Expanding Consumer Electronics Industry will Drive the Growth of the Label Adhesive Market
HYDERABAD, TELANGANA, INDIA, September 29, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Label Adhesive Market size is forecast to reach US$15.4 billion by 2027 after growing at a CAGR of 5.6% during 2022-2027. Label adhesives find their extensive use through labels attachment in the packaging of food and beverage products pertaining to safety regulations and consumer perspectives. The food and beverage industry globally expanding rapidly with increased production and processing and this will drive the growth of the market in the forecast period. As per the data by Investment Promotion and Facilitation Agency, the food processing sector in India is expected to be over a half a trillion dollars market by 2025. Furthermore, label adhesive is massively used in the labeling of consumer electronics products as these labels help in serving different purposes such as brief installation and usage instructions, protection covers, product codes, etc. The consumer electronics industry is rising globally with the increase in production and sales and this will drive the growth of the market in the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. The synthetic substrate segment is leading the label adhesive market. These substrates allow adhesive labels to withstand harsh conditions compared to their counterparts, making them a desirable choice among manufacturers.
2. The food and beverage industry will drive the growth of the label adhesive market in the forecast period. As per the survey by The Packer, the online source that covers the fresh produce industry, mentioned in its Fresh Trends 2021 report that consumption of vegetables grew upward during the pandemic and 73% of consumers stated they purchase a large number of fresh vegetables.
3. The Asia-Pacific region will witness the highest demand for the label adhesive market due to the rising food and beverage sector in the region. As per the data by International Trade Association, China’s food and beverage industry accounted for $595 billion in 2019, a 7.8% surge compared to the previous year. This growth in the region’s food and beverage industry will stimulate the higher demand for label adhesives.
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1. Hot melt technology dominated the label adhesive market in 2021. The growing demand for this technology is attributed to the robust properties provided by it to the adhesive labels compared to other technologies.
2. Pressure sensitive adhesives segment dominated the label adhesive market in 2021. The growth of pressure sensitive adhesive labels is attributed to the increasing implementation of PSA labels as they offer limitless design possibilities compared to glue-applied labels.
3. Synthetic substrate dominated the substrate type segment in the label adhesive market in 2021. This segment involves substrates such as polypropylene, polycarbonate, and polyethylene terephthalate which offer high durability and flexibility to adhesive labels.
4. The food and beverage industry dominated the label adhesive market in 2021 and is growing at a CAGR of 6.1% in the forecast period. The high demand for label adhesive is attributed to the increasing innovations taking place in the packaging solutions for food and beverages.
5. The Asia Pacific region held the largest market share in the label adhesive market in 2021 with a market share of up to 34%. The high demand for label adhesive is attributed to the region’s expanding food and beverage sector as it is increasing the need for labelling in food and beverage packaging.
6. As per the data by India Brand Equity Foundation (IBEF), the Indian govt. announced a PLI scheme of USD 1484 million for the food processing sector for six years starting from FY2022. Similarly, in March 2021, World Bank approved a loan amount of USD 400 million for the Food Safety Improvement Project in China.
The top 5 players in the Label Adhesive industry are –
1. CCL Industries Inc.
2. Avery Dennison Corporation
3. UPM Raflatac
4. Coveris Holdings
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