Global Pressure Sensitive Adhesives Market Surges to $17.6B by 2030, Crafting a 6.1% CAGR Success Story from 2021 Onward."

According to a new report published by Allied Market Research, titled, "Pressure Sensitive Adhesives Market by Chemical Composition, Technology, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030,"the global pressure sensitive adhesives market was valued at $9.8 billion in 2020, and is projected to reach $17.6 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030.

The global pressure sensitive adhesives market is expected to possess high growth potential in the coming years, as the pressure sensitive adhesives (PSAs) are used in wound care applications, bio-medical electrodes, and plastsers. In addition, pressure sensitive adhesive manufacturers are launching innovative products for healthcare sector. For instance, Toyochem Co. Ltd., has launched new PSA known as Oribain in 2021. It is an acrylic based pressure sensitive adhesive that is designed to offer high moisture permeability and breathability which in turn minimizes skin infection and maceration. However, the outbreak of the COVID-19 pandemic has negative impacts on the global pressure sensitive adhesives market.

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A pressure sensitive adhesive is a material that adheres two different or identical surfaces together solely through surface contact, and the bond formation is achieved by applying small magnitude of external pressure.
Pressure sensitive adhesives are used in numerous applications in the automotive industry, which include assemblies, fixing carpets to various vehicle interior substrates, brake shims, cable wrapping, foam & fiber bonding, fixing gaskets in multitude configurations, and others.

In addition, convectional fuel tanks that used to be made with medium surface energy materials are replaced by polypropylene material. This tank requires proper heat protection from vehicle temperature to avoid melting of the tank. Thus, use of acrylic modified PSAs are right choice owing to its ability to offer resistance from high temperature, chemicals, gasoline, and other fluids. These factors are predicted to notably contribute toward the global pressure sensitive adhesives market.

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Advanced acrylic adhesive technologies utilized in pressure sensitive tapes are a preferred bonding solution in various applications across numerous industries replacing mechanical fasteners, spray & liquid adhesives, and other fastening & bonding systems. These pressure sensitive tapes enhance efficiency and speed of assembly operations by integrating smoothly into automated processes with the help of in-line dispensing equipment or through hands. Advanced technologies utilized in tapes have impressive performance and assembly-related characteristics, which include the ability to withstand harsh environments, high temperatures, and bond securely with a variety of materials and substrates. This factor is anticipated to create remunerative opportunities for the expansion of the pressure sensitive adhesives market in the coming future.

IMPACT OF COVID-19:
The global pressure-sensitive adhesives (PSAs) market has faced a significant downturn amid the COVID-19 pandemic, impacting major sectors. The automotive industry experienced reduced demand for PSAs due to disruptions in the value chain, manufacturing closures, and decreased consumer income.

Construction, another key user of PSAs, saw delays in projects and a decline in revenue, affecting the production and supply of adhesives.
Additionally, the electronics sector, which uses PSAs in applications like smartphone components, reported an overall revenue decrease of 5-10%. While some segments, such as industrial semiconductors in the medical sector, experienced increased demand, the mobility sector, including automotive and aviation, faced negative impacts.

In summary, the pandemic-induced challenges, including supply chain disruptions and economic downturns, have adversely affected the global pressure-sensitive adhesives market across automotive, construction, and electronics industries.

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Key Market Players:
ASHLAND GLOBAL HOLDINGS INC., AVERY DENNISON CORPORATION, HENKEL AG & CO. KGAA, SIKA GROUP, THE 3M COMPANY, EXXONMOBIL CORPORATION, THE DOW CHEMICAL COMPANY, ARKEMA GROUP, WACKER CHEMICAL CORPORATION, H.B. FULLER

Key benefits for stakeholders
• Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current pressure sensitive adhesives market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional pressure sensitive adhesives market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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