Market Segmentation
The global laminating adhesives
market has been segmented by type, resin, application, and region. Based
on type, the market has been segmented into solvent-based, solvent free,
water-based, hot melt, radiation curable, and others. The demand for water-based
laminating adhesives is increasing in end-use industries on account of
increasing regulations against VOC emissions that occurs when solvent-based
adhesives are used. Water-based adhesives are manufactured using natural
occurring materials such as dextrins, sodium silicates, and natural rubber. The
demand for water-based adhesives is increasing in numerous applications
including flexible packaging and automotive among others. Solvent free
laminating adhesives are being widely preferred in wet environment and also, in
food applications due to growing awareness about the material safety used for
packaging. Solvent based laminates are used in both food and non-food
applications such as automotive interiors, construction material, and
electrical materials among others.
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Based on resin, the market has
been segmented into polyether urethane, polyester, polyester urethane, acrylic,
and others. Acrylic segment accounted for the largest share of the global
laminating adhesives in 2017. This market growth can be attributed to the
superior benefits offered such as cost effectiveness and ability to provide
bonds for all materials ranging from flexible and tough to rigid and hard.
Based on application, the market
has been segmented into packaging, automotive interiors, construction
materials, floor basecoat, electrical materials, and others. Packaging has been
further sub-segmented into food, medical, and others. Packaging segment
accounted for the largest market share on account of increasing demand in
flexible packaging applications especially food. Automotive interior segment is
likely to drive the market growth at a significant rate on account of
increasing production of vehicles globally.
Regional Analysis:
Based on region, the laminating
adhesives market has been classified into North America, Europe, Asia-Pacific,
Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the
largest share of the laminating adhesives market on account of the growing
end-use industries in the region, especially the food & beverage,
packaging, and pharmaceutical. An expanding population base and rising
disposable income of consumers are the other factors driving market growth.
North America is a prominent
market for laminating adhesives due to the growing flexible packaging industry
as a result of the increasing consumption of packaged beverages and food
products.
The European market is expected
to grow at a considerable rate during the review period. The expanding
automotive and pharmaceuticals industry are propelling market growth.
The markets in Latin America and
the Middle East & Africa are likely to register moderate growth during the
review period as a result of the growing industrial base in these regions.
Competitive Analysis
Some of the key players in the
global laminating adhesives market are 3M(US), DowDuPont (US), Coim Group
(Italy), H.B. Fuller Company (US), Ashland (US), Henkel AG & Co. KGaA
(Germany), Vimasco Corporation (US), Bostik (US), Flint Group (Luxembourg), and
LD Davis (US), and Toyo-Morton, Ltd (Japan).
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