The Packaging Adhesives Market size is estimated to reach US$15.6 billion by 2027, growing at a CAGR of 6.2% during the forecast period 2022-2027. Adhesives are critical components in the paper and packaging industries, including flexible and rigid packaging. The use of packaging adhesives in fruits has increased significantly. Water-based and solvent-based adhesives are the most common types of packaging adhesives. Packaging adhesives are utilized in the packaging of heat-sensitive food items such as chocolates, ice cream, vegetables and others. According to Department for Environment, Food and Rural Affairs, in the UK, in 2020, the value of poultry meat increased by 5.3% to £2.8 billion, up from £2.8 billion in 2019.
Packaging Adhesives Market: Food & Beverages Segment Leads the Market
On the basis of the end-use industry, the Packaging Adhesives market can be segmented into food & beverages, transportation, personal care & cosmetics, electrical & electronics, healthcare, consumer goods and others. During the forecast period 2022-2027, the fruits segment is expected to grow with a CAGR of 22%. With a growing population, consumer demand for food products is expected to rise. As a result, there is an emerging growth in the packaging adhesive segment. According to Department for Environment Food and Rural Affairs, in the UK, the food industry grew by 49.4% between 2009 and 2019.
Packaging Adhesives Market: Asia-Pacific Holds the Largest Share
On the basis of geography, the Packaging Adhesives market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 40% share of the total revenue earned by the market, globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consuming food products. The food & beverages segment is flourishing due to increasing industrial growth, high population and government support policies. According to the China Chain Store & Franchise Association, the food and beverage (F&B) sector in China reached $595 billion in 2019, up by 7.8% from 2018. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030.
The Packaging Adhesives market would also gain demand from the North America region. The U.S. and Canada are emerging as competitive countries in the Packaging Adhesives market.
Packaging Adhesives Market: Competitive Landscape
Key companies holding major shares in the Packaging Adhesives market are Arkema (Bostik), the Dow Chemical Company, Lubrizol Corporation, Henkel AG & Co. KGaA, HB Fuller, 3M Company, Avery Dennison, Huntsman Corporation, Wacker Chemie AG and Jowat AG.
In May 2022, Henkel launched a new RE range of adhesives and coatings which are specifically designed for recycling which enable the creation of sustainable flexible packaging at design phase.
In February 2022, Arkema announced the acquisition of Ashland Inc’s performance adhesives business. Ashland provides pressure-sensitive adhesive for decorative and protection purposes. The company offers a wide range of adhesives for flexible packaging.
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.