Packaging Adhesives Market Insights, Leading Players and Forecast Report, 2030

A number of factors, such as the rising preference for sustainable adhesives, increasing penetration of e-commerce platforms, and flourishing food and beverage industry, are expected to drive the packaging adhesives market at a CAGR of 4.6% during the forecast period (2020–2030). The market was valued at $10,426.9 million in 2019, and it is projected to generate $17,137.4 million revenue by 2030. Moreover, the surging use of low-tack adhesives (LTAs) in reclosable applications, on account of their strong adhesion property, offers an ample growth potential for the market.

One of the primary growth drivers for the market is the expanding food and beverage industry owing to the soaring consumption of packaged food across the world. The growing preference for packaged food items can be credited to the surging consumer preference for ready-to-eat food products with a longer shelf life and increasing work pressure. To ensure a longer shelf life, food and beverage companies are using adhesives that can bond the surfaces of containers, pouches, and wrappers even under greasy conditions.

Moreover, the surging preference for sustainable adhesives will catalyze the packaging adhesives market growth worldwide. The escalating public and government environmental consciousness is encouraging e-commerce, food and beverage, consumer goods, and personal care product manufacturers to use environment-friendly materials. To meet the changing needs, market players are developing adhesives that can be easily applied to recycled products. These adhesives assist in reducing the weight of the final products and facilitate their biodegradation. At present, the packaging adhesives market is consolidated with the presence of few players, such as Evonik Industries, Avery Dennison Corporation, Dow Inc., and Arkema Group. In recent years, market players have engaged in geographical expansion and product launches to gain a competitive edge. For example, in November 2019, Evonik Industries unveiled its plans of capacity expansion at its production facility in Darmstadt, Germany. This unit manufactures packaging adhesives for organic dispersions and heat-sealing applications. The company offers adhesives under the brand name DEGALAN, which are primarily used in the food and beverage industry.

The formulation segment of the packaging adhesives market is classified into solid-based, solvent-based, water-based, and others. Under this segment, the water-based category accounted for the largest market share in 2019 owing to the environment-friendly characteristic of water-based packaging adhesives. Unlike solvent-based adhesives, water-based adhesives do not contain volatile organic compounds (VOCs), which have a detrimental effect on the environment and human health. As the uncontrolled emission of VOCs contributes to global warming, end-use industries are shifting toward water-based packaging adhesives.

According to P&S Intelligence, the Far East accounted for the largest share in the packaging adhesives market in 2019 due to the high-volume consumption of such materials in the consumer goods, e-commerce, food and beverage, and personal care industries of China. The flourishing e-commerce sector in Japan and China owing to the heavy discounts and convenience of home delivery is also generating an extensive demand for packaging adhesives across the region.

Thus, the escalating demand for packaged food and a burgeoning need for sustainable adhesives are the major contributors to the market growth.

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