North America Laminating Adhesives Market size to exceed $640 Mn by 2026
Published Date: December 11, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the North America Laminating Adhesives Market size is likely to exceed USD 640 million by 2026. Rising population in the region along with stable economy has been the major supportive factor for laminating adhesives growth in North America
The North America laminating adhesives market is expected to grow strongly owing to the growing demand for flexible packaging solutions from end-user industries along with the rising demand for composites in the region. The demand for laminating adhesives is growing with the increasing consumption of flexible packaging in multiple end-user industries, especially the food & beverage industry.
Surging product use in flexible packaging applications is projected to strengthen the product development
The demand for flexible packaging is growing at an impressive rate, mostly driven by shifting consumer preferences toward new attractive packages, easy use, sustainability, and environmentally conscientious ideals. As these preferences continue to change and move throughout the globe, market players can expect the flexible packaging space to continuously evolve and increase in complexity, thus driving the demand for laminating adhesives.
Furthermore, the North America laminating adhesives market growth will be motivated by a sense of security & safety, high functionality, environmental-friendliness, cost reduction, stable quality, and technical service.
The North America market has a tremendous potential for growth as the region has a strong presence of end-user industries such as automotive, industrial, and packaging. The North America flexible segment holds more than 26% share in the North America packaging market. The growth in flexible packaging will have a very significant impact on the overall market growth as flexible packaging uses laminating adhesives in major portions.
However, the staggering ramifications of the COVID-19 pandemic have affected each and every industry, either directly or indirectly. Every other industry has suffered from losses incurred by the after-effects of the pandemic. The lamination adhesives market is no exception as the growth of the industry largely depends on the performance of end-user industries such as packaging and automotive.
The COVID-19 pandemic has affected businesses in regions such as the U.S., Mexico, and Canada, from early 2020, that has negatively affected the North America laminating adhesives market growth.
Browse key industry insights spread across 160 pages with 82 market data tables & 36 figures & charts from the report, “North America Laminating Adhesives Market By Technology (Solvent-based, Solventless, Water-based), By Resin (Polyurethane, Acrylic) By End-User (Packaging, Industrial, Automotive & Transportation), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Solvent-based laminating adhesives will demonstrate a substantial market share in the coming years
Solvent-based lamination adhesives are applied in various end-user industries including packaging, automotive, aerospace, industrial, etc., and are expected to garner a market share of over 25% by 2026. However, they are primarily used in packaging applications in healthcare, food, and other industries such a FMCG. Solvent-based laminating adhesives have high bonding strength and anti-contaminant factors. Superior properties, such as high bond strength and lesser cure time along with lower emission, are driving solvent-based laminating adhesives growth.
The growth of solvent-based laminating adhesives is likely to be driven by the growing food packaging industry in North America. Furthermore, the extensive use of solvent-based laminating adhesives while packaging shampoo, edible oils, soaps, and other FMCG products will solidify the North America laminating adhesives market growth in the coming years.
Polyurethane laminating adhesives are likely to grow at a substantial growth rate in the near future
Polyurethane-based laminating adhesives offer numerous processing and performance advantages in applications, growing at a CAGR of over 6.5% through 2026. Polyether or polyester polyurethane laminating adhesives can be solvent-based, water-based or solventless. Polyurethane adhesives are increasingly used in food packaging applications.
The rising demand for flexible packaging from the food & beverage industry will drive product polyurethane laminating adhesives demand. Furthermore, product innovations in polyurethane adhesives will also create lucrative opportunities for industry stakeholders in coming years.
Product utilization from the automotive & transportation sector is anticipated to surge by 2026
The North America automotive industry is led by the U.S. owing to the higher per capita car ownership and strong demand for automotive. The region has a large number of automakers, marketing various types of automobiles. The automotive industry has been witnessing a very strong growth in North America for several decades. The growth is highly motivated due to strong economy, high disposable income, and positive social, economic & geographical environment for the industry.
However, the automotive industry in North America is going through some challenges as the demand declined in past years. In 2019, trade war with China affected the supply chain of parts. New technological inventions, such as driverless vehicles, and the preferences of millennial and Gen Z consumers will drive the future demand.
The major key players present in the North America laminating adhesives industry are Huber Group, BASF, 3M, H.B. Fuller Company, Franklin International, Ashland Inc., Bostik, Dowdupont Inc., Henkel, Flint Group, Vimasco Corporation, Coim Group, Sika AG, Mitsui Chemicals., DIC Corporation, etc.