Hyderabad, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The demand for packaging rapidly increased in the last decade with e-commerce growth. The COVID-19 further increased the demand for packaging as the social distancing and isolation has risen the demand for e-commerce goods and services like food delivery, grocery delivery, and other home needs. The trend is expected to continue, and the packaging adhesives market is expected to grow at a CAGR of 5.08% in terms of volume during the period 2022-2028.
In 2022, Asia-pacific was the largest market with 41.6% share of the global adhesives market in terms of volume. China, The United States, India, Germany and Russia constitute the largest adhesives market. Moreover, with the increasing awareness and increasing disposable income countries like China and India are expected to lead the growth in usage of adhesives along with some African nations.
The usage of hot-melt adhesives is expected to grow higher than other technologies due to the usage of advanced adhesives in packaging to make shipping faster and safer. Hareesh opines that the fast-packaging lines are made efficient with the usage of the hot-melt adhesives as they are fast acting with negligible wastage and precise flow without any harmful Volatile organic compounds (VOC) emissions.
Adhesives have promoted precision manufacturing in automotive, electronics and other segments where previous techniques like fasteners and welding have limited the progress. Automotive industry adopted epoxy adhesives for their superior strength due to the usage of new age materials like carbon-fibre composites. The compatibility of adhesives with the new age materials is a huge opportunity for adhesive manufacturers to replace traditional bonding techniques.
Mergers and Acquisitions have been the go-to strategy for past few years for major players. The global players have increased the market share by acquisition of local players. Product innovation has been a long time strategy for companies to acquire market share although it is associated with high costs and dependence on market acceptance and trends. For example, H.B fuller introduced Flextra and Advantra brands for sustainable packaging and 3M has launched new generation silicone, and acrylic adhesives for medical tapes.
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Adhesives Market Report or ask for a more customised report.
