The Pressure Sensitive Adhesives Market Likely to Exceed $10.5 Billion by 2026, Says Global Market Insights Inc.
The growth of the pressure sensitive adhesives market is driven by mounting technological advancements in the industry. Growth of the packaging industry, the increasing use of labels and tapes in several different industries, enhancements in PSA tape technologies, and a higher demand in the global medical, as well as food and beverages, sectors are among the key factors pushing the market outlook through 2026.
Press Release – updated: Jan 20, 2020 19:00 EST
SELBYVILLE, Del., January 20, 2020 (Newswire.com) – According to a research report by Global Market Insights Inc., the global pressure sensitive adhesives market was estimated to be worth $7 billion in 2018 and is expected to hit $10.5 billion by 2026. The report offers a detailed analysis of the major investment pockets, industry size and estimations, top winning strategies, competitive scenario, drivers and opportunities, and wavering market trends.
Substantial development in pressure-sensitive adhesives (PSA) technologies to improve tack performance and to enhance ability in order to withstand temperatures should proliferate the market size. In addition, R&D investments being done in PSAs is likely to create numerous opportunities across the food and beverages and the medical sector, thereby propelling the pressure sensitive adhesives market share.
Pressure sensitive adhesives are being widely adopted and implemented as the preferred bonding solution across several applications and are gradually replacing liquid and spray adhesives and mechanical fasteners.
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Based on technology, the pressure sensitive adhesives market is segmented into water-based, hot-melt, solvent-based and UV-cured. The solvent-based technology segment outlined a remunerative revenue share in 2018 and is slated to show similar growth in the future. Better peel, as well as sheer strength, are some of the features of solvent-based technology, due to which it is preferred over other technologies.
Solvent-based technology also provides better film protection and superior moisture resistance, which is why it is used in films and tapes. However, the product is also regulated by stringent government norms, owing to the acrylic solvent presence in its makeup, on account of which it is likely to grow at a steady CAGR of about 5% over the forecast timeframe.
Based on the sector, the industry is segregated into automotive & transportation, building & construction, food & beverages, medical & healthcare, electronics & laminates, and packaging sector. The electronics and laminates segment is anticipated to reach up to $2 billion through 2026.
The growing consumption of foam tapes based on pressure sensitive adhesives to meet the high-performance needs in lens bonding is expected to be a key growth factor of the segment. It provides better impact performance and adhesion, which is further used to attach liquid crystal modules.
Key reasons for pressure sensitive adhesives market growth:
Heavy growth in the packaging industry.
Increasing the use of labels and tapes in different industries.
Advancements in PSA tape technologies.
Demand across the global medical, as well as food and beverages, industries.
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Based on geography, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Some of the major players partaking in the pressure sensitive adhesives industry are Mactac Performance Adhesive, Powerband Industries, Beardow Adams, Avery Dennison, LG Chem, DowDuPont, H. B. Fuller, Mapei, Evonik Industries, Henkel, Arkema, Franklin International, 3M, Momentive Performance Materials, Sika, Ashland, and Wacker Chemie among others.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.