Selbyville, Delaware, Dec. 16, 2020 (GLOBE NEWSWIRE) — According to the report published by Global Market Insights Inc., the North America Laminating Adhesives Market size was estimated at $474.3 million in 2019 and is estimated to hit $640 million by 2026, registering a CAGR of 6.6% from 2020 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
Flexible packaging is growing as a result of several lifestyles and other social trends. One of the major trends is its convenience. Flexible packaging offers much greater convenience and ease of use among all packaging. People like to buy products that are easy-to-open and reclosable for use on the go. This situation-based convenience trend underlines the growing importance of functional integration and new solutions such as reclosing, lightweight, and easy-opening packaging; thus, the demand for flexible packaging is increasing rapidly, subsequently driving the laminating adhesives market.
However, the regulations concerning VOC emissions also have a strong impact on the overall laminating adhesives market; thus, rising stringent regulations will create hindrances on the market growth.
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The accelerating usage of solventless laminating adhesives in various end-user industries will augment the North America laminating adhesives market share during the forecast period. Solventless adhesives are 100% active products containing no water or solvent carrier. Laminations contain several layers and are widely used in food packaging applications such as snack foods, high-performance retort, and microwavable packaging.
The other resin segment held more than 12% demand share in 2019. This segment includes other resins such as polyester. This segment will witness modest growth during the forecast period owing to rising end-user industries such as packaging and automotive.
Some major findings of the North America laminating adhesives market report include:
- The North American packaging industry is driven by innovations and shifting consumer preferences toward new packaging solutions
- Solventless will be the second-fastest segment, growing at the rate of 5% from 2020 to 2026. The growing concern regarding VOC content in solvent-based laminating adhesives will be a prime factor behind this trend.
- The polyurethane laminating adhesives will gain a share of 38% in 2026 owing to the high usage of polyurethane laminating adhesives in the packaging industry.
- The industrial segment will observe a growing demand, with a share of 17.45% in the overall laminating adhesives due to the increasing penetration of laminating adhesives in the segment.
- The laminating adhesives market grew in Canada and Mexico, with a demand share of over 17.58% and 9.11%, respectively in 2019. It was due to higher flexible packaging production and consumption in these countries.
In the industrial segment, the demand for laminating adhesives is increasing owing to the product’s promising nature in various end-user industries. Industries, such as industrial fabric, cable wraps, electrical insulation, and solar window film, are witnessing promising growth in North America. The rising demand for solar window film owing to increasing solar power plants will drive the laminating adhesives market in North America.
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The main competitors in the North America laminating adhesives industry are Bostik, BASF, 3M, H.B. Fuller Company, Huber Group, Dowdupont Inc., Ashland Inc., Franklin International, Henkel, Flint Group, Vimasco Corporation, Coim Group, DIC Corporation, Mitsui Chemicals, Sika AG, etc.
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