The surge in the food and beverage industry, on account of the growing sales of foods and beverages, is positively impacting the worldwide demand for packaging adhesives. This is primarily because of the mushrooming need for maintaining the freshness and shelf-life of packaged food products, owing to the ballooning public awareness of health and wellness. As per All4Pack Paris, food packaging generated $273.9 billion revenue in 2017 and it is expected to surge to $356.7 billion revenue by 2023.
Besides, the soaring urban population, rising public awareness of health and nutrition, adoption of busier lifestyles, and booming tourism industry in various countries are also driving the requirement for packaged healthy food items across the world. Moreover, the growing e-commerce penetration, on account of the rising penetration of the internet, is also predicted to fuel the expansion of the global packaging adhesives market, which is expected to rise from $10,426.9 million valuation in 2019 to $17,137.4 million valuation by 2030.
Furthermore, the market is predicted
to demonstrate a CAGR of 4.6% from 2020 to 2030. The growing use of low-tack adhesives (LTAs) for several reclosable applications is also creating immense growth opportunities for the players operating in the industry. Because of their ability to provide excellent adhesion in several reclosable applications, these adhesives offer improved usability and highly cost-competitive option to product manufacturers for several packaging applications. In addition, the products incorporated with LTAs do not require accurate alignment for reclosing a packaging, unlike conventional zipper seals.
Depending on formulation, the packaging adhesives market is categorized into water-based, solid-based, and solvent-based. Amongst these, the water-based category contributed the highest revenue to the market in the past. This was because of the fact that water-based packaging adhesives are highly environment-friendly in nature and do not contain volatile organic compounds (VOCs), unlike the solvent-based adhesives, which are very toxic for the environment and the human health. Across the globe, the packaging adhesives market will expand rapidly in the Far East region in the coming years.
As per the observations of the market research company, P&S Intelligence, the major factors fueling the demand for packaging adhesives in the region are the expansion of the consumer goods manufacturing sector and booming e-commerce industry in regional countries, such as China, Japan, and South Korea, on account of the growing internet penetration and rising disposable income of people. Since packaging adhesives are heavily used in the e-commerce sector for labelling, which is needed for product tracing and ensuring the timely delivery of products, the growth of the e-commerce sector is pushing up the demand for packaging adhesives, which is, in turn, fueling the expansion of the packaging adhesives market in the region.
Hence, it can be safely said that the sales of packaging adhesives would rise sharply around the world in the upcoming years, primarily because of their growing use in the food and beverages and e-commerce industries in several applications.