Pressure Sensitive Adhesives Market Worth $12.8 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 24, 2020 /PRNewswire/ -- According to the new market research report "Pressure Sensitive Adhesives Market by Chemistry (Acrylic, Rubber, Silicone), Technology (Water-based, Solvent-based, Hot Melt), Application (Labels, Tapes, Graphics), End-Use Industry (Packaging, Automotive, Healthcare), Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Pressure Sensitive Adhesives Market size is projected to grow from USD 9.5 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 6.0% during the forecast period.
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The primary factor driving the pressure sensitive adhesives market includes the increase in demand from end-use industries such as packaging, medical & healthcare, building & construction, and automotive & transportation. The growth of the packaging industry in the emerging countries of APAC and South America is driving the demand for PSAs in these regions. Furthermore, wide acceptance of PSA's owing to the ease of adaptability, growing use in tapes and labels, and high demand in APAC are driving the market.
Silicone PSA is estimated to grow at the highest CAGR during the forecast period
Silicone PSAs consist of silicone polymers and are widely used in specific industrial applications, such as medical, solar and wind energy, heavy machinery and aerospace. It is used in the form of masking tapes, splicing, process tapes, and high-performance insulation laminates. The consumer goods industry is a huge market for silicone PSAs. These adhesives can maintain adhesion over a larger temperature range and possess ability to adhere to difficult surfaces. Silicone PSAs represent a small part of the total PSAs market and serve niche markets with a vast range of applications and end-use industries such as automotive & transportation and renewable energy.
Hot melt technology is expected to grow at the highest CAGR during the forecast period
Hot melt technology is mainly used in packaging and electrical, electronics & telecommunication industries. They are solvent-less PSAs. With advanced automation, they can be used conveniently. This technology holds superior manufacturing flexibility when compared with water-based or solvent-based PSAs. Hot-melt PSAs are used in sealing food & beverage products, in adhesion of integrated circuits, and other packaging applications. These are extensively used in the FMCG sector in the packaging and bonding of consumer goods.
Tapes application is expected to hold the largest share of the market during the forecast period
PSA tapes are of various types and have different coatings on them. The types include commodity tapes and masking tapes. The coatings on PSA tapes include single-coated, double-coated, and reinforced tapes among a few others. Labels are increasingly being used in packaging and healthcare industries owing to their ease of use and low cost when compared to traditional methods. APAC has various developing countries, such as China, India, South Korea that have various emerging industries, including packaging and healthcare along with automotive & transportation, and building & construction. The developing industries in the APAC countries are driving the demand for PSA labels
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The medical & healthcare segment is estimated to be the emerging end-use industry in the pressure sensitive adhesives market during the forecast period
PSAs have prime importance in the medical & healthcare industry and are extensively used in hospitals. These medical products include PSA transfer tapes and single-coated & double-coated PSA tapes. Adhesive transfer tapes and double-coated tapes are mostly used in medical device OEMs to adhere to medical devices, strips, and pouches. The market for PSA in this industry is also influenced by growing COVID-19 infections in people having existing medical conditions such as asthma and diabetes. Moreover, there is a continuous rush in vaccine development for the treatment of COVID-19 and developing medical infrastructures. All these factors are expected to increase the growth of the PSAs market in the medical & healthcare industry
APAC is estimated to be the largest as well as the fastest-growing pressure sensitive adhesives market
APAC is expected to account for the largest share of the pressure sensitive adhesives industry during the forecast period. The increasing demand from end-use industries is contributing to the demand for PSAs, eventually driving the market growth in the APAC region. This market is driven by increased foreign investments due to cheap labor and accessible raw materials. Also, government proposals to improve the manufacturing and infrastructure, and to increase cash-intensive non-residential construction activities, coupled with the increase in the manufacturing of end-use products, are driving the PSAs market growth
Major vendors in the pressure sensitive adhesives market include Henkel AG & Company KGAA (Germany), The Dow Chemical Company (US), Avery Dennison Corporation (US), H.B. Fuller (US), 3M Company (US), Arkema Group (France), Sika AG (Switzerland), Scapa Group PLC (UK), and Ashland Inc., (US).
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