The global market share of the lamination adhesives for flexible packaging market in 2016 is estimated at $1.3 billion and this is likely to increase to $2.2 billion by 2024, projected to increase at a CAGR of 6.4% throughout the forecast period (2016–2024). In a new report titled “Lamination Adhesives for Flexible Packaging Market: Global Industry Analysis and Forecast, 2016–2024”, Persistence Market Research throws light on the market growth of lamination adhesives for flexible packaging and identifies key factors and trends impacting this growth.
The global lamination adhesives for flexible packaging market report is categorically split into three sections – based on product type (further segmented into water based, solvent based, solvent less, and heat/cold seal), end use (further segmented into food packaging, medical packaging, industrial packaging, and other end use), and region. The solvent based product type emerges as the dominant segment due to its wide application in multiple industries. This segment is estimated to account for 42.8% of the overall lamination adhesives for flexible packaging market revenue by the end of 2016. However, the segment is anticipated to lose substantial market share to the solvent less segment, owing to an increasing preference of eco-friendly adhesives among end users. The solvent less segment is estimated to witness fastest Y-o-Y growth during the forecast period from 6.0% in 2014 to 8.2% in 2024.
The food packaging segment stands out among all segments owing to the rising demand for packaged foods. The medical packaging segment is forecasted to be the fastest growing end-use segment owing to a high consumer spending in the healthcare sector and is estimated to expand at a significant CAGR of 6.9% during the forecast period. Food packaging is the key segment driving demand for lamination adhesives – over 60% of the overall market demand is generated by the food packaging segment.
By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is anticipated to register a steady Y-o-Y growth from 7.1% in 2014 to 9.0% in 2024. This market alone is estimated to account for over 40% of the global flexible packaging market in terms of value by the end of 2016. Within the Asia Pacific region, the markets in China and India are anticipated to witness maximum Y-o-Y growth across the forecast period. The lamination adhesives for flexible packaging market in North America is expected to increase 1.5X over the forecast period; while the Latin America market is poised to increase 1.6X over the forecast period.