Asia Pacific Flexible Packaging Adhesives Market, Size, Share, Outlook and Growth Opportunities 2019-2026
(EMAILWIRE.COM, March 27, 2020 ) Market Overview
The Asia Pacific Flexible Packaging Adhesives Market is expected to grow at a CAGR during the forecasting period (2019-2026).
Flexible packing for foods and other consumer goods has been around for a long time for efficient distribution, protection. Today's packaging could not have existed in its myriad forms and functionalities without flexible packaging adhesives. Flexible packaging adhesives
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Rising food & beverages consumption is one of the major driver leading to the growth of the Asia Pacific flexible packaging adhesives market. The food & beverage sector is a major consumer of plastic packaging as the products in this sector are fast moving, light and cheap to reduce transportation costs and to facilitate instant disposal. Besides, different consumption habits give rise to the need for innovation in packaging, which is best implemented in plastic packaging. Food & Beverage companies are demanding an increased number of packaging products and solutions with unique designs for better product uniqueness, and this criterion can be met through flexible packaging. Thus, the rise in food & beverage consumption and is packaging is driving the sales of the Asia Pacific Flexible packaging adhesives market.
In addition, rapidly growing e-commerce business is also having a predominant positive impact on the flexible packaging adhesives market.
One of the major challenges restricting the growth of the market is a negative impact on the environment. The plastic segment is the largest segment of the flexible packaging market in China. Also, regulations by governments, such as China, include a ban on the use of plastic materials beyond a certain grade, which is a challenge to the functioning of packaging manufacturers. Owing to these factors, the environmental regulations on flexible packaging products is a major factor restricting the growth of the Asia Pacific flexible packaging adhesives market.
Based on technology the Asia Pacific flexible packaging adhesives market for is broadly segmented as water based, solvent based and hot melt. Among these water-based accounted for major market share and is predicted to grow at a high CAGR over the forecast period. These adhesives have improved moisture resistance compared to adhesives. Also, this is due to the advantages of water-based adhesives such as low cost, energy efficient, safety, and ease of use. Water-based adhesives have low volatile organic compounds (VOCs). Thus, owing to all these factors the water-based flexible packaging adhesives is expected to grow at a high CAGR during the forecast period.
The Asia Pacific flexible packaging adhesives market is segmented into China, India, South Korea, Australia, Japan and Rest of Asia Pacific. China accounted for a major market share in 2019 and is expected to grow in the forecast period.
China is the largest market in global flexible packaging with a market tonnage of 6.07 million tonnes. According to China's National Health and Family Planning Commission (NHFPC), in October 2017, two of the most important food packaging standards of China came into effect. China flexible packaging sector is changing the consumer dynamics and growth potential of end-user industries. It presents lucrative business opportunities for venturing and diversifying. Rising incomes, mounting health awareness and evolving eating habits of the Chinese consumers will keep pouring in growth for the sector. Owing to the flourishing flexible packaging industry in China, the market for flexible packaging adhesives in China is expected to grow at a healthy pace.
Significant players of the Asia Pacific flexible packaging adhesives market are 3M, Ashland Inc, BASF SE, Avery Dennison, Bostik, Dow DuPont, Dymax, HB Fuller, Henkel AG&Co., Paramelt BV, Sika AG, and others. Majority of these prominent players are adopting few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the Asia-Pacific flexible packaging adhesives market. For instance, in February 2018, Amcor launched its first commercial container utilizing breakthrough LiquiForm technology. In November 2016, Amcor expanded its flexible packaging platform in the strategically important Northern China region, by the acquisition of Hebei Qite Packing Co. Ltd.
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