Pressure Sensitive Adhesives Market Applications, Segments, Industry Size, Growth, Share and Demand till 2023
Pressure Sensitive adhesives are non-metallic materials used to bond different materials, mainly to their surface through adhesion and cohesion. Growing use of pressure sensitive adhesives in tapes and labels, drive the growth of the market. The growth in transportation and logistics industries, is the key driver of pressure sensitive labels and tapes market. Rising use of lightweight and low-cost engineering plastics in various end-use industries such as automotive, which create the need for pressure sensitive adhesive materials. However, fluctuating price of raw materials is the major factor that hinders the market growth.
The global pressure sensitive adhesives market is projected to grow at a CAGR of 6.1% during the forecast period.
- 3M (US),
- The DOW Chemical Company (U.S.),
- H.B. Fuller Company (U.S.),
- Henkel AG & Company KGaA (Germany),
- Sika AG (Switzerland),
- Reflex Labels Ltd. (U.K.),
- Jonson Tapes Limited (India),
- Nitto Denko Corporation (Japan),
- Tesa SE (Germany),
- Lintec Corporation (Japan),
- Intertape Polymer Group, Inc. (Canada),
- Avery Dennison Corporation (US),
- Ashland Inc. (U.S.),
- Collano Adhesives AG (Switzerland),
- Advance Tapes International Limited (U.K.)
On the basis of technology, the market is segmented as water-based, solvent-based, hot melt, and radiation. Water-based dominates the technology segment of the market. Water-based PSAs are widely used in varied applications. The growth of the segment is mainly attributed to the eco-friendly nature of water-based PSAs, safety associated with their use, and cost-effectiveness. The hot melt segment is expected to be the fastest-growing technology segment of the pressure sensitive adhesives market. In hot melts, thermoplastic rubbers are compounded with oils, tackifiers, and antioxidants. Increasing application of hot melt technology in packaging and electronics end use industry, drive the growth of the market.
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On the basis of regions, global pressure sensitive adhesives market has been segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). Asia Pacific region dominates the global pressure sensitive adhesives market. Rapid growth in automotive & packaging industry in Asia Pacific region is the major factor driving the growth of the market. Rising disposable income among the individuals, and easy availability of funds and personal loans have prompted the demand for automobiles in the region. Additionally growing demand in electrical & electronics industry, also fuels the growth of the market. China, Japan, India, Australia and Indonesia are the major markets in Asia Pacific region. China accounts for the largest share of the pressure sensitive adhesives in the Asia Pacific region, mainly due to rapid growth in urbanization and industrial development.
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North America is the second largest market for the pressure sensitive adhesives. Stringent regulations regarding VOC emission along with fuel efficiency norms, drives the growth of the market in the region. U.S. accounted for the largest market share in North America. Europe is another major market for the pressure sensitive adhesives. It is expected to contribute, significantly, during the forecast period. In rest of the world, countries such as UAE and Brazil are witnessing high industrial growth, which propels the growth of the market. Also, high investments in construction and automotive sectors, also boost to the growth of the market.
Latest Industry News
Mactac Performance Adhesives Group has launched PUREapply, a new pressure sensitive adhesive which is ideal for semi-rigid or rigid containers
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