Global Pressure Sensitive Adhesives Market - Segmented by Technology, Application, Resin, Mode of Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The pressure sensitive adhesives (PSA) market is expected to register a CAGR of about 6.17% during 2018 - 2023 (the forecast period). Due to the developing low-cost flexible packaging aids, where PSAs are widely used, the market is growing. Also, the demand coming from automotive applications, due to the lighter weight of PSAs when compared to fasteners, is fueling up the PSA market.
Growth in Demand from the Automotive Industry
Today, the use of adhesives, during the production of automotive components, offers the advantage of flexibility, which was not entertained in the traditional manufacturing methods. During new car assessment programs and crash tests, vehicles bonded with adhesives are observed to perform better as compared to welded vehicles, as they do not affect the substrates used in the automobile assembly. The growing demand for light-weight and fuel-efficient vehicles is forcing manufacturers to lookout for extensive weight saving options. In many components of an automotive, PSA is a good replacement for fasteners and can be used effectively where increased strength and flexibility are required. PSAs are relatively easy to use in assembly line and the resulting weight gains are promoting automotive manufacturers to shift to PSAs, especially in the non-structural parts. The usage of PSAs in accessory fitting is also rampant in the automotive industry.
Tapes the Leading Application
Ranging from packaging to attaching, tapes are used for varied purposes in numerous industries. Typically, a pressure-sensitive adhesive tape is made from plastic, paper, metal foil, or cloth. It does not need any heat or solvent to stick to the surface.Electrical tape, duct tape, masking tape, surgical tape, and box sealing tape, among others are the common examples of PSAs. Scotch tape is one of the most usedpressure-sensitive adhesive tapes. In 2017, a majority of the global demand for PSAs came from the tapes manufacturing sector.
Asia-Pacific to Lead the Market
With over 40% of the global demand, Asia-Pacific is the most promising market for PSAs, which is likely to dominate the market in the near future. This domination can be attributed to the growing demand for tapes and labels in the region. China, India, Japan, and South Korea account for over 80% of the demand for PSAs. The growing packaging and automotive industries are driving the market for PSAs in this region. A presence of major international players, with numerous local players, is being witnessed in Asia-Pacific.
Notable Developments in the Market
March 2017: Avery Dennison Corporation acquired Hanita Coatings, a pressure-sensitive material manufacturer of specialty films and laminates, from Kibbutz Hanita and Tene Investment Funds.
January 2017: H.B. Fuller Company purchased the industrial adhesives business of Wisdom Worldwide Adhesives, a provider of adhesives for the packaging, paper converting, and assembly markets.
Major Players: 3M, Arkema, DowDuPont, HB Fuller, Henkel, and Sika AG, among others
Reasons to Purchase this Report
Various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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