Market Dynamics:
Increased applications in food and beverage industry is a major driver for the growth of packaging adhesives market. Packaging adhesives plays a crucial role in food packaging by providing barrier against moisture, oxygen and ensuring food safety. They seal containers and protect contents from external contamination. The growing food industry especially processed and packaged food has significantly boosted the demand for packaging adhesives. According to statistics, the food packaging market reached $414 billion in 2020 and is estimated to surpass $550 billion by 2027, growing at 4.7% CAGR. Another driver for this market is rising applications in e-commerce. E-commerce has gained tremendous momentum during the pandemic. Packaging adhesives are critically important in securing packages during shipping and delivery. They protect products from accidental openings, tampering and damage during transportation.
SWOT Analysis
Strength: Packaging adhesives provide protection to packaged goods from external factors like moisture, heat, chemicals etc. They ensure product safety and extend shelf life. Adhesive technology innovations allow flexible packaging designs and formats. Environment friendly bio-based and recyclable adhesive formulations are being developed.
Weakness: Regulatory compliance management for food contact approved adhesives is challenging. Adhesive material costs are prone to fluctuations in raw material prices. Transitioning to sustainable adhesive solutions requires capital investments.
Opportunity: Growing e-commerce sector is boosting demand for appropriate packaging for shipping and transportation. Rapid advances in active and intelligent packaging formats generate need for functional adhesives. Developing economies offer scope to replace conventional packaging with innovative adhesive applications.
Threats: Rising environmental awareness drives shift to bio-based substitutes posing threat to traditional adhesive players. Strict regulations on toxic substances limit adhesive materials usage. Economic slowdowns curb packaging and adhesive demand across industries.
Key Takeaways
The Global Packaging Adhesives Market Size is expected to witness high growth. The market size is projected to reach US$ 8.51 Billion by 2023 registering a CAGR of 5.3% during the forecast period.
Regional analysis: Asia Pacific dominates the market and is forecast to maintain its lead through 2030. Growing e-commerce and food processing industries in China, India boost adhesive usage. Government projects to modernize manufacturing sector in Indonesia and Vietnam stimulate demand.
Key players: Key players operating in the packaging adhesives market are Phytex Australia., Aspen Holdings, LGM Pharma, Midas Pharma GmbH,Transo-Pharm Handels-GmbH, Aktin Chemicals,Inc, Merck KgaA, Alchem International Pvt. Ltd., Tiefenbacher API + Ingredients GmbH & Co. KG, Spectrum Chemical, Vital Laboratories Pvt Ltd, Clearsynth, Prism Industries Ltd, Alkaloids Corporation., and Manus Aktteva Biopharma LLP.They are focused on expanding through acquisitions and setting up production bases in emerging economies.
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