Solvent-based Laminating Adhesive Market size to rise up to the $2,599.3 Million by 2032 with 6.3% CAGR Over 2023-2032
Solvent-based Laminating Adhesive Market
PORTLAND, OREGON, UNITED STATES, April 16, 2024 /EINPresswire.com/ -- Global solvent-based laminating adhesive market generated $1,412.5 million in 2022, and is anticipated to generate $2,599.3 million by 2032, witnessing a CAGR of 6.3% from 2023 to 2032. The increasing demand for flexible packaging solutions, driven by evolving consumer preferences and sustainability initiatives, is a key factor boosting the rising prominence of solvent-based laminating adhesives in various industries.
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Additionally, the surge in the food and beverage sector, coupled with the adhesive's robust bonding properties and adaptability to diverse packaging formats, is boosting the growth of the solvent-based laminating adhesive market. However, fluctuations in raw material prices, including solvents and chemical components, are anticipated to hamper market growth during the forecast period. On the other hand, the rising emphasis on eco-friendly and sustainable packaging solutions, coupled with continuous research and development efforts by industry players to identify cost-effective materials are expected to unlock growth opportunities in the solvent-based laminating adhesive market.
The Polyethylene Terephthalate (PET) sub-segment dominated the global solvent-based laminating adhesive market share in 2022, holding a major share of 52.7%. The sub-segment is expected to observe significant growth by 2032. This growth is mainly because of the increasing demand for Polyethylene Terephthalate (PET) within the packaging industry due to its versatility and thermoplastic properties, which are majorly contributing to the rising popularity of solvent-based laminating adhesives.
The food packaging sub-segment dominated the market in 2022, holding a major share of 47.0%. This dominance is expected to continue till 2032, growing with a CAGR of 6.7%. This growth is mainly due to the increasing demand for efficiently packaged food products, with consumers favoring convenient and modern packaging solutions, thus driving the adoption of solvent-based laminating adhesives.
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The Asia-Pacific region dominated the global solvent-based laminating adhesive market in 2022, holding a major share of 42.0%. This is mainly due to the continuous industrial expansion, driving an increasing demand for reliable and effective adhesive solutions across diverse sectors such as automotive, electronics, and textiles.
Leading Players in the Solvent-based Laminating Adhesive Market:
Flint Group
Henkel Corporation
Dow Chemical Company
Morchem
3M
H.B. Fuller
COIM Group
Arkema Group
Evonik Industries
Ashland
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The report provides a detailed analysis of the key players of the global Solvent-based laminating adhesive market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Solvent-based Laminating Adhesive Market By Material
Polyethylene Terephthalate (PET)
Others
Solvent-based Laminating Adhesive Market By Application
Food Packaging
Medical and Healthcare
Cosmetic Products
Others
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