Lamination adhesives are extensively used in flexible packaging applications to bond flexible laminates and provide strength, barrier properties and printing surfaces to packaging. Flexible packaging provides advantages including light weight, cost effectiveness, ease of handling and transport, reusability and sustainability. Food & beverages segment holds major share in flexible packaging demand attributed to increasing demand for convenience foods and ready-to-eat meals. Changing lifestyle and busy schedule of consumers is fueling demand for packaged and ready-to-eat food products worldwide which is driving the global lamination adhesives for flexible packaging market.

The global lamination adhesives for flexible packaging market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing demand for sustainable flexible packaging is expected to drive the global lamination adhesives for flexible packaging market during the forecast period. Manufacturers are focusing on development of bio-based and recyclable flexible packaging solutions to cater growing demand for sustainable packaging from brand owners. Flexible packaging manufacturers are incorporating post-consumer resins and using renewable resources such as sugarcane, trees and agricultural byproducts to manufacture packaging solutions with reduced carbon footprint. This is increasing demand for bio-based lamination adhesives that can be recycled and contribute to circular economy. Another key driver is increasing consumption of ready meals, snacks and smaller pack sizes among consumers which is propelling demand for flexible packaging and lamination adhesives.

Segment Analysis

The lamination adhesives for flexible packaging market can be segmented into water-based adhesives and solvent-based adhesives. Water-based adhesives dominate the market as they have lower VOC emissions and are safer and environment-friendly compared to solvent-based adhesives. Also, water-based adhesives have high bonding strength for packaging films and papers.

PEST Analysis

Political: Packaging regulations are getting stricter regarding the use of solvents and VOCs in adhesive formulations due to environmental concerns. This favors the growth of water-based adhesives.
Economic: Rising disposable incomes are increasing the demand for conveniently packaged food and consumer goods. This drives the need for flexible packaging.
Social: The busy lifestyles of consumers result in higher demand for packaged food that can be easily transported and stored. Flexible packaging caters to this need.
Technological: Developments in adhesive technologies help manufacturers offer high performance water-based lamination adhesives for flexible packaging of various materials while meeting sustainability goals.

Key Takeaways

The global Lamination Adhesives For Flexible Packaging Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by the expanding flexible packaging industry.

Regionally, Asia Pacific dominates others and is expected to maintain its lead position during the forecast period driven by strong demand from countries like China and India having large consumer packaged goods sectors.

Key players operating in the lamination adhesives for flexible packaging market are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma Ltd., Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides Pharma Science Limited, and Unichem Laboratories. These manufacturers are focused on developing sustainable water-based adhesive offerings and expanding geographically especially in emerging Asian markets

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