Press release
Pressure Sensitive Adhesives Market Rising at 5.5% CAGR to 2024: Analysis of Key Players, Trends, Drivers, & Challenges
Pressure sensitive adhesives market will witness growth owing to is increasing usage in the automotive and transportation industry. PSAs have been increasingly used in vehicles as an alternative to bolts, clips, and rivets. This is done to improve the speed and ease of assembly of the vehicle by liquid adhesive use. PSA tapes are employed to reduce weight, advance the performance, improve aesthetics, and save time & money. These factors are will fuel the pressure sensitive adhesives market in the forecast timespan.
Pressure Sensitive Adhesives Market will likely surpass USD 11 billion by 2024; as reported in the latest study.
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Increasing raw material prices for natural and synthetic rubber, acrylate monomers, organic and inorganic chemicals used in the production of PSA tapes may be considered as a restraint for the pressure sensitive adhesives market. Pricing and availability of these raw materials are the prominent factors upon which the product cost structure is decided. Most of the aforesaid raw materials are petroleum derivatives, and susceptible to fluctuations in oil prices. These factors may act as barriers in the pressure sensitive adhesives market growth.
Pressure sensitive adhesives market is classified based on technology as water-based, solvent-based, hot-melt, and UV-cured. Considering volume, water-based segment held a maximum share in the product market and is said to grow at a significant CAGR to surpass USD 4 billion by the end of 2024. Solvent-based segment will grow at a highest CAGR of over 5.5% in the upcoming years.
Considering products, the pressure sensitive adhesives market is bifurcated into silicone, acrylic, rubber-based, and others, which include polyurethanes, EVA, etc. Silicone pressure sensitive adhesive market will grow at a lucrative rate owing to the product's increasing use in medical applications and personal garments. The acrylic segment is said to showcase moderate growth and surpass USD 2.5 billion by 2024.
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Considering application, pressure sensitive adhesives market is segmented into films & laminates, graphics, labels, tapes, and others. The others segment consists of dental adhesives, automotive trims, etc. Development in food & beverage industry, and increasing packed food consumption will positively influence the labels segment in the pressure sensitive adhesives market. It is the fastest growing segment and will exhibit growth with CAGR of over 6% in the forecast spell.
According to the end-user industries, pressure sensitive adhesives market is segmented as healthcare & medical, laminates & electronics, packaging, transportation & automotive, construction & building, beverages & food, and others. Packaging segment will hold the highest market share close to 30% by 2024. Electronics & laminates segment will grow at a highest CAGR to surpass USD 3.3 billion by the end of the forecast period.
Pressure sensitive adhesives market is classified on the basis of region where Asia Pacific held a significant share in 2016 and will surpass USD 4.5 billion by the end of the forecast period. In terms of volume the region will hold the highest share by 2024 owing to rising industrial activities and development in the packaging, electronics, and food & beverages industry. Europe market will showcase growth at a sluggish rate in the forecast period due to the developed market in this region paired with the stringent governmental norms.
Key players present in the pressure sensitive adhesives market are Dow Corning, Sika, 3M, Henkel, Arkema, H B Fuller, Avery Dennison, BASF, Bostic, Ashland, Mapei, Evonik, LG Chem, Wacker Chemie, Momentive and others.
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