As per a report published by Global Market Insights, the North America laminating adhesives market share was projected at $474.3 million in 2019 and is anticipated to reach $640 million valuation by 2026, registering a CAGR of 6.6%. Stringent rules and regulations imposed by the government on VOC emissions may impact the laminating adhesive market over time
Laminating adhesive are expected to record extensive demand in North America based on its soaring requirement in packaging. The need for flexible packaging is intensifying as a result of changing consumer lifestyles and purchase from online platforms. Companies in the food & beverage sector are extensively utilizing flexible packaging as it offers consumers added ease of use and much greater convenience among all other packaging solutions.
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Consumers are attracted to products that can easily open and close for use on the go. Growing importance of functional integration and new solutions such as easy-opening, lightweight, and reclosing packaging could consequently drive the demand for flexible packaging, evidently pushing the laminating adhesives market of North America..
The main companies in the North America laminating adhesives market are 3M, Bostik, Dowdupont Inc., Franklin International, Huber Group, Coim Group, BASF, H.B. Fuller Company, Ashland Inc., Henkel, Vimasco Corporation, DIC Corporation, Mitsui Chemicals, Flint Group, Sika AG, etc.
The rising use of solventless laminating adhesives in several end-user industries will enhance the share of the North America laminating adhesives market during the estimated period. Solventless adhesives are 100% active products that contain no water or solvent carrier. These adhesives are generally used in food packaging applications such as microwavable packaging, snack foods, and high-performance retort along with containing several layers for making it more feasible. Estimates suggest that the solventless laminating adhesives market could grow at a rate of 5% between 2020 to 2026. Growing concerns regarding VOC emission could stir the requirement for these adhesives in the coming years.
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Separately, the COVID-19 pandemic has severely affected businesses across North America. The outbreak has hampered regional economy ascribed to strict lockdowns, travel bans, and business shutdowns imposed by the governments. However, across countries like Canada and Mexico, the demand for flexible packaging is likely to remain steady. Reports indicate that that laminating adhesives market share across Canada and Mexico was over 17.58% and 9.11% respectively in 2019.
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