Pressure sensitive adhesives (PSAs) are chemicals used in bonding other materials through cohesion and adhesion. It can adhere to most substrates when applied enough pressure. The global pressure sensitive adhesives market report by Market Research Future (MRFR) takes a look at drivers, challenges, opportunities, and trends for the period of 2022 to 2030 (forecast period). The impact of the COVID-19 pandemic and its impact on the industry have been included in the report.
The global pressure sensitive adhesives market is anticipated to expand at 6.1% CAGR over the forecast period. It is primarily driven by the packaging industry and its need to cater to various markets such as food beverages, ecommerce, and others. Environmental concerns have led to the development of water-based PSAs which adhere to policies of regulatory bodies. The use of labels in denoting product specifications is expected to widen prospects of the market.
But increasing prices of raw materials are concerns to manufacturers and may hamper the market growth.
Competitive Leaderboard:
3M, Advance Tapes International Limited, Collano Adhesives AG, The DOW Chemical Company, Nitto Denko Corporation, Ashland Inc., Lintec Corporation, Tesa SE, Avery Dennison Corporation, H.B. Fuller Company, Intertape Polymer Group, Inc., Jonson Tapes Limited, Henkel AG Company KGaA, Reflex Labels Ltd., and Sika AG are key players of the global pressure sensitive adhesives market.
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Market Segmentation:
The global pressure sensitive adhesives market is segmented by technology, product, and end-user.
On the basis of technology, the market is segmented into hot melt, water-based, solvent-based, and radiation. The water-based PSA segment is expected to dominate the market due to its wide use in varied applications. The growth of the segment can be attributed to the eco-friendly nature, safety associated with its use, and cost-effective nature. On the other hand, the hot melt segment is expected to exhibit the fastest growth in the pressure sensitive adhesives market. The application of hot melt technology in packaging and electronics can drive the segment growth.
On the basis of product, the market is segmented into graphics films, labels, tapes, and others. Labels are anticipated to dominate the market and are expected to grow at the fastest CAGR during the forecast period. On the other hand, tapes can contribute to the market due to its preference over fasteners. In addition, increased application across sectors of automotive, food beverages, packaging, and construction has led to the growth of pressure sensitive tapes.
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Regional Analysis:
On the basis of regions, global pressure sensitive adhesives market has been segmented as North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC can dominate the global pressure sensitive adhesives market. Rapid growth in automotive and packaging industries in the region is the major factor of the market. Rising disposable income levels among individuals and easy availability of funds and personal loans can fuel demand for automobiles. China, Japan, India, Australia and Indonesia are major countries contributing in the region. China accounted for the largest share of the pressure sensitive adhesives in the Asia Pacific due to rapid growth in urbanization and industrialization.
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