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Pressure Sensitive Adhesives Market to see lucrative gains from automobile industry | By key players The 3M Company, Sika AG, DowDuPont, Inc. (Dow Corning), Wacker Chemie AG
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Pressure sensitive adhesives help in permanently fusing dissimilar materials with the resultant bond being extremely strong so that it does not easily fall apart. Subsequently, these products are widely utilized across the packaging sector, used in labels and tapes across healthcare, and electronics industries.
There is a growing need for reliable packaging solutions to ensure the safety of the products, enhance the value, offer shelf-life convenience, provide resistance against moisture, and to provide barrier-protection. Estimates indicate that global pressure sensitive adhesives market size may reach USD 10.5 billion in annual revenues by 2026.
A huge spike in online purchases globally for various product ranges has supplemented the demand tp growth of the pressure sensitive adhesives market, especially during the prevailing COVID-19 pandemic. With the government imposing restrictions on the movement of the people with an aim to control the spread of the disease, more people have resorted to buying goods online due to wider product choices as well as cost-effectiveness.
Reports estimate that the total sales across e-commerce platforms recorded in the U.S. stood at USD 160.3 billion during the first quarter of 2020.
In the year 2018, the U.K. packaging sector recorded an annual sale of USD 13.76 billion, accounting for nearly 3% of the total manufacturing workforce of the country. The increasing demand for the product may be attributed to the robust demands from end-users like food and beverages, personal care, healthcare, household items, and cosmetics.
Pressure sensitive adhesives market growth will be driven by increasing demand for lightweight automobiles
Apart from packaging, the automobile and transportation sector has largely adopted the product due to its favorable properties like compatibility with various substrates, maintenance of integrity during automated processes, help in removing the process of mechanical fastening and drilling. The unprecedented growth in the automobile sector over the past several years has supplemented developments pressure sensitive adhesives market.
PSA tapes are widely used on the body, interior, and exterior trim and under the bonnet of the vehicles. These tapes are also widely used in the achieving lightweight vehicle components in order to reduce the consumption of fuel which in turn helps in reducing carbon emissions.
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Developing APAC automobile industry
With respect to the regional scope, Asia Pacific pressure sensitive adhesives market has witnessed commendable gains, mainly attributed to the regional economic development over the past several years. Urbanization in APAC countries such as India, Japan, South Korea, and Thailand has amplified the sale of vehicles over time.
The prominence of the regional automotive sector with an the presence of companies such as Toyota, Hyundai, Honda, Maruti Suzuki, Tata Motors, and Kia has furthermore magnified the regional material demand. Reportedly, the total vehicles produced in India in the year 2018 stood at 28.09 million units.
Some of the prominent key players in the pressure sensitive adhesives market include Mapei S.p.A, Bond Tech Industries, Heartland Adhesives LLC, Powerband, Arkema Group, Evonik Industries, and Henkel, among various others.
Related News:
https://www.marketwatch.com/press-release/lithopone-market-size-is-set-to-surpass-usd-235-million-by-2025-2020-06-26
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