Global Laminated Labels Market: Snapshot
Owing to the increase in the number of mergers and acquisition strategies, the global market for laminated labels is expected to generate great revenues in the years to come. The competitive landscape of the laminated labels market is anticipated to be highly intensive in the coming years because of the rise in the number of players. The increase in competition level amongst players may be attributed to the technological advancements and the development caused due to them are factors that can augment the global market for laminated labels.
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The increasing demand for pharmaceutical supplies and packages beverages and food is among the key factors anticipated to encourage the upliftment of the global laminated labels market in the years to come. There is also a rise in awareness related to the advantages that laminated labels provide when used as well as increase in demand from consumer durables and this significantly adds to the augmentation of the market worldwide.
The need for customer engaging, highly resistive, durable and attractive packaging has caused the need for laminated labels in the industry. Laminated labels plays a significant role in marketing products and its impact in the overall industry is noteworthy. Numerous brand manufacturers and owners of end-user or consumer goods are likely to adopt laminated labels because these labels provide high level of receptivity that attracts more end-users towards this market.
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On the other hand, there has been a noticeable rise in the cost of raw materials required for laminated labels, thus restricting growth. The printing done on the package itself is expensive and this may add to the hindrance of the overall market. However, the emergence of e-commerce industry is anticipated to open up new opportunities for the growth and development of the laminated labels market in the long run.
The global laminated labels market is estimated to be worth US$30.97 bn by 2024 with a CAGR of 5.1 %. The forecast period is set to 2016 to 2024 and is anticipated to be increasing by 1.5 times more than the 2015 records which was valued at US$20.02 bn.
Food and Beverage Industry to Contribute More Revenue Generation Owing to Specific Application Utilization.
The global laminated labels market is segmented on the basis of material type, where the key classifications are polypropylene, polycarbonate, vinyl, and polyester.On the basis of printing technology, the market is categorized into lithography, flexographic, and digital. Based on the classification of printing ink, the global market for laminated labels is segmented into UV curable, hot melt based, solvent based, and water based.
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End use industry wise, laminated labels market may be categorized into Retail Labels, Consumer Durables, Home and Personal Care, Pharmaceuticals, and Food & Beverages industry. As per the TMR reports, the food and beverage industry, followed closely by home and personal care, is presumed to be attracting more end users as compared to the other end users.
Asia Pacific to Remain Most Remunerative Region Due to Incremental Opportunities for Higher Revenues
The global laminated labels market is studied on the basis of key geographies Latin America, Europe, North America, Asia Pacific, Middle East and Africa. Among these regions, the market in Asia Pacific is foreseen to be among the most favorable ones with regard to generating higher revenues from the incremental opportunities that the laminated labels may provide in the coming years. Europe and North America are also seen to be closely following Asia Pacific showing an overall healthy CAGR graph over the forecast period.
Some of the key players in the lamination labels market are Langley Labels, Avery Dennison Corporation, Cenveo, CCL industries Inc, and Hub Labels.
Diverse Advantages of Laminated Labels Drive Promising Sales Avenues For Manufacturers
Laminated labels are gaining traction across various industrial sectors owing to their ability to withstand in various critical environmental conditions including hot and cold. Apart from this, they can withstand fading and abrasion, grease, water, and outdoor atmosphere. Many companies engaged in diverse industrial sectors are growing inclination toward the use of laminated labels. Key reason for this scenario is the ability of laminated labels to maintain proper readability and offer improved survival abilities than that of non-laminated labels. On the grounds of all these factors, the vendors working in the global laminated labels market are experiencing promising demand opportunities from a wide range of end-user industries across the globe.
Laminated labels are used by companies engaged in the manufacturing of many products including pharmaceuticals, food and beverages, home and personal care, consumer durables, apparels and textile, retail labels, paints and gift, and industrial lubricants. The enterprises from all these sectors are growing use of laminated labels to offer attractive packaging to their products. Thus, increased demand for all these products is foreseen to generate prodigious sales avenues for vendors working in the global laminated labels market in the forthcoming years.
Owing to the recent COVID-19 pandemic, the worldwide economy is experiencing sluggish growth. Many companies from a wide range of manufacturing sectors are experiencing numerous challenges related to production as well as sales. This scenario has impacted adversely on the revenues of the laminated labels market as well. Moving forward, major enterprises engaged in the laminated labels market are focused on resolving problems associated with the production activities. They are strategizing business moves and regaining their regular operational activities while following all guidelines enforced by regional government bodies. On the back of these efforts, the global laminated labels market is expected to bounce back in short period.
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