Packaging Adhesives Market Set for Explosive Growth in Far East in Coming Years

From $10,426.9 million in 2019, the global packaging adhesives market is predicted to reach a value of $17,137.4 million in 2030. According to the forecast of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 4.6% between 2020 and 2030. The ballooning requirement for packaging adhesives in the food and beverage industry is one of the major factors fueling the advancement of the market.

 

Adhesives are extensively used in various food & beverage packaging applications. With the growing consumer awareness of health and fitness and the rising adoption of busier lifestyles, the demand for maintaining the shelf life or freshness of packaged food items is increasing rapidly all over the world. According to the estimates of All4Pack Paris, the valuation of food packaging is predicted to grow from $273.9 billion to $356.7 billion from 2017 to 2023.

 

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The mushrooming sales of packaged food products are boosting the demand for packaging adhesives, which is, in turn, propelling the growth of the packaging adhesives market. Apart from this factor, the increasing popularity of online shopping is also positively impacting the progress of the market. The surging penetration of the internet is fueling the expansion of the e-commerce industry across the globe. Moreover, people are increasingly preferring online shopping these days over the conventional methods.

These factors are boosting the popularity of home deliveries, which is, in turn, augmenting the requirement for packaging adhesives. When formulation is taken into consideration, the packaging adhesives market is categorized into water-based, solid-based, and solvent-based. Out of these, the water-based category recorded the highest growth in the market in the years gone by. This was because the water-borne adhesives are highly eco-friendly and do not contain toxic volatile organic compounds.