|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
488.75 Million
|
|
CAGR
(2023-2028)
|
4.18%
|
|
Fastest
Growing Segment
|
Food
Packaging
|
|
Largest
Market
|
Asia
Pacific
|
Market Overview
Global
Solventless Laminating Adhesive Market has valued at USD 488.75 million in 2022
and is anticipated to project robust growth in the forecast period with a CAGR
of 4.18% through 2028.
Solventless
laminating adhesives have gained significant prominence in various industries
due to their eco-friendly nature, versatility, and exceptional bonding
properties. Solventless laminating adhesives represent a vital segment of the
adhesive industry, finding extensive use in packaging, automotive, aerospace,
and flexible electronics, among other sectors. Unlike solvent-based adhesives,
solventless laminating adhesives do not contain volatile organic compounds
(VOCs), making them environmentally friendly and compliant with stringent
regulatory standards. This characteristic, along with their exceptional bonding
strength, has fueled their adoption across various applications.
Growing
environmental concerns and strict regulations related to VOC emissions have led
industries to shift towards eco-friendly adhesive solutions. Solventless
laminating adhesives, being solvent-free, align perfectly with sustainability
goals. The packaging industry is a major driver of the solventless laminating
adhesive market. As consumer preferences evolve, there is a demand for
innovative and sustainable packaging materials, driving the adoption of
solventless adhesives in flexible packaging and labels.
With
stringent food safety requirements, the food and beverage industry rely on safe
and non-toxic materials. Solventless laminating adhesives are considered a
safer choice for food packaging due to their absence of harmful emissions. The
expanding market for flexible electronics, including wearable devices and
flexible displays, has created opportunities for solventless laminating
adhesives. These adhesives enable the assembly of thin, lightweight electronic
components without compromising performance. In the automotive sector, where
weight reduction is a key focus for improved fuel efficiency, solventless
laminating adhesives play a crucial role in bonding lightweight materials and
composites.
Manufacturers
are investing in research and development to enhance the performance of
solventless laminating adhesives, making them suitable for even more demanding
applications. This includes improving curing processes, adhesion to diverse substrates,
and heat resistance. Industries increasingly seek tailor-made adhesive
solutions to meet specific requirements. Customized solventless laminating
adhesives are gaining popularity, ensuring compatibility with unique substrates
and performance criteria.
The
rise of digital printing in packaging has driven the need for solventless
adhesives compatible with digital printing processes, ensuring high-quality
graphics and labels. The booming e-commerce industry demands robust packaging
solutions. Solventless laminating adhesives are favored for their ability to
provide durable and secure packaging for shipped products.
The
equipment required for solventless lamination can be expensive, posing a
challenge for smaller manufacturers looking to enter the market. The
application process of solventless laminating adhesives requires precision and
expertise, potentially limiting adoption in industries with less experienced
operators.
The
global solventless laminating adhesive market continues to grow, driven by the
imperative for environmentally sustainable solutions, advances in packaging
technology, and the evolving needs of various industries. As adhesive
manufacturers continue to innovate and adapt to market demands, solventless
laminating adhesives are poised to play an increasingly pivotal role in a wide
range of applications, contributing to eco-friendly and high-performance
bonding solutions. Researchers, manufacturers, and industry stakeholders should
closely monitor this market's developments and opportunities as it continues to
expand and diversify.
Key Market Drivers
Growing
demand for flexible packaging is major factor for Solventless Laminating Adhesive Market Growth
Flexible
packaging has become increasingly popular across a wide range of industries due
to its versatility, sustainability, and consumer appeal. As a result, the
global solventless laminating adhesive market is experiencing significant
growth, driven by the surging demand for flexible packaging solutions.
Flexible
packaging, characterized by materials such as films, pouches, and bags, offers
several advantages over traditional rigid packaging. It is lightweight,
cost-effective, and customizable, making it an attractive choice for both
manufacturers and consumers. Flexible packaging also extends product shelf
life, reduces waste, and enhances convenience, factors that resonate with
today's environmentally conscious consumers.
