New York (US), Sept. 07, 2023 (GLOBE NEWSWIRE) -- Packaging Adhesives Market Overview
The study documents by MRFR state that in the “Packaging Adhesives Market Research Report Information by Technology, Region, and Application - Forecast Till 2032”, the Packaging Adhesives market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 3.50%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 20.3 Billion by the end of 2032. As per the reports, the market was priced at almost USD 14.9 Billion in 2022.
Market Scope
The Packaging Adhesives market has recently advanced. The main feature causing a rise in market performance is the rise in the global packaged food and beverage sector. Furthermore, the rising consumer awareness of food safety across developing nations is also believed to be one of the viral aspects boosting the performance of the global market.
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Competitive Analysis
The list of the top leaders across the global Market for Packaging Adhesives includes players such as:
- 3M
- Henkel AG & Co. KGaA
- Arkema Group (Bostik)
- B. Fuller Company
- AVERY DENNISON CORPORATION
- Jowat SE
- Ashland
- Paramelt RMC B.V.
- Dow
- Wacker Chemie AG
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 20.3 Billion |
| Compound Annual Growth Rate (CAGR) | 3.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The food business is using more packaging materials than before. |
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Market USP Covered
Market Drivers
The Packaging Adhesives market has recently advanced. The main feature causing a rise in market performance is the rise in the global packaged food and beverage sector. Furthermore, the rising consumer awareness of food safety across developing nations is also believed to be one of the viral aspects boosting the performance of the global market. In addition, the development of adhesive technologies is also anticipated to enhance the growth of the global market over the coming years.
Market Restraints
On the contrary, various aspects may have a hostile effect on expanding the global market for Packaging Adhesives. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
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COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has impacted public health and caused a severe disruption in almost all kinds of industrial operations. The global market for Packaging Adhesives is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
Segment Analysis
Among all the technologies, the water-based segment secured the leading spot across the global market for packaging adhesives in 2022. Water-based adhesives offer enhanced user and worker safety. They provide a safer working environment during application since they are less dangerous and flammable than solvent-based adhesives. They are also the right choice in hospitals, schools, and residential buildings as they don't generate unpleasant fumes or aromas after application.
Among all the application areas, the folding boxes and cartons category secured the leading spot across the global market for packaging adhesives in 2022. Folding box and carton demand is highly relevant to consumer goods consumption. The demand for a wide variety of consumer goods, such as cosmetics, beverages, food, and household products, likewise increases as the world's population, disposable income, and urbanization all rise.
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Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American region ensured the prime position across the Packaging Adhesives market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Packaging Adhesives market is the continuous innovation and use of cutting-edge packaging technology. Furthermore, the lookout for packaging business in this area for high-performance adhesives capable of supporting specialty applications, including electronics, automotive, and temperature-sensitive goods, is also likely to positively impact the regional market's growth over the coming years.
The European Region is estimated to hold the second position across the Packaging Adhesives market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Packaging Adhesives market is the circular economy and sustainability. Furthermore, the launch of eco-friendly packaging options is also likely to positively impact the growth of the regional market over the coming years.
The Asia-Pacific region will grow at the maximum CAGR across the Packaging Adhesives market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Packaging Adhesives market is the significant economic growth. Furthermore, the escalating demand for packaging adhesives from various sectors, including electronics, food & beverage, and personal care, is also likely to positively impact the growth of the regional market over the coming years.
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