Pressure Sensitive Adhesives Market: Introduction
Transparency Market Research delivers key insights on the global pressure sensitive adhesives market. In terms of revenue, the global pressure sensitive adhesives market is estimated to expand at a CAGR of 5.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global pressure sensitive adhesives market.
The global pressure sensitive adhesives market is broadly affected by several factors, including increase in usage of pressure sensitive adhesives in various applications such as tapes, labels, graphics, and others. Rise in global demand for tapes has led to significant growth in usage of pressure sensitive adhesives. Increase in production and demand for tapes is expected to be the primary driver of the global pressure sensitive adhesives market.
Growing Application of Pressure Sensitive Adhesives in Electronics and Automotive Industries
Pressure sensitive adhesives are type of non-reactive adhesives, which form a bond when pressure is applied to bond a surface with an adhesive. The special feature of pressure sensitive adhesives is that they do not solidify, but remain viscous. As a result, pressure sensitive adhesives remain permanently tacky and have the potential to wet surfaces on contact.
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The growing demand for pressure sensitive adhesives in electronics and automotive applications supported by increasing pressure from regulatory bodies for better processes with reduction in carbon footprint is expected to fuel the global demand for pressure sensitive adhesives in the near future. Additionally, increasing demand from labelling and packaging applications attributed to improved inventory management and low cost flexible packaging materials, respectively, is expected to further fuel the demand for pressure sensitive adhesives, thus driving the pressure sensitive adhesives market in the near future. However, volatile feedstock prices for petroleum based pressure sensitive adhesives and regulations against volatile organic compounds (VOC) from solvent-based pressure sensitive adhesives are expected to hinder the growth of the pressure sensitive adhesives market.
The demand for pressure sensitive adhesives is anticipated to rise due to miniaturization of electronic devices. Pressure sensitive adhesives are globally used for various applications such as packaging, footwear, construction, automotive, and electronics. Focus on extending product portfolio and the expansion of application base is likely to boost the market over the next few years.
Packaging operations require dependable adhesives to meet the increasingly complex packaging demands. Pressure sensitive adhesives (PSAs) specifically offer several advantages for the packaging industry. The global tapes segment is expected to expand considerably during the forecast period. Thus, rise in production of tapes is projected to boost the demand for pressure sensitive adhesives during the forecast period.
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Manufacturers are focusing on tapes, as the share held by this segment in the pressure sensitive adhesives market is likely to increase during the forecast period.
Demand for Pressure Sensitive Adhesives Market to Rise in China and India
Asia Pacific holds major share of the global pressure sensitive adhesives market. The market in the region is anticipated to expand at a CAGR of more than 6.4% during the forecast period. Increase in demand for pressure sensitive adhesives in various applications such as tapes, labels, graphics, and others is driving the pressure sensitive adhesives market in Asia Pacific.
China is a key country of the pressure sensitive adhesives market in Asia Pacific. It held significant share of the pressure sensitive adhesives market in Asia Pacific in 2021. The country is estimated to maintain its dominant position in the region during the forecast period. China is one of the major exporters of adhesive products (tapes, labels, etc.) and the factors concerning the majority of its customers are quality of the product, product range offered by the vendor, and reduction in wastage of adhesives. Owing to this reason, international players currently dominate the China-based market for pressure-sensitive adhesives. The same factor encourages local producers to invest in R&D to acquire a major share of the national market. The pressure sensitive adhesives market in India is expected to grow at a higher rate. The pressure sensitive adhesives market is still in its early growth stage and has high scope of growth.
Europe is also a prominent region of the global pressure sensitive adhesives market. Germany led the pressure sensitive adhesives market in Europe in 2021. Increase in demand pressure sensitive adhesives in medical/healthcare and construction sectors is driving the pressure sensitive adhesives market in Germany.
Major Players in Pressure Sensitive Adhesives Market
The global pressure sensitive adhesives market is consolidated, with the presence of key players. Prominent players operating in the global pressure sensitive adhesives market include are 3M Company, Ashland Inc., Avery Dennison Corporation, BASF SE, Bostik SA, Nippon Paint Co. Ltd., Dow Chemical Company, Ellsworth Adhesives, H.B Fuller company, Henkel AG & Co. KGaA, and LG Chem.
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