The market for bio-based adhesives and sealants is expected to register a compound annual growth rate (CAGR) of 4.49% during the forecast period, 2018 to 2023, according to the recent report from Research and Markets. This growth is reportedly primarily driven by the increasing demand from the packaging sector and stringent regulations for conventional adhesives in the U.S.
Bio-based adhesives are finding increasing applications in the packaging sector, majorly for PET container packaging, flexible packaging, corrugated boards, carton side seams, and film-foil laminates, according to the report.
Flexible packaging is the second-largest packaging application segment of the overall packaging market, owing to various advantages, such as requiring 91% less material than rigid packaging, and about 96% of space saving.
Demand for lightweight and innovative packaging solutions from the food industry is reportedly driving the consumption of bio-based adhesives. Corrugated boxes are among the fastest growing packaging materials. Expanding e-retailing business, and the usage of recycled paper, are fueling the demand for corrugated boxes. Rising industrial activity, especially in the manufacturing and retail industry, is the major driver for the demand for corrugated boxes, according to the report.