On account of the swift expansion of the e-commerce industry and increasing spending power of people across the globe, the packaging industry has been registering significant growth in the past few years. In addition to this, the growth of the food & beverages industry is also positively affecting the packaging industry. Presently, the demand for packaged foods has risen considerably, which can be ascribed to the shifting preference of people towards ready-to-eat food items that also have a longer shelf life. Such products need to be packaged properly so that the quality of the food is not compromised.
Since adhesives are an important part of packaging sensitive food items, their demand is on the rise as well. According to a report by P&S Intelligence, the global packaging adhesives market is predicted to attain a value of $17,137.4 million by 2030, increasing from $10,426.9 million in 2019, progressing at a 4.6% CAGR during the forecast period (2020–2030). In terms of formulation, packaging adhesives are of three types, namely solid-based, solvent-based, and water-based, out of which, the demand for water-based packaging adhesives was the highest in the past and the situation is expected to remain the same in the near future as well.
This can be attributed to the fact that water-based adhesives are eco-friendly in nature and do not have volatile organic compounds. As the concerns regarding the degrading quality of the environment is growing rapidly, people are increasingly opting for solution which do not cause any harm to the nature. Because of this, adhesives which are suitable for recycled products application are also being developed. These adhesives aid in decreasing the weight of the final product while complying to composability and biodegradability requirements.
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Different resin types that are utilized for making packaging adhesives are polyvinyl acetate, polyamide, acrylic, polyurethane, ethyl vinyl acetate, and rubber. Among all these, the demand for acrylic adhesives was the highest in the past, which is owing to the fact that these adhesives offer various benefits such as high sheer and peel strength, high tensile strength, impact resistance, and high shock resistance. In addition to all this, these adhesives can be cured at room temperature which increases production efficiency. All these packaging adhesives are utilized for tapes & labels, rigid packaging, and flexible packaging, among which, the demand for flexible packaging is expected to increase in the coming years.
This is because of the utilization of films and paper for packaging fast-moving consumer goods, including chips, soaps, and powdered detergents. Geographically, the Far Eastern region is predicted to emerge as the largest packaging adhesives market in the years to come. This is owing to the expansion of the consumer goods manufacturing sector and growth of the e-commerce industry in South Korea, China, and Japan. The e-commerce industry needs packaging adhesives for labelling in high-volume, which is important for product tracing, and in taping for proper delivery of goods.
In conclusion, the demand for packaging adhesives is increasing because of the growth of the e-commerce industry and food & beverages industry.