Consumers
are increasingly gravitating towards products that are easy to use, portable,
and environmentally friendly. Flexible packaging meets these criteria, aligning
with changing consumer preferences. The food and beverage industry is a major
driver for flexible packaging. With consumers seeking convenient, on-the-go
options and a desire for extended product freshness, manufacturers are turning
to flexible packaging to meet these demands.
The
surge in e-commerce activities has created a need for packaging that can
protect products during transit while also offering an engaging unboxing
experience. Flexible packaging's adaptability makes it an ideal choice for
e-commerce shipments. Increasing environmental awareness has led to a shift
away from single-use plastics and non-recyclable materials. Flexible packaging
materials, when combined with solventless laminating adhesives, offer
sustainable and recyclable solutions.
Solventless
laminating adhesives are integral to the flexible packaging industry. They
provide the bonding strength required to create multi-layered structures that
protect and preserve the contents.
Solventless
laminating adhesives are free of volatile organic compounds (VOCs),
contributing to sustainable and eco-friendly packaging solutions. They offer
exceptional bonding properties, ensuring that the various layers of flexible
packaging materials adhere securely to each other.
Solventless
laminating adhesives can be formulated to provide barrier properties that
protect contents from moisture, oxygen, and other external factors. These
adhesives are versatile and can be used with a variety of flexible packaging
materials, including films, foils, and paper.
The
global solventless laminating adhesive market is witnessing robust growth due
to the expanding adoption of flexible packaging across industries. Rapid
urbanization and changing lifestyles in emerging markets, particularly in
Asia-Pacific and Latin America, are driving increased consumption of packaged
goods, boosting the demand for flexible packaging. Manufacturers of solventless
laminating adhesives are continually innovating to develop formulations that
meet evolving industry requirements, such as enhanced heat resistance and
faster curing times.
Stringent
environmental regulations and a growing emphasis on sustainable packaging
solutions are favoring the use of solventless laminating adhesives, which align
with these requirements. Industries are increasingly seeking customized
packaging solutions to differentiate their products in the market. Solventless
laminating adhesives offer the flexibility needed to create unique packaging designs.
Therefore,
the global solventless laminating adhesive market is inextricably linked to the
growing demand for flexible packaging. As consumer preferences evolve,
industries seek sustainable and convenient packaging options, which flexible
packaging, enabled by solventless laminating adhesives, can provide. This trend
is expected to continue, fostering market growth and encouraging further
innovation in adhesive technology to meet the diverse needs of various
industries.
Increasing
Use of Solventless Laminating Adhesive in the Electrical & Electronics
Industry Drives the Demand for Solventless
Laminating Adhesive
High-temperature
sealants are engineered to deliver exceptional performance in environments with
extreme heat. These specialized sealants offer a durable, weather-resistant
seal with superior adhesion, flexibility, and longevity. They exhibit
versatility by adhering effectively to a wide range of common building
materials, remaining flexible even when exposed to varying temperatures and
substrates.
In
the electrical and electronics industry, high-temperature sealants find
extensive use across various applications. These include printed circuit
boards, semiconductor bonding, pyrolytically deposited films, microelectronic substrates,
electrical connectors, high-power resistors, and ceramic-filled cartridge
heaters. Their adaptability to diverse electronic components and systems
underscores their significance in this sector.
India
has taken a significant step in advancing its electronics industry with the
approval of the National Policy on Electronics 2019. This policy aims to
elevate the Electronics System Design and Manufacturing (ESDM) sector in India,
targeting a substantial turnover of USD 400 billion in domestic electronics
manufacturing by 2025. This strategic initiative is poised to bolster the
demand for high-temperature sealants in the country.
Furthermore,
global sales of semiconductors, as estimated by WSTS, are projected to
experience a substantial increase of approximately 5.4% in 2020. This growth in
the semiconductor industry creates a favorable environment for the
high-temperature sealant market, particularly in applications related to
electronics and semiconductor manufacturing.
Given
the expanding applications of high-temperature sealants in the electrical and
electronics sector, particularly in regions like Asia-Pacific and North
America, there is a strong anticipation of increased demand for these
specialized sealants over the forecast period. This growth aligns with the
evolving technological landscape and the drive for improved performance and
durability in electronic systems.
