How will the market drivers, restraints and future opportunities affect the market dynamics and a subsequent analysis of the associated trends?

In 2018, the global pressure sensitive adhesives market generated a revenue of $7,414.0 million and is projected to advance at a 5.3% CAGR, in terms of volume, during the forecast period (2019-2024). The market is growing due to the growing construction activities in the emerging economies and expanding e-commerce industry. Pressure sensitive adhesives are utilized in foils and films, labels, notepads, and tapes, and can make removable, semi-removable, and permanent adhesive joints for applications of general product assemble through a simple contact under light pressure.

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On the basis of formulation, the pressure sensitive adhesives market is categorized into rubber, silicon, acrylate, and others (which include ethylene vinyl acetate, poly urethane, styrene block copolymers, poly vinyl ether, and polyvinyl pyrrolidone). Out of these, the silicon category is predicted to register the fastest growth rate during the forecast period, in terms of volume. The silicon-based adhesives find applications primarily in hygiene and healthcare products, such as baby diapers, sanitary napkins, and medical tapes. The rising requirement for these products is expected to drive the demand for silicon-based adhesives.

When application is taken into consideration, the pressure sensitive adhesives market is classified into graphics, tapes, laminations, labels, and others (which include medical products, footwear, and construction products). The application of tapes is predicted to account for the major share of the market during the forecast period, in terms of value and volume. This was because of the high-volume utilization of pressure sensitive tapes in automobiles, electronics, packaging, construction, and various other applications.

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In terms of industry, the pressure sensitive adhesives market is divided into automotive, healthcare & hygiene, packaging, electrical & electronics, construction, and others (industrial equipment manufacturing, textile, and aerospace and marine). Among these, the market was dominated by the packaging industry during the historical period (2014-2018), both in terms of value and volume, and the industry is going to retain its position during the forecast period. This was attributed to the increased adoption of pressure sensitive adhesives in carton packaging, the demand for which is growing due to the expanding e-commerce industry.

The e-commerce industry is registering growth due to the rising purchasing power and changing consumer preference, which is contributing significantly to the growth of the pressure sensitive adhesives market. Because of the expansion of the e-commerce industry, the demand for packaging, primarily paper board, is rising. The e-commerce sales are increasing due to the growing demand for stationery products, fast-moving consumer goods, electronic goods, and various other products. All these factors are resulting in the growing need for packaging, which, in turn, is driving the requirement for pressure sensitive adhesives for product packing process.

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Another primary factor driving the pressure sensitive additive market is the increasing construction activities in developing countries. The construction activities in countries including China, Brazil, and India are growing because of the rapid economic growth. Furthermore, the development of large-scale housing plans and smart cities are also driving the growth of the construction industry. Pressure sensitive adhesives are utilized in the construction sector for providing adhesiveness and tackiness during the process of cladding, attaching muntin bars to windows, flooring, reinforcing foundation membrane, and various other applications.

Hence, the market is growing significantly due to the expanding e-commerce industry and growing construction activities in the emerging economies.

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This release was published on openPR.