CHICAGO, Aug. 15, 2019 /PRNewswire/ -- According to the new market research report "Laminating Adhesives Market by Technology (Solvent-based, Solventless, and Water-based), Resin (Polyurethane and Acrylic), End-Use Industry (Packaging, Industrial, and Automotive & Transportation), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Laminating Adhesives Market is projected to grow from USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.9%, during the forecast period.
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The solvent-based segment is estimated to account for the largest share of the laminating adhesives market, by technology, during the forecast period.
Solvent-based laminating adhesives are used in a variety of packaging applications in food, healthcare, and other industries, due to their high bonding performance and anti-contaminant factors. The solvent-based laminating adhesives offer properties such as high bond strength, lower emission, lesser cure time, and less wastage. These benefits will drive the solvent-based laminating adhesives market.
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The automotive & transportation segment is estimated to be the fastest-growing end-use industry in the laminating adhesives market during the forecast period.
Laminating adhesives are preferred as a replacement for nuts & bolts and other conventional techniques owing to the lesser energy spent in the production of adhesives. Also, laminating adhesives provide more bonding strength than conventional techniques. The key factors that drive the laminating adhesives market in the automotive industry are the increasing demand for lightweight vehicles, use of safe and high-quality products, and stringent regulations of environment protection authorities. Laminating adhesives are used in body panels, fenders, grille opening reinforcement (GOR), heat shields, headlamp reflectors, pickup box in automotive, which is driving the demand for laminating adhesives.
Laminating adhesives market in APAC is expected to register the highest CAGR during the forecast period.
The APAC Laminating Adhesives Market is segmented as China, Japan, India, South Korea, Thailand, Malaysia, and Rest of APAC. APAC is an emerging and lucrative market for laminating adhesives, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
Key Market Players
Henkel (Germany), Huntsman (US), 3M (US), H.B. Fuller (US), Sika (Switzerland), Illinois Tool Works (US) are some of the players operating in the global market.
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