Increasing
demand for sustainable packaging
The
global packaging industry is undergoing a transformation driven by evolving
consumer preferences, environmental consciousness, and sustainability goals.
Within this context, the demand for sustainable packaging solutions is on the
rise, and it is serving as a significant driver for the global solventless
laminating adhesive market.
Sustainability
has become a central theme in consumer choices and corporate strategies. As
consumers become more aware of the environmental impact of packaging materials,
there is a growing preference for eco-friendly and sustainable packaging
options. This shift is prompting industries to seek packaging solutions that
reduce waste, carbon footprint, and reliance on non-recyclable materials.
An
increasingly informed and environmentally conscious consumer base is driving
the demand for packaging that aligns with sustainable practices. Consumers now
actively seek products in packaging that is recyclable, biodegradable, and
minimizes waste. Governments and regulatory bodies worldwide are introducing
stringent measures to reduce plastic waste and promote sustainable packaging
solutions. This has led industries to explore alternatives that comply with
these regulations. Many companies are
adopting sustainability as a core value and a part of their corporate social
responsibility. They are committed to reducing the environmental impact of
their products, including the packaging they use.
Solventless
laminating adhesives play a pivotal role in achieving sustainable packaging
solutions.
Solventless
laminating adhesives are inherently free of volatile organic compounds (VOCs),
which are harmful to the environment. This aligns with the eco-friendly goals
of sustainable packaging. Packaging materials bonded with solventless
laminating adhesives can often be easily separated and recycled, contributing
to the circular economy and reducing waste. Solventless laminating adhesives
can be applied to a variety of eco-friendly packaging materials, such as
recycled papers, biodegradable films, and compostable substrates. Sustainable
packaging should not compromise durability. Solventless laminating adhesives
offer excellent bonding strength, ensuring that the packaging maintains its
integrity throughout its lifecycle.
The
global solventless laminating adhesive market is experiencing robust growth due
to the escalating demand for sustainable packaging. As sustainability becomes a
more significant factor in purchasing decisions, industries are compelled to
adopt sustainable packaging solutions, driving the demand for solventless
laminating adhesives. Adhesive manufacturers are continuously innovating to
develop solventless laminating adhesive formulations that meet the specific
requirements of sustainable packaging, including composability and
biodegradability. The concept of a
circular economy, where materials are reused and recycled, is gaining momentum.
Solventless laminating adhesives fit seamlessly into this model by facilitating
the recycling of packaging materials. International efforts to reduce plastic
waste and promote sustainable packaging solutions are further propelling the
adoption of solventless laminating adhesives.
Hence,
the global solventless laminating adhesive market is inextricably linked to the
growing demand for sustainable packaging solutions. As industries strive to
meet sustainability goals and consumer expectations, the role of these
adhesives in creating eco-friendly packaging becomes increasingly significant.
This trend not only fosters market growth but also promotes a more
environmentally responsible approach to packaging in industries around the
world.
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Key Market
Challenges
More
Expensive than Solvent-Based Laminating Adhesives
The
relatively higher cost of solventless laminating adhesives compared to
solvent-based alternatives poses a significant obstacle to the growth of the
global solventless laminating adhesive market. While solventless adhesives
offer numerous advantages such as environmental friendliness, enhanced safety,
and improved product quality, their initial cost can deter some manufacturers
from adopting them.
Many
businesses, especially smaller ones with tight budgets, may find the initial
investment in solventless laminating adhesives prohibitive. Additionally, the
transition from solvent-based to solventless adhesives may require equipment
modifications or upgrades, adding to the overall implementation cost.
However,
it's essential to note that the higher upfront cost of solventless adhesives is
often offset by long-term benefits such as reduced solvent handling expenses,
improved workplace safety, and compliance with environmental regulations. As
awareness of these advantages grows and economies of scale come into play, the
cost barrier may gradually diminish, promoting further adoption of solventless
laminating adhesives in the market.
