Pressure Sensitive Adhesives Market, By Technology (Water-based, Solvent-based, Hot Melt, and Radiation), By Product (Labels, Tapes, Graphics Films and Others), End-User (Packaging, Automotive, Electrical & Electronics industry, Consumer Goods and Others) and Region – Forecast To 2023
Pressure sensitive adhesives are non-metallic materials used to bond different materials, mainly to their surface through adhesion and cohesion. The global market of pressure sensitive adhesives is booming and is expected to gain prominence over the forecast period. The global pressure sensitive adhesives market is forecast to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, digit CAGR of 6.1% during the estimated period (2017 – 2023).
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 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, 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, drive 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, boost to the growth of the market.
Global pressure sensitive adhesives market has been segmented based on technology, product, End-User, and region. On the basis of technology, the market is segmented as water-based, solvent-based, hot melt, and radiation. Water-based segment 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. Increasing application of hot melt technology in packaging and electronics end use industry, drive the growth of the market.
On the basis of product, the market is segmented as Labels, Tapes, Graphics Films and Others. Labels dominates the product segment of the market and is expected to grow at the fastest CAGR during the forecast period. Growing transportation, and logistics industries are the key drivers of Pressure Sensitive labels market. With the growth of e-commerce industries, there is an increased need for warehousing solution. The need for product authentication, tamper evidence and security features have stimulated the market for pressure sensitive labels. The tape is another major product for the pressure sensitive adhesives. Growth in healthcare, and medical are the key drivers of pressure sensitive tapes market. Furthermore, increased application, across sectors such as food & beverages, packaging, construction, automotive has led to the growth pressure sensitive tapes. This segment is expected to contribute, significantly, during the forecast period.
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Global pressure sensitive adhesives market appears to be highly fragmented and competitive, owing to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition and expansion. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Hence, global pressure sensitive adhesives market is expected to grow at a CAGR of 6.1% during the forecast period.
The prominent players in the pressure sensitive adhesives market include 3M (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), The DOW Chemical Company (U.S.), Ashland Inc. (U.S.), H.B. Fuller Company (U.S.), Henkel AG & Company KGaA (Germany), Collano Adhesives AG (Switzerland), Sika AG (Switzerland), Reflex Labels Ltd. (U.K.), Jonson Tapes Limited (India), and Advance Tapes International Limited (U.K.).
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