The global pressure sensitive adhesives market size is projected to showcase considerable growth in the forthcoming years due to its exceptional properties. This information is published by Fortune Business Insights in its report, titled “Pressure Sensitive Adhesives (PSA) Market, 2023-2030“. The product is a non-reactive adhesive that bonds with a substrate after the application of pressure. The increasing development of cost-efficient flexible packaging is one of the major drivers of the product. The product does not require heat during application and therefore eliminates the hazards associated with burns amongst plant workers.
Product Demand Remains Stable despite Pandemic Owing to Essential Services
The pandemic created a demand and supply gap across multiple industries throughout the lockdown. The same was the case with the pressure sensitive adhesives sector. The travel restrictions resulted in logistic issues and delays. In spite of this, the demand for the product remained stable as various end-users fell into the essential category. The food & beverage and healthcare industry accounted for the highest demand of the product throughout the lockdown as they were functioning at full capacity. Even after the lockdowns are uplifted, it is expected that the demand shall continue to grow due to reopening of online retail industry.
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Based on technology, the global pressure sensitive adhesives market is segmented into water based, solvent based, hot melt, and radiation. By application, the market is segmented into tapes, labels, graphics, and other applications. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Drivers & Restraints
Increasing Adoption of Adhesive in Packaging Industry to Favor Market Growth
The growing use of adhesives and packaging especially in the retail industry is anticipated to garner pressure sensitive adhesives market growth. For instance, in 2019, Arkema launched a new range of adhesives at the LabelExpo 2019. The new range head enhanced performance and sustainability to meet the increasing demand for the product. The adhesive is more discreet than the traditional tape and glue sticks and does not affect packaging graphics and brand image.
In addition to this, the pressure sensitive adhesives are easy to use, have a longer shelf life, is lightweight, damage-resistant, and has better printability in comparison to its substitutes. This has resulted in the product popularity in the retail industry.
Extensive Demand from Asia Pacific to Generate Revenue
Asia-pacific is projected to hold the largest pressure sensitive adhesives market share in the foreseeable future. This is because of the high demand from the packaging industry in the region. For instance, in 2018, H.B. Fuller introduced their product Swiftmelt 1908 at Labelexpo 2018 which was customized to meet the unique requirements in India. It had high adhesion, clean converting, and precise die-cutting performance.
North America is projected to showcase significant growth due to the presence of a large manufacturing base of electrical and electronics in the region.
Prominent Players Update Products to Stabilize their Company Position
The market for pressure sensitive adhesives is mostly consolidated with few prominent players dominating it. The market is capital intensive and requires constant product updates and innovation to keep up with market trends. In addition to this, the growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
February 2020: Henkel Adhesive Technologies started its new manufacturing facility at Kurkumbh in India. It is expected to serve the demand for high-performance solutions in sealants, surface treatment products, and adhesives.
List of Key Players Profiled in the Market:
Henkel AG Avery Dennison
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