Lack
of Awareness
The
lack of awareness regarding the substantial benefits of solventless laminating
adhesives among certain users is a significant impediment to the widespread
adoption of these advanced adhesive solutions, ultimately hindering the growth
of the global solventless laminating adhesive market. In some markets and
industries, traditional practices and established preferences for solvent-based
adhesives persist, primarily due to a limited understanding of the advantages
offered by solventless alternatives.
These
benefits include environmental friendliness, reduced exposure to volatile
organic compounds (VOCs), enhanced safety for workers, improved product
quality, and compliance with stringent regulatory standards. However, without
proper education and awareness initiatives, potential users may remain
reluctant to explore and invest in solventless laminating adhesives.
Overcoming
this awareness gap is crucial for the market's growth. Manufacturers and
industry stakeholders should actively engage in educational campaigns and
provide comprehensive information to potential users, highlighting the
long-term advantages and sustainability aspects of solventless laminating
adhesives. As knowledge spreads and misconceptions are dispelled, the market's
expansion is likely to gain momentum.
Key Market Trends
Growing
Demand for Water-Based Solventless Laminating Adhesives
The
increasing demand for water-based solventless laminating adhesives stands as a
pivotal trend driving the growth of the global solventless laminating adhesive
market. Water-based formulations have gained prominence due to their
eco-friendliness, reduced emissions, and compliance with stringent
environmental regulations. This trend is particularly significant in industries
where sustainability is a paramount concern, such as food packaging, where
avoiding volatile organic compounds (VOCs) and ensuring product safety are
critical.
Water-based
solventless laminating adhesives offer several advantages, including low odor,
improved workplace safety, and compatibility with various substrates. These
adhesives address both the need for performance and the call for environmental
responsibility, making them a preferred choice among manufacturers looking to
align with sustainability goals.
As
the awareness of these benefits continues to grow and environmental
considerations become increasingly central to decision-making in industries
worldwide, the demand for water-based solventless laminating adhesives is
expected to surge, further propelling the growth of the global market.
Manufacturers are likely to invest in research and development to expand their
water-based adhesive offerings to cater to this burgeoning demand.
Increasing
adoption of solventless laminating adhesives in new applications
The
rising adoption of solventless laminating adhesives in new and diverse
applications is a pivotal trend shaping the growth trajectory of the global
solventless laminating adhesive market. Traditionally, these adhesives found
extensive use in the packaging industry. However, their exceptional performance
characteristics, including environmental friendliness, superior bonding strength,
and versatility, have sparked interest in various other industries.
Solventless
laminating adhesives are now venturing into non-traditional sectors, such as
automotive, electronics, healthcare, and construction, due to their ability to
meet evolving application-specific requirements. For instance, in the
automotive sector, where lightweight materials and durability are essential,
solventless adhesives are being employed for bonding composites and
high-performance components. Similarly, in electronics, these adhesives are
used for semiconductor bonding and flexible circuitry assembly.
This
diversification of applications not only expands the market's scope but also
underscores the versatility and adaptability of solventless laminating
adhesives, making them a preferred choice for manufacturers seeking
high-performance solutions in an array of industries. As these adhesives
continue to find new applications, their market growth is poised to accelerate.
Segmental Insights
Chemistry
Insights
Based
on type, the Isocyanate-Based Solventless Laminating Adhesives segment emerged
as the dominant player in the global market for Solventless Laminating Adhesive
in 2022. Isocyanate-based adhesives are
known for their exceptional bonding strength, chemical resistance, and
durability. They are often favored in applications where robust adhesion to
various substrates, such as metalized films and foil, is crucial. Industries
like automotive and flexible packaging may prefer Isocyanate-based adhesives
for their ability to provide secure and long-lasting bonds, contributing to
product performance and shelf-life preservation.
Polyol-based
adhesives, on the other hand, are valued for their flexibility, heat
resistance, and compatibility with a wide range of substrates, including
plastic films and paper. They are often chosen in applications where
flexibility and conformability are essential, such as in the production of
flexible packaging materials. Polyol-based adhesives may also be favored in
applications with stringent regulatory requirements, where their lower
emissions of volatile organic compounds (VOCs) align with sustainability goals.
