Market Trends of Asia-Pacific Laminated Adhesives Industry
This section covers the major market trends shaping the APAC Laminated Adhesives Market according to our research experts:
Increasing Usage from the Food Packaging Segment
- With the growing middle-class population and rise in disposable income in the market, higher consumption of packaged and frozen foods has been observed. The increase in consumption of packaged and frozen foods in India and China has augmented the demand for laminated adhesives for food packaging.
- According to the USDA Foreign Agricultural Service, consumption of organic packaged food in terms of value in India rose from USD 14 million in 2020 to USD 15 million in 2021. It is further expected to reach USD 17 million by end of 2022.
- The FICCI expects the food processing market to grow with a CAGR of 12.09% during the FY-2020-FY-2024 period, and therefore, demand for laminated adhesives is expected to be on the rise during the same period.
- The above-mentioned factors are expected to strongly drive the Chinese laminated adhesives market.
Understand The Key Trends Shaping This Market
Download Sample
China Set to Lead the Growth in the Asia-Pacific Region
- The Chinese packaged food industry is set to demonstrate robust growth in the region, primarily driven by the increasing population, and the rise in per-capita income.
- With the tourism industry gradually returning to pre-covid levels, the additional footfall of tourists is expected to further drive the demand for packaged foods and beverages. The tourism industry in China is forecasted to hold a 15% share of the country's GDP over the next three years.
- The automotive industry in China is also witnessing steady growth and revival from the COVID-19 aftermath. The China Association of Automobile Manufacturers (CAAM) predicts that the auto market will achieve the goal of steady growth for FY22.
- The export of NEVs and automobiles is expected to gain momentum. Overall vehicle production and sales in September 2022 amounted to over 2.67 million units and 2.61 million units, representing a 28.1% and 25.7% year-on-year increase, respectively.
- With laminated adhesives finding extensive demand from the packaging and automotive industries, the above-mentioned factors are expected to strongly drive the Chinese laminated adhesives market.
Get Analysis on Important Geographic Markets
Download Sample
