Lamination adhesives are extensively used to bind different plastic films and aluminum foils to form flexible laminate structures used in food packaging, medical packaging and other industrial packaging applications. Lamination adhesives offer benefits such as barrier protection, handling strength and durability along with providing a sustainable and recycled packaging solution. The growing demand for flexible packaging from food and pharma industries driven by need for consumer convenience and requirement of lightweight and sustainable packaging is fueling the demand for lamination adhesives.
The global Lamination Adhesives For Flexible Packaging Market is estimated to be valued at US$ 2.88 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The key opportunity for growth in lamination adhesives for flexible packaging market lies in the increasing shift towards sustainable packaging solutions. Regulatory push for recycled and reuse of packaging materials along with growing consumer preference for eco-friendly packaging is compelling brand owners to invest in renewable and biodegradable flexible packaging materials. Lamination adhesives derived from renewable plant-based sources like soy and corn compatible with recycled flexible packaging substrates offer an environment friendly adhesive solution. The ability of plant-based lamination adhesives to provide strong bonds and barrier protection equivalent to conventional adhesives coupled with sustainability credentials is boosting their demand. The lamination adhesive manufacturers are investing in new bio-based adhesive technologies to leverage the opportunity arising from rising need of sustainable flexible packaging globally.
Porter's Analysis
Threat of new entrants: Low capital requirements allow for easy market entry however established brand loyalty and requirements for scale give existing players competitive advantages.
Bargaining power of buyers: Large adhesive buyers in the flexible packaging industry such as food and beverage companies possess significant bargaining power due to the fragmented nature and number of adhesive suppliers.
Bargaining power of suppliers: Adhesive raw material suppliers possess moderate bargaining power due to technical switching costs and requirements.
Threat of new substitutes: New adhesive technologies with better characteristics pose a minor threat as most laminates require customized adhesive solutions.
Competitive rivalry: Intense competition exists among adhesive suppliers on cost, quality, reliability and innovation resulting in competitive pressures.
SWOT Analysis
Strengths: Wide applicability in food, pharmaceutical and various other end-use industries leads to steady demand. Flexible nature of packaging adheres well to the adhesive.
Weaknesses: Regulatory compliance and sustainability standards increases production costs. Dependency on petroleum-based raw materials exposes to crude oil price fluctuations.
Opportunities: Growth in e-commerce expanding demand for laminated pouches and bags. Developing nations industrialization driving packaging consumption.
Threats: Stringent environmental regulations around plastic and adhesive waste disposal. Competition from substitute packaging types like pouches or stand-up pouches.
Key Takeaways
The Global Lamination Adhesives For Flexible Packaging Market Growth is expected to witness high led by Asia Pacific region.
Rapid industrialization and growing consumer goods sector in China, India along with other Association of Southeast Asian Nations (ASEAN) countries is driving flexible packaging consumption. Food packaging dominates adhesive demand owing to huge ready-to-eat and prepared food sectors.
Key players operating in the lamination adhesives market for flexible packaging are Leica Biosystems Nussloch GmbH, Olympus Corporation, F. Hoffmann-La Roche Ltd., Merck KGaA, GE Healthcare. These players are focusing on developing more sustainable and eco-friendly adhesive solutions to comply with changing regulatory landscape.
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