India’s flexible packaging market is experiencing rapid growth, driven by a combination of shifting consumer trends and technological advancements. With a market valued at INR 1.98 trillion in 2023 and growing at approximately 12% annually, the sector’s expansion is fuelled by factors such as population growth, higher disposable incomes, changing lifestyles, and the growing prominence of e-commerce. These shifts have created an urgent need for innovative and sustainable packaging solutions. In an interview with The Packman, Angshuman Mukherjee, CEO of GLS Speciality Chemicals, shares insights into these trends and discusses how his company is responding to the industry’s changing needs.
Mahan Hazarika: What are the key drivers of growth in the flexible packaging market?
Angshuman Mukherjee: Rapid urbanization, sustained economic growth, increased hygiene consciousness post COVID, improved infrastructure and surge in eCommerce are key drivers for growth in the flexible packaging market. As consumer preferences shift towards more sustainable packaging, the demand for high-performance coatings and innovative solutions spurred. However, the growth journey in India is still at an emerging stage. Per capita plastic consumption in India is about 8–11 kg per year, whereas in developed economies like the US, it is 130–139 kg per year, and in the EU, 107–129 kg per year.
GLS Speciality Chemicals is leveraging technological innovations to support sustainability in the packaging sector. The convergence of consumer demographics, retail evolution, and materials innovation is driving the flexible packaging boom. The company’s focus on sustainable solutions like water-based inks, low-VOC coatings, and barrier technologies is playing a pivotal role in helping customers transition toward greener packaging alternatives.
Mahan Hazarika: What are the evolving expectations of brand owners and converters?
Angshuman Mukherjee: As sustainability becomes the centrepiece of packaging strategies, brand owners and packaging converters are recalibrating their expectations. Brand owners are increasingly prioritizing eco-friendly materials and packaging that support a lower carbon footprint. A recent study revealed that 42% of brands changed their packaging materials to more sustainable options, with nearly half planning to switch to packaging suppliers who actively support environmental initiatives.
Converters are equally focused on sustainability, quality, and regulatory compliance. They expect inks, coatings, and adhesives that meet these green goals without compromising performance or cost-efficiency. Suppliers who can deliver innovative, low-VOC, and food-safe solutions are highly sought after. GLS Speciality Chemicals is responding to these demands with products that help clients meet sustainability objectives without sacrificing the quality or operational efficiency of their packaging.
Mahan Hazarika: What is the role of water-based inks and solvent-less adhesives?
Angshuman Mukherjee: Water-based inks and solvent-less adhesives are gaining popularity as sustainable alternatives in the packaging industry. These solutions are critical in reducing volatile organic compound (VOC) emissions, a significant source of environmental pollution. Water-based inks are projected to grow significantly, from USD 10.5 billion in 2024 to nearly USD 14.8 billion by 2031, as companies strive for greener operations.
However, adopting these technologies presents challenges, such as longer drying times and specialized equipment. The good news is that ongoing R&D is addressing these issues. Innovations in additives and reactor technologies are making these systems more efficient and cost-effective. With ongoing improvements in performance, water-based inks and solvent-less adhesives are expected to become mainstream in the next few years as the industry moves toward greater sustainability.
Mahan Hazarika: What key challenges is the industry facing, and how is GLS tackling them?
Angshuman Mukherjee: The printing inks, adhesives, and coatings industry is navigating several challenges, particularly in terms of regulatory compliance and raw material volatility. The tightening of environmental regulations worldwide is pushing companies to reformulate products, investing in cleaner technologies while managing the financial and operational impacts of these changes.
Navigating raw material shortages and price fluctuations is another ongoing challenge. The global supply chain disruptions of recent years have strained production capabilities. However, we are committed to continuing innovation and working closely with our suppliers to mitigate these risks. GLS Speciality Chemicals is investing in automation and advanced technologies to boost efficiency and maintain high product quality amid these challenges.
Mahan Hazarika: How is GLS boosting production to meet rising demand and drive innovation?
Angshuman Mukherjee: GLS Speciality Chemicals is enhancing its production capabilities with the installation of state-of-the-art PU, polyol, and adhesive reactors, along with automation in ink manufacturing. This expansion will allow the company to scale production and meet the rising demand for flexible packaging solutions, especially in India. Automation will lead to greater consistency, precision, and efficiency, reducing human error and improving worker safety.
The new reactors will enable the company to produce next-generation polyurethane-based adhesives, enhancing product offerings in flexible packaging. With automation, we can ensure tighter quality tolerances, increase throughput, and support R&D initiatives more effectively. This investment marks a significant step forward in GLS’s capacity to innovate and meet customer needs for high-quality, sustainable products.
Mahan Hazarika: How is GLS advancing sustainability with its specialty coatings?
Angshuman Mukherjee: GLS Speciality Chemicals is committed to advancing sustainability in the packaging industry through its specialty coatings. The company’s barrier coatings, which reduce the need for plastic layers in packaging, are a prime example of this commitment. By using water-based barrier coatings, packaging can retain its integrity without relying on multi-layer plastic films, making it easier to recycle and reducing plastic waste.
Our coatings allow customers to replace plastic with fiber-based materials like paper while maintaining shelf life and product protection. These innovations enable GLS’s clients to move toward more sustainable, mono-material packaging solutions without compromising performance.
Mahan Hazarika: What are GLS’s strategic goals for a sustainable future?
Angshuman Mukherjee: Looking ahead, GLS Speciality Chemicals has outlined ambitious strategic goals for the next five years, centred on sustainability leadership and regulatory compliance. The company aims to continue its expansion into sustainable product lines, with a focus on water-based inks, solvent-less adhesives, and bio-based materials. These initiatives are aligned with broader industry trends, including the growing regulatory push for recyclable, low-carbon packaging and the global shift toward sustainability.
We aim to reduce our carbon footprint significantly by 2030. Our strategy revolves around offering sustainable solutions that not only meet customer needs but also contribute to the broader push for a greener packaging industry. By embracing these goals, we plan to remain at the forefront of innovation, ensuring its products help customers meet sustainability objectives while remaining competitive in a rapidly evolving market.
