In 2023, the global laminating adhesives market was valued at USD 3,785.8 million and is projected to grow to USD 5,661.9 million by 2030, achieving a compound annual growth rate (CAGR) of 6.0% from 2024 to 2030. This growth is driven by rapid advancements in the consumer durables, flexible packaging, e-commerce, and pharmaceutical sectors, as well as increasing urban populations and rising demand for convenient packaging solutions.

In 2023, the Polyurethane segment held the largest market share at 45%. This is largely due to Polyurethane adhesives' exceptional bonding strength, flexibility, and durability. These adhesives offer superior cohesion and maintain strong bonds even at low temperatures, making them suitable for a variety of substrates where other adhesives may fail.

Looking ahead, the solvent-based category is expected to see significant growth, with a projected CAGR of 6.2% during the forecast period. Solvent-based adhesives are valued for their robust resistance to environmental factors and their strong bonding capabilities across diverse substrates, finding applications in medical devices and packaging.

The Asia-Pacific (APAC) region dominated the market in 2023, accounting for over 50% of the global share. This dominance is attributed to the surge in industrial activities in China, India, and Japan, which has spurred an increased demand for flexible packaging solutions and, consequently, laminating adhesives.

Recent advancements in adhesive technology have enabled automotive manufacturers to produce lighter, more fuel-efficient vehicles. As the APAC region's transportation sector expands, driven by rising populations, increased cross-border trade, and higher employment rates, the demand for laminating adhesives in the automotive industry is expected to grow.

Additionally, innovative solventless laminating technologies are being adopted, particularly in India, where the market for rigid packaging adhesives is expanding. As consumers invest more in these products, and with the introduction of greener and more effective solutions, the demand for laminating adhesives is anticipated to rise.

In summary, the rapid growth in consumer durables, flexible packaging, e-commerce, and pharmaceuticals, coupled with the expanding urban population and the increasing demand for user-friendly packaging, are the key drivers fueling the market's expansion.

Source: P&S Intelligence