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In 2023, the global laminating adhesives market was valued at USD 3,785.8 million, and the market size is expected to reach USD 5,661.9 million by 2030, growing at a compound annual growth rate of 6.0% between 2024 and 2030. This growth of the market can be credited to the fast development in the consumer durable, flexible packaging, e-commerce, and pharmaceutical sectors, the surge in the urban populace, and the increase in the demand for customer-friendly packaging.

 

In 2023, the Polyurethane category had the largest share, of 45%, this is mainly because this kind of adhesive offers tremendously robust adhesion, flexibility, and fortification. Polyurethane adhesives also provide a cohesive forte, together with flexibility, which makes them strong and last long. Furthermore, they bond with substrates on which other types of adhesives do not perform and give tough bonds at low temp, for getting high bond strength.

 

During the projection period, the solvent-based category is projected to showcase substantial development, with a CAGR of 6.2%, in the global laminating adhesives industry. They are utilized in many areas, like medical devices and packaging, because of their solid resistance to several environmental reasons and strong bonding to diverse substrates.

 

In 2023, the APAC region had the largest market share of more than 50%. This can be credited to the fact that industrial activities in China, India, and Japan are increasing strongly; therefore, the requirement for flexible wrapping is growing, thus propelling the use of covering adhesives.

 

Moreover, the advancements in the past few years in adhesive engineering have permitted vehicle producers to make lightweight and fuel-efficient cars. The APAC transport sector is increasing as a result of the increasing populace, growing cross-border movement of products, and rising employment rate. Vehicle making will also rise over time, therefore leading to a surge in the demand for laminating adhesives in the automotive sector.

 

In addition, innovative solventless laminating techniques have been put in place by various companies. Adhesives for the application of rigid packaging in India. The use of firearms in the country as customers are increasingly investing in them, and the number of such bond agents is increasing. A laminating machine with which these chemicals can be used.

 

The country has a substantial share in the sale of this type of adhesives, and the demand for them will rise further with the launch of various new products that are not only greener but also more effective and longer-lasting.

 

Hence, the fast development in the consumer durable, flexible packaging, e-commerce, and pharmaceutical sectors, the surge in the urban populace, and the increase in the demand for customer-friendly packaging are the major factors propelling the market.

 

Source: P&S Intelligence

The hybrid and EV battery market will advance at a CAGR of 28%, to reach USD 436,112.7 million by 2030 as per a report by P&S Intelligence. This is credited to the technological advancement in lithium-ion batteries used in electric vehicles, and the rising popularity and deployment of electric and hybrid vehicles.

 

The Key vehicle manufacturers are entering into the industry due to the rising demand for electric vehicles. Toyota, Tata Motors, Mercedes-Benz, and Hyundai are developing electric vehicle models to strengthen their positions in the market.

 

The electric vehicle domain is thriving, and numerous companies are developing business models to meet customer demands, for example, battery swapping, this allows users to change the exhausted batteries, and thus enhancing customer satisfaction and saving the battery recharging time.

 

In recent years, APAC is the largest revenue contributor in the hybrid and EV battery market. This is credited to the rising adoption of battery-powered vehicles. The sales of electric vehicles are expected to grow in the years to come, due to the increasing concerns regarding environmental pollution, decreasing prices of batteries, and increasing need for fuel-alternative vehicles. 

 

APAC offers lesser battery prices than in other regions, due to the existence of numerous battery manufacturers in South Korea, Japan, and China. 

 

The North American industry is projected to grow because of the rising support from the government in the research and development of lithium-ion batteries, numerous tax benefits offered by governments, the affordability of electric passenger vehicles, and a greater emphasis on electric vehicles and hybrid vehicles. 

 

Moreover, the rapid depletion of fossil fuels and the rising demand for energy security will create numerous opportunities for the regional industry for hybrid and electric batteries in the future. 

 

Europe held a significant share in the industry. As a result of being one of the main regions for the production and sales of electric vehicles. Governments of several countries in Europe have heavily invested and supported in research and development in the electric vehicle industry. 

 

Furthermore, the growing demand for lithium-ion batteries, significant investment, and the increasing number of EV users are boosting the growth of the industry in this region.

 

In recent years, lithium-ion batteries held the largest share, of over 90%. These batteries offer advantages such as a long-life, lower prices, excellent energy efficiency, and zero memory effects, thus these batteries are perfect for electric and hybrid vehicles.

 

Due to the technological advancement in lithium-ion batteries, increasing popularity and deployment of electric vehicles and hybrid vehicles, and growing awareness regarding climate conditions, the hybrid and EV battery industry will grow significantly in the coming years.

 

Source: P&S Intelligence