The laminating adhesives market exhibits high growth potential and is projected to reach a market size of USD 4.1 billion by 2026 from USD 2.9 billion in 2021, at a CAGR of 6.9%. APAC is the largest laminating adhesives market that is projected to register the second-highest CAGR. This high growth is due to the growing demand from the packaging, industrial, and automotive & transportation industries. There is rising awareness about the use of eco-friendly adhesives in this region.
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Polyurethane laminating adhesives are made of urethane polymers. Urethane is produced through a chemical reaction between diisocyanate and polyol. Polyurethane laminating adhesives are used in various applications because of their high toughness, abrasion resistance, flexibility (especially at low temperatures), and adhesion to a wide variety of substrates. They possess various properties such as flexibility and strength, low cure temperature, excellent low-temperature resistance, and high environmental resistance. One-component polyurethane adhesives can be elastic or rigid, depending on the structure of thermoset or elastomer and curing techniques. They have relatively high shear and peel strength and are moisture-sensitive. Polyurethane laminating adhesives can be either one-component or two-component. They are used in the automotive & transportation, textile, packaging, and electronics industries. The primary disadvantage of polyurethane laminating adhesives is their high cost.
The key market players are Henkel AG (Germany), 3M Company(U.S), Arkema (Bostik), Sika AG (Switzerland). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2016 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
Henkel is engaged in consumer and industrial businesses. The company operates through various segments, including adhesive technologies (adhesives, sealants, and surface treatments for consumer and industrial purposes), laundry & home care (household cleaning products such as laundry detergent and dishwashing liquid), beauty care (beauty & oral care products such as shampoos, toothpaste, hair colorants, and shower products), and corporate.
The company’s adhesive technologies segment is a leader in the adhesives market across all end-use industries globally. Henkel manufactures laminating adhesives under this segment. The company has operations in North America, Latin America, APAC, Europe, the Middle East, and Africa.
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3M Company offers a broad spectrum of products, including adhesives, bonding materials, coatings, and specialty materials. The company operates in four business segments, namely, safety & industrial, transportation & electronics, healthcare, and consumer. The company manufactures laminating adhesives for various applications through its industrial and consumer segments. It operates with production sites in 70 countries worldwide and offers products and solutions to customers in approximately 200 countries in the Americas, APAC, Europe, and the Middle East & Africa.
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