The global pressure sensitive adhesives market is expected to reach USD 14.20 billion by 2024, according to a new report by Grand View Research, Inc. The global industry growth has been driven by high consumption in packaging, automotive, consumer goods, and construction industries.
Pressure sensitive adhesive applications are found to be cost effective in stark contrast to the conventional mechanical fastening methods such as brazing and welding. They form a tight bond between close fitting surfaces that neither damages the paint and laminating surfaces nor causes corrosion associated with using metal fasteners.
In light of tightening regulatory intervention to improve fuel efficiency resulting in reduced carbon and Green House Gas (GHG) emissions, automotive OEMs are forced to adopt plastics as a replacement to metals such asaluminum and steel, thereby stimulating PSA demand.
Packaging was the leading end-use segment accounting for over 25% of market volume in 2015. Growing demand for labeling and packaging applications making use of PSA owing to improved inventory management and cost effectiveness is expected to support growth.
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Further key findings from the report suggest:
The global pressure sensitive adhesives market size was over 2,800 kilo tons in 2015 and is expected to exceed 4,000 kilo tons by 2024, growing at an estimated CAGR of 4.8% from 2016 to 2024.
Water-based PSA is expected to be the fastest growing technology segment owing to their low cost and environment-friendly characteristic.
Labels emerged as the dominant product segment with growth driven by increasing demand for RFID labels and retail labeling applications.
Asia Pacific was the leading regional market witnessing growth in key end-use industries such as automotive, packaging and electrical & electronics.
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Medical & healthcare segment is expected to provide growth opportunities as a result of rising awareness of patient’s health safety &and requirements on pharmaceutical labeling.
Graphics though holds a small share compared to labels and tapes is a potential future market due to diverse applications in home decor and cushioning.
Theindustry is highly fragmented with presence of both, multinational players and small domestic companies.
Major industry participants in include The Dow Chemical Company, H.B. Fuller, Ashland, Inc., Henkel, 3M and Avery Dennison.
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