Packaging Adhesives Market worth $18.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

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Jun 26, 2023, 03:00 ET

CHICAGO, June 26, 2023 /PRNewswire/ -- The report "Packaging Adhesives Market by Resin Type (Polyurethane, Acrylics, PVA), Technology (Solvent-based, Water-Based, Hot-Melt), Application (Case & Carton, Corrugated Packaging, Labeling, Flexible Packaging, Folding Cartons), and Region - Global Forecast to 2028", exhibits high growth potential and is projected to reach a market size of USD 18.6 billion by 2028 from USD 15.3 billion in 2022, at a CAGR of 3.2%. One of the largest markets for packaging adhesives worldwide is the North America. The market has been growing as a result of increased packaged products consumption, e-commerce expansion, expanded manufacturing, and the demand for creative and environmentally friendly packaging solutions.

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PVA, by resin type segment is expected to hold largest share of the packaging adhesives market during the forecasted period.

In terms of market share for packaging adhesives overall, polyvinyl acetate (PVA) resin held the largest share. PVA is a synthetic polymer with superior adhesive capabilities. A number of packing materials, including paper, cardboard, and various plastics, can be adhered to with PVA-based adhesives due to their strong bonding, flexibility, and adhesion properties. It works well with porous materials including cardboard, leather, paper, and wood. Packaging adhesives made from polyvinyl acetate (PVA) are frequently used because of their adaptability, non-toxicity, quick drying time, high level of adhesion, and ease of use. They are affordable alternatives for various packaging materials and offer reliable bonding for a variety of packaging materials.

Water-based, by technology segment hold the largest growing segment in overall packaging adhesives market during forecast period.

Water based technology holds the largest share in terms of value and volume in overall packaging adhesives market. Due to their many advantages over alternative adhesive formulations, water-based packaging adhesives have grown in popularity. Water-based technology is gaining popularity among makers of packaging adhesives as a result of growing environmental concerns and higher VOC requirements, which are a result of the packaging industry's increasing need for food packaging, consumer products packaging, and industrial goods packaging. Due to this, demand for water-based packaging adhesives has surged.

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Corrugated packaging to account a largest share of the global packaging adhesives market during the forecast period.

The largest market for packaging adhesives is corrugated packaging. Due to the increasing demand for packaged food goods, this market sector is anticipated to dominate the entire packaging adhesives industry. Corrugated cartons include multiple layers of materials instead than cardboard, which only comprises a single sheet. The three layers of corrugated that make up a corrugated box are the interior liner, outside liner, and fluted medium that lies between the two. Opportunities exist for corrugated packaging due to the rising need for packaging adhesives in the industry.

Asia Pacific region to register second fastest growth in packaging adhesives market during forecasted period.

Asia Pacific is second fastest growing market and is likely to continue in the foreseeable future. The expansion is ascribed to the substantial demand from the growing packaging and e-commerce industries. The market has been growing as a result of increased packaged products consumption, online shopping, widened manufacturing, and the demand for creative and environmentally friendly packaging. The need for packaged food, beverages, personal care items, and other consumer goods has increased due to the region's expanding population, rising disposable income, and changing lifestyle, which has raised the demand for packaging adhesives.

The markets in Asia Pacific is in the growth phase, where manufacturers compete with each other with very similar product offerings. The growth in the developing countries and increasing demand for sustainable products in these countries is expected to drive the market, globally, during the forecast period.

Henkel AG (Germany), 3M (US), H.B. Fuller (US), The Dow Chemical Company (US), Arkema S.A. (France), Avery Dennison Corporation (US), Sika AG (Switzerland), Wacker Chemie AG (Germany), DIC Corporation (Japan), DuPont (US), are the key players in the global packaging adhesives market.

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