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Pressure Sensitive Adhesives Market Growth Factors, Shares and Top Key Players between 2017 and 2026 | Key Players are BASF-SE, LINTEC-Corporation, Tesa-SE, etc.
Weight reduction is demanded in products that use high bonding solutions. This factor acts as a major determinant in driving the growth of pressure sensitive adhesives market. Engineering plastics that are light-weight along with being cost-effective are gaining traction as material for pressure sensitive adhesives across different end-use industries like electronics, automotive and construction. Labelling and packaging industry contributes significantly in the market growth. Growth in implementation of RFID labels in order to improve the inventory management positively influences the demand for pressure sensitive adhesives. RFID labels are witnessing extensive usage in different industries like medical, architecture, packaging and automotive. Regulatory authorities also increase the adoption of such adhesives on the backdrop of enhancing performance and reducing emission.
Global market for pressure sensitive adhesives can be segmented on the basis of resin into two major types that are acrylic and rubber. Different backing material in the global market include polypropylene, polyvinyl chloride and paper. Major applications of these adhesives are tapes, hygiene, Medical, labels and graphic films.
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Regulatory agencies are introducing sustainability in market
Asia-Pacific excluding Japan (APEJ) is witnessing rapid growth and is expected to grow with the highest CAGR in the coming years. This growth rate is on the backdrop of growth in demand for pressure sensitive adhesives across various end-use industries like leather, furniture, construction, automotive and packaging. Manufacturers in developing economies like India and China are rigorously investing in research and development activities in order to gain greater market penetration. APEJ market growth is positively influenced by the favorable government actions.
Regions like Europe and North America are projected to generate lucrative opportunities in the global market. Its progress is expected to be driven by factors like stringent regulations for VOC emissions and fuel efficiency norms. Different regulatory agencies like U.S. EPA and REACH are striving to introduce the concept of sustainability in different industries. They have implemented strict rules for chemical industries to spread sustainability, thereby compelling the manufacturers to create pressure sensitive adhesives in adherence with these norms.
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Industries including automotive, medical and construction & building are prominent consumers of pressure sensitive adhesives. Different applications that extensively use these adhesives are HVAC pipe mounting & wrapping, sealing, splicing and masking. Tapes are the dominant application in global market. Labels segment has emerged to be very lucrative in global pressure sensitive adhesives market as they have wide spread application across different segments like security, health & beauty, transportation and food & beverages. Major stake holders profiled in global market are 3M Company, Nitto Denko Corporation, BASF SE and Exxon Mobil Corporation.
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