Packaging Adhesives Market, Global Forecast to 2028
The global packaging adhesives market was valued at USD 15.3 billion in 2022 and is projected to reach USD 18.6 billion by 2028, growing at a cagr 3.2% from 2023 to 2028. The PVA, by resin segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for packaging adhesives.
Drivers: Growth in packaging industry
Due to factors such as rising population, urbanisation, and shifting customer preferences, the packaging sector is steadily expanding. The need for packaging adhesives to assemble and seal the packaging materials grows as more products are packaged. The packaging industry is experiencing steady growth due to factors such as increasing population, urbanization, and changing consumer preferences. As more products are packaged, there is a higher demand for packaging adhesives to assemble and seal the packaging materials.
Restraints: Stringent Government regulations in North America and Europe
Government regulations often impose restrictions on the use of certain chemicals in packaging adhesives, especially those that are considered hazardous or have potential health and environmental risks. For example, regulations like the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) in Europe and the Toxic Substances Control Act (TSCA) in the United States require manufacturers to assess and manage the risks associated with chemicals used in their products. Compliance with these regulations can lead to the reformulation of adhesives to replace restricted substances, which may require additional research and development efforts.
Opportunities: Emerging markets like Asia Pacific and Middle East & Africa
The packaging adhesives market is experiencing growth and expansion in several emerging markets around the world. These markets offer significant opportunities for packaging adhesive manufacturers due to factors such as economic development, urbanization, rising consumer spending power, and increased industrial activities. The strong manufacturing base, expanding consumer markets, and increasing demand for packaged goods in Asia Pacific region drive the growth of the packaging adhesives market. The rising popularity of e-commerce and the growing middle class further contribute to the demand for innovative and sustainable packaging solutions, creating opportunities for adhesive manufacturers.
Water-based, by technology accounted for the highest segment of packaging adhesives market
Due to its multiple benefits over other adhesive formulations, water-based packaging adhesives have become more and more common. The water-based technology category is the largest market for packaging adhesives because of the industry’s growing demand for food packaging, consumer goods packaging, and industrial goods packaging. Due to increased environmental concerns and higher VOC regulations, manufacturers of packaging adhesives are producing more water-based technologies. This has raised the need for water-based packaging adhesives.
