SE
Packaging Adhesives Market 2024 Key Insights:
• The packaging adhesives market is expected to grow to $19.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• E-commerce Surge Drives Momentum In Packaging Adhesives Market Growth
• Increasing Focus On Introducing Sustainable Flexible Packaging Adhesives
• North America was the largest region in the packaging adhesives market in 2023
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