Home > Bulk & Specialty Chemicals > Pressure Sensitive Adhesives Market
Industry Overview
Pressure Sensitive Adhesives Market size was valued at close to $7 billion in 2018 and will exhibit growth with around 6% CAGR from 2019 to 2026. Development in the global packaging industry will be a key factor influencing the market growth.
Packaging techniques enhance value, safety, strength, barrier protection, marketability label, shelf-life and convenience to the product users. Heat insulation, appropriate sealing, resistance against moisture, excellent strength is some of the properties associated with pressure sensitive adhesives, which enables them to be used in the packaging industry.
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In 2018, the global packaging sector accounted for a revenue of over USD 850 billion and is likely to exceed USD 1 trillion by 2023. It can be attributed to increasing packaging demand for cosmetics, foods & beverages, healthcare, personal care and household products.
Extensive product demand in automotive & transportation sector is another chief factor driving the growth of global pressure sensitive adhesives market. PSA tapes are used on the body, under bonnet and exterior & interior trim of the vehicle. Increasing application of tapes & labels in lightweight vehicle manufacturing and reducing the fuel consumption will augment the product demand in the coming years.
Asia Pacific region contributes to half of the global automotive sales and production. Economic growth, favorable initiatives, cheap labour, availability of raw materials, public & private investments, etc., are major influencing parameters. Due to these factors, several automotive manufacturers have opened their production facilities in the region.
| Report Coverage | Details |
|---|---|
| Base Year: | 2018 |
| Market Size in 2018: | 6,878.4 Million (USD) |
| Forecast Period: | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR: | 5.9% |
| 2026 Value Projection: | 10,829.9 Million (USD) |
| Historical Data for: | 2016 to 2017 |
| No. of Pages: | 390 |
| Tables, Charts & Figures: | 504 |
| Segments covered: | Technology, Product, Application, Sector, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising demand for low-fuel consuming vehicles, electric vehicles, automated vehicles, etc. will boost the regional automotive industry and will augment the demand for pressure sensitive adhesives throughout the forecast timeframe.
However, increasing raw material prices might pose a challenge to the pressure sensitive adhesives (PSA) market demand throughout the forecast timeframe. Variation in the crude oil prices will be a key restraining factor for PSA demand, as several downstream petrochemical products are used as raw materials in these adhesives.
Increasing adoption of water-based technology
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The market has been classified into UV-cured, hot melt, solvent-based, and water-based technologies. Water-based technology will have the highest market share in the pressure sensitive adhesives market in 2018. It can be attributed to their exceptional characteristics such as cohesive strengths, wide-ranging peel, exceptional clarity in dry films, excellent levelling & flow, and low temperature adhesion.
Water-based PSAs are used in removable protective films, for paper labels & film and over laminate films. Major European countries have stopped using solvent-based adhesives and are substituting them with water-based adhesives.
Acrylic product type will dominate the market
Different product types include rubber-based, acrylic-based, silicone-based, and other minor segments including ethylene vinyl acetate (EVA), polyurethanes (PU), etc. Acrylic segment will hold the largest share in pressure sensitive adhesives market and is likely to grow at a CAGR of over 4.5% throughout the forecast timeframe.
These PSAs possess outstanding UV-light & chemical resistance, high shear strength & hydrolysis resistance, colour stability, high resistance against varying temperatures and excellent aging properties.
Acrylics are optimal for durable and long-term applications. They have higher temperature stability as compared to rubber-based PSAs. The prevailing trend of using lightweight and low-cost engineered plastic in electronics, automotive, construction, aerospace, and other industries will augment the demand for acrylic PSAs in the coming years.
Tapes will be the popular application segment
Different PSA applications include tapes, labels, films & laminates, graphics, and other segments such as automotive trims, dental adhesives, etc. Tapes is the most popular application segment in pressure sensitive adhesives market. Pressure sensitive tapes offer various advantages such as reduced product weight, improved product durability, enhanced product aesthetics lower production costs, and increased productivity.
These tapes have extensive application in healthcare, food & beverage, automotive, logistics, & transportation industries. Development in these industries will augment the product demand for tapes application segment in the coming years.
Packaging sector will hold the largest market share
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The different end-use sectors in pressure sensitive adhesives market include food & beverage, packaging, electronics & laminates, medical & healthcare, building & construction, automotive & transportation, and other sectors including leather & footwear, power generation, etc. Packaging sector will hold the highest market share among all end-users throughout the forecast period owing to the extensive product usage in the sector.
The product helps in fast bonding of several materials and enhances product appearance. Development in the global packaging industry owing to rising demand for cosmetics, healthcare, toiletries, household products, and food & beverages, coupled with rising consumption of packaged food will drive the pressure sensitive adhesives market growth in this sector.
Asia Pacific will be the major market contributor
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Asia Pacific region will hold the majority of market share throughout the forecast period. Over the last decade, the region has witnessed substantial development in its packaging, food & beverage, automotive and medical industries. Major global companies operating in these sectors have established their manufacturing plants in the region owing to cheap labor, availability of raw materials, etc. The region is known as the hub for electronics manufacturing.
Robust economic development, rapid industrialization, rising urbanisation, favourable government initiatives and investments are some of the factors driving the growth of major industries in the region. These trends will augment the regional PSA consumption in the coming years.
Merger & acquisition forms the major basis for business expansion
Merger and acquisition strategy are adopted by the major industry participants to maintain their competitive advantage in the market. Some major players in pressure sensitive adhesives industry are Evonik Industries, Arkema Group, Henkel, Sika AG LG and Chem. Some other PSA manufacturers are Momentive, Genesis Industries, Inc., Mapei S.p.A., Advance Polymers, Powerband, Glue Dots International, Toyochem, Bond Tech Industries, Franklin International, Beardow & Adams, Heartland Adhesives LLC, etc.
In June 2017, the company completed the acquisition of Yongle Tape Company Ltd, a manufacturer of specialty tapes and related products. In December 2016, the company announced acquisition of Hanita Coatings, which is primarily engaged in manufacturing pressure sensitive laminates & specialty films. It has helped the company to maintain its position in the pressure sensitive adhesives industry.
The pressure sensitive adhesives market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2019 to 2026 for the following segments:
By Technology
- Water based
- Solvent-based
- Hot melt
- UV-cured
By Product
- Rubber
- Tapes
- Labels
- Graphics
- Films & laminates
- Others
- Acrylic
- Tapes
- Labels
- Graphics
- Films & laminates
- Others
- Silicone
- Tapes
- Labels
- Graphics
- Films & laminates
- Others
- Others
- Tapes
- Labels
- Graphics
- Films & laminates
- Others
By Application
- Tapes
- Labels
- Graphics
- Films & laminates
- Others
By Sector
- Food & beverage
- Packaging
- Electronics & laminates
- Medical & healthcare
- Building & constructions
- Automotive & transportation
- Others
The above information is provided on a regional basis for the following:
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
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