Application
Insights
The
food packaging segment is projected to experience rapid growth during the
forecast period. Food packaging is a critical application area for solventless
laminating adhesives. Consumers prioritize food safety, freshness, and
sustainability. Solventless laminating adhesives are well-suited to meet these
requirements, as they provide secure and airtight seals that preserve the
quality of packaged food products. Additionally, they are often preferred in
applications involving microwaveable or heat-sealed food packaging due to their
resistance to heat.
Beverage
packaging is another significant segment, especially in the context of bottled
beverages, juice pouches, and flexible drink containers. Solventless laminating
adhesives offer excellent barrier properties, which are crucial for preventing
moisture and oxygen ingress that can affect the taste and quality of beverages.
As the beverage industry continues to innovate with new packaging formats and
materials, solventless adhesives may play a dominant role in ensuring product integrity.
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Regional Insights
The Asia-Pacific region has firmly
established its dominance in the global market share of laminating adhesives.
This supremacy can be attributed to the burgeoning manufacturing activities and
a growing requirement for flexible packaging in countries like China, India,
and Japan.
Asia-Pacific stands as the largest
consumer within the packaging industry, primarily driven by the substantial
demand for food in major economies such as China, India, and Japan. China,
although a late entrant into the packaging sector, has witnessed remarkable
growth over the decades, owing to factors like a burgeoning middle-class
population, improved supply-chain systems, and the emergence of e-commerce
activities.
The growth of the packaging industry in
China is further propelled by heightened attention to food safety and quality,
particularly in the post-pandemic era. This renewed focus is expected to boost
the food processing industry, subsequently driving down the demand for
packaging in the years to come.
India, another significant consumer of
packaged foods and beverages, anticipates substantial growth in its packaging
industry, with projections from the Packaging Industry Association of India
(PIAI) indicating a 22% growth during the forecast period. The demand for
frozen foods in India is also projected to witness approximately 17% growth in
the coming years. Additionally, with the Indian government's emphasis on the
food processing sector, there is an expected surge in the supply of processed
agri-foods, which is likely to stimulate demand for the packaging industry and,
consequently, contribute to the growth of the laminating adhesives market. Given
these factors and the supportive stance of governments, the Asia-Pacific region
is poised to witness a significant surge in laminating adhesives consumption
during the forecast period.
Recent Developments
- In
2022, Toyo-Morton, Ltd., the largest laminating adhesive manufacturer in Japan,
introduced the ECOAD series, a novel range of solvent-free polyurethane
laminating adhesive systems. These innovative adhesive systems are designed to
cater to the needs of the food packaging and industrial sectors, with a primary
focus on the Asian market.
- In
2022, Toyo-Morton, Ltd. unveiled the Ecoad EA-B3860/EA-B1290 adhesive, a
high-solids solvent-based formulation specifically engineered for the dry
lamination of multi-layered films utilized in flexible packaging structures.
This development represents a significant advancement in adhesive technology
for packaging applications.
Key Market Players
- Ashland Inc
- Dow
Inc
- Songwon International AG
- Bostik SA
- Morchem SA
- DIC
Corp
- ACTEGA
Kelstar, Inc.
- Toyochem
Co Ltd
- Toyo-Morton
Ltd
- BASF
SE
|
By Type
|
By Application
|
By Region
|
|
|
- Food Packaging
- Beverage Packaging
- Others
|
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
|
Report
Scope:
In
this report, the Global Solventless
Laminating Adhesive Market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- Solventless Laminating Adhesive Market, By Type:
o
Isocyanate
o
Polyol
- Solventless Laminating Adhesive Market, By Application:
o
Food Packaging
o
Beverage Packaging
o
Others
- Solventless Laminating Adhesive Market, By Region:
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Global Solventless Laminating Adhesive Market.
Available
Customizations:
Global
Solventless Laminating Adhesive market report with the given market
data, Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
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Solventless Laminating Adhesive Market is an upcoming report to be released
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