by Packaging adhesives are widely used to bind construction materials including carton boxes, flexible films and rigid plastics that are used in a variety of end-use industries such as food and beverage, personal care, medical devices and consumer goods. The flexibility, durability and cost-effectiveness offered by packaging adhesives make them an ideal choice for bonding packaging components. Various types of packaging adhesives including water-based, solvent-based and hot melt are used depending on the substrate material and bond strength requirements. With the exponential growth of the e-commerce industry globally, the demand for effective and sustainable packaging solutions has increased multifold. This has fueled the growth of the global packaging adhesives market in recent years.
The global Packaging Adhesives Market is estimated to be valued at US$ 9.81 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the key trends witnessed in the global packaging adhesives market is the growing demand for bio-based and sustainable adhesive solutions. With rising environmental awareness and implementation of stringent regulations regarding volatile organic compound emissions, manufacturers are focusing on developing bio-based packaging adhesives using plant-derived resins like starch, proteins and polyols. These green adhesives offer comparable performance to traditional petroleum-based adhesives and help brands promote their sustainability credentials. Innovation in adhesive technologies to improve adhesion properties, reduce curing times and lower energy consumption during manufacturing is also propelling the market forward.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high capital investments to set up manufacturing plants for packaging adhesives. However, low differentiation in products provides opportunity for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as packaging adhesives have many substitutes available. Buyers can switch to alternative adhesive products easily if pricing is unfavorable.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used for manufacturing packaging adhesives such as epoxy and acrylate are available from multiple suppliers globally.
Threat of new substitutes: The threat of substitutes is high as alternative products like glue, tape provide substitutes. However, adhesive properties of substitutes may not match packaging needs.
Competitive rivalry: The competitive rivalry is high owing to presence of many domestic and international players operating in the market. Players compete based on product functionality, reliability, pricing and customer relationship.
Key Takeaways
The global Packaging Adhesives Market Growth is expected to witness high growth over the forecast period. The global Packaging Adhesives Market is estimated to be valued at US$ 9.81 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the market owing to high demand from food & beverage packaging industry in countries like China and India. Availability of raw materials and low labor costs are driving the market growth in the Asia Pacific region. Europe and North America are also significant markets for packaging adhesives due to high demand from food, healthcare and other industries.
Key players:
Key players operating in the packaging adhesives market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, ABASSCO. Players are focusing on new product launches and capacity expansions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
