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Pressure Sensitive Adhesives Market Size to surpass $15.4 billion by 2032
- Published Date: March 20, 2023
Pressure Sensitive Adhesives Market size is poised to cross USD 15.4 billion by 2032, as per a new research report announced by Global Market Insights Inc.
As per the report, increasing healthcare industry investments are likely to emerge as one of the key drivers behind market growth. Medical-grade pressure-sensitive adhesives are used for wound care applications in hospitals and clinics. In fact, products such as silicone-based PSA bandages offer easy removal and replacement and are adaptive to different skin types. Many leading pressure-sensitive adhesive manufacturers are focusing on product innovations to enhance their position in the industry.
Growing industrial sector to impel technology segment expansion
Pressure sensitive adhesives market revenue from solvent-based segment is anticipated to grow past USD 5 billion by 2032, driven by the ongoing expansion of the industrial sector. Solvent-based pressure receptive adhesives can support higher temperatures and shear loads than their hot melt counterparts due to their inherent structural stability, granting them access to heavy industry applications. They also show excellent resistance to chemicals, which makes them ideal for applications in oil drums, chemical containers, and other industrial purposes.
To accelerate industrial development, and recover from the pandemic slump, many developing nations are formulating appealing policies to boost revenue inflow, which is likely to play into the segment growth.
Browse key industry insights spread across 410 pages with 478 market data tables & 39 figures & charts from the report, “Pressure Sensitive Adhesives Market Size, Share and Industry Analysis Report By Technology (Water Based, Solvent Based, Hot-Melt, UV-Cured), By Product (Rubber-Based, Acrylic, Silicone), Application (Tapes, Labels, Graphics, Films & Laminates), By Sector (Food & Beverage, Packaging, Electronics & Laminates, Medical & Healthcare, Building & Construction, Automotive & Transportation), Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Quick stick capability of rubber adhesives to foster product segment growth
The pressure sensitive adhesives market value from rubber-based product segment is expected to grow at over 7% CAGR from 2023 to 2032. Rubber-based pressure-sensitive adhesive are considered to be the most affordable and are extensively used as they offer superior resistance from environmental degradation. In addition, they also boast of a quick stick capability, which allows them to offer a wide range of performance levels in comparison to its hot melt and water-based counterparts. It also provides more latitude for formulation and can adhere to many surfaces. Additionally, it can be made to be permanent, removable, and repositionable formulations, making them much more flexible.
Rising demand for eco-friendly packaging to bring revenues from packaging sector segment
Pressure sensitive adhesives market growth from the packaging segment is expected to record a valuation of more than USD 4 billion by 2032. Pressure-sensitive tapes are popular in the packaging sector as they are cost-effective and easy to use. They can be also directly used with cartons and bags to make them self-sealing. As demand for eco-friendly packages grows, it has bolstered the demand for sustainable packaging, which is steering demand towards pressure-sensitive adhesives. Many pressure-sensitive adhesive manufacturers are emphasizing sustainable, bio-based, and disposable PSAs.
In fact, in August 2020, Henkel AG & Co. KGaA, a German pressure-sensitive adhesive manufacturer, opened a new facility for manufacturing UV-curable acrylic pressure-sensitive adhesives in North Carolina. It helped the firm expand its UV capabilities by offering sustainable pressure-sensitive adhesives to medical, tape, and other markets.
Strict environmental norms to strengthen Europe pressure-sensitive adhesives industry
Europe pressure sensitive adhesives market share is slated to grow at over 5.5% CAGR through 2023 - 2032, owing to the tightening environmental and sustainability regulations in the region. These stringent regulations also reflect upon the rapidly growing customer consciousness around the impact of their choices to the environment. Both these factors are working together to create a strong demand for eco-friendly sustainable packaging. Back in 2022, Danish multinational brewer, Carlsberg, announced that it will be trailing its new wood-based fibre shell and plant-based PEF polymer lining bottles in eight regional markets across Europe, including France, the UK, and Poland.
Partnerships to outline competitive landscape for pressure sensitive adhesives market
Some of the major pressure-sensitive adhesives industry contenders are Wacker Chemie AG, Evonik Industries AG, Ashland, Inc, Momentive Performance Materials, LG Chem Ltd, and Mapei SpA, among others. Many of these players are focusing on partnerships and collaborations to extend their global footprint.
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