Adhesives are widely used in the packaging of food and beverages to ensure the safety of these items. With the escalating consumer consciousness regarding health, there has been a notable surge in the need to maintain shelf life or freshness of packaged food products. Moreover, the booming urban population, increasing travel activities, and rising awareness on nutrition will amplify the consumption of packaged healthy food in the coming years. Besides, the busier lifestyle of people is also forcing them to shift toward packaged food items that require adhesives in large quantities.
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Additionally, the rising consumption of low-tack adhesives (LTAs) for the reclosable application will drive the packaging adhesives market at a CAGR of 4.6% during the forecast period (2020–2030). The market generated a revenue of $10,426.9 million in 2019 and it is projected to generate $17,137.4 million by 2030. The LTA is used in reclosable application, due its high-adhesion ability, which provides better usability for consumers and offers a cost-competitive option to manufacturers of packaging products. Unlike the zipper seals, the LTAs do not need to be precisely aligned to reclose a package.
Geographically, the Far East generated the highest revenue in the packaging adhesives market in 2019, due to wide-scale consumption of adhesives in China in industries like e-commerce, food & beverage, personal care, and consumer goods. Further, the region is projected to hold the largest market share, in terms of volume, during the forecast period. This can be ascribed to the growing e-commerce and consumer goods sectors in South Korea, Japan, and China. The e-commerce industry uses packaging adhesives for labeling that is used for product tracing, coupled with the application of tapes for efficient delivery of goods.
With the increasing applications of packaging adhesives, adhesive producers are undertaking several strategies, such as geographical expansion and product launch, to cater to the surging demand. One of the leading players of the packaging adhesives market, Evonik Industries, in November 2019, announced its plan to expand its presence in Darmstadt, Germany, for heat sealing and organic dispersion applications. As for the product launch, the company offers packaging adhesives under its DEGALAN brand, to cater to the packaging industry.
Thus, the expansion of the packaging and e-commerce industries will assist the market growth during the forecast period.
Read More: https://www.psmarketresearch.com/market-analysis/packaging-adhesives-market
