The global lamination adhesives market is driven by the rapid industrialization in end user industries such as automotive and coupled with increasing manufacturing. Increasing lamination adhesives exports to countries in Asia Pacific region such as China, India, Malaysia and Indonesia depicts increasing demand in the region. Population expansion and increasing end-users is projected to drive market demand which in turn is anticipated to augment market growth. Lamination adhesives by type can be classified as solvent borne, solvent less, water borne, radiation curable and combination radiation curable. Lamination adhesives hold substrates together for lamination life and also perform functions which include flame resistance, increased or decreased gas permeability, optical clarity, thermoforming capability, electrical insulation and chemical & heat resistance. Lamination adhesives finds use in end-use industries such as food pouches, pharmaceutical, medical, industrial, agricultural containers, papers & graphics, mold label, instant photograph and frozen food cartons. Increasing demand from aforementioned industries in countries such as China, India and Japan coupled with growing population needs is anticipated to be a key driver for market growth over the forecast period. Flexible packaging and newer lamination adhesives application is expected to complement market growth over the forecast period. Lamination adhesives are used as a raw material by converters producing flexible packaging for consumer durables and pharmaceutical industries. High capital cost and energy consumption is expected to hinder lamination adhesives market growth and pose challenges to industry participants over the forecast period. Time consuming process for bond and cure development is projected to limit market growth and pose challenges to industry participants. Technological advancements & upgradation is expected to create lucrative opportunities for industry participants. Other developments like bio raw material development and innovative techniques for lamination adhesives use in order to reduce costs are expected to create new avenues and yield opportunities to industry participants over the forecast period.
Asia Pacific and Europe are expected to remain dominant and active regional markets and witness significant growth rates for market owing to their emerging and mature market demand. Increasing end-use industry growth such as food packaging industry is expected to drive lamination adhesives demand in Asia Pacific. Increasing number of market participants in vertical market segments coupled with growing production capacity domestically in countries like China, India and Japan is expected to complement market growth in Asia pacific over the forecast period. Emerging economies of Southeast Asia such as Malaysia, Indonesia and Thailand host chemical industry related events globally. This is projected to augment growth in Asia Pacific for lamination adhesives market.
Capacity expansion owing to demand supply gap is expected to be the key strategy adapted by end-product manufacturers, research associations and manufacturing companies for lamination adhesives market over the forecast period. Extensive R&D for existing product innovation and new products with lesser cure time and higher bond strength is anticipated to be another strategy adapted by manufacturers in order to gain market share. Manufacturers are anticipated to make huge investment for lamination techniques which can produce final products with reduced VOC emissions over the forecast period. Partnerships and expansions are expected to be another strategy adapted by end-use industries in order to gain far off geographies market share and increase product visibility. For instance, Dic Group, printing inks and Pigment Company, along with Sun Chemical, its member company recently entered US market and expanded its production in order to cater to globally increasing demand. Key companies operating in global lamination adhesives market include Toyo-Morton Ltd., The Dow Chemical Company, 3M Company, COIM Group, Ashland, Inc., Bostik, H.B. Fuller, Comens New Materials, Henkel, Vimasco Corporation, Flint Group, Coim, L.D. Davis and Bostik.
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