The global Pressure Sensitive Adhesive (PSA) tapes market is estimated at USD 50.12 Billion in 2017, and is projected to reach USD 67.76 Billion by 2022, at a CAGR of 6.22% from 2017 to 2022
The growing use of PSA tapes in diverse end-use industries such as medical & healthcare, packaging, electrical & electronics, transportation, construction, and others is expected to drive the market in the coming years. High demand for PSA tapes in Asia Pacific and their wide acceptance due to ease of applicability are also among the key factors contributing to the growth of the PSA tapes market.
The growth of the PSA tapes market is restrained by rise in raw material prices. Price and availability of raw materials are the key factors for PSA tapes manufacturers to decide the cost structure for their products. Synthetic rubber, natural rubber, and inorganic & organic chemicals are the raw materials used in the manufacturing of PSA tapes. Most of these raw materials are petroleum-based derivatives and are vulnerable to fluctuations in commodity prices. Oil prices were highly volatile in the past due to the increasing global demand and political unrest in the Middle East. The adhesives industry is affected by higher manufacturing costs resulting from increased energy costs.
Key players operating in the PSA tapes market include 3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), and Avery Dennison Corporation (US), among others.