Sellbyville, DE -- (SBWire) -- 10/09/2018 --Pressure Sensitive Adhesives Market will surpass USD 11 billion by 2024. Growing packaging market in emerging economies will surge the demand for pressure sensitive adhesives market in forecast period. These products are extensively used in manufacturing of tapes, labels, graphics, films, laminates and others. PSA labels play a pivotal role in packaging industry owing to the government regulation to provide various information about the food, medicine, cosmetics, etc.
For instance, in 2011, FDA regulated to provide the information about the ingredient, nutritional value, manufacturing, expiry, packed date, etc. of food products on the packaging. This will spur the labels market, hence providing the momentous growth to pressure sensitive adhesives market.
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Automotive & transportation segment deemed to be a profitable quotient for product market owing to technological innovation and development coupled with stringent regulation to decrease the fuel emission. The manufacturing of light weight vehicle by using PSAs instead of rivets, bolts and clips will not only increase the speed of vehicle but also provide ease to assemble the vehicle parts. Increase in buyer's power will surge the demand for high-tech cars which will further stimulate the pressure sensitive adhesives market in the years to come.
Major hindrance in the growth path of the market is fluctuating prices of raw material including synthetic rubber, acrylate, and other organic and inorganic chemicals. These chemicals are direct or indirect downstream products of crude oil and will have a significant influence on the PSA prices. Non-recycling properties of some pressure sensitive adhesives will also hamper the product market growth.
On the basis of technology, the product market is diversified into UV-cured, water and solvent based, and hot-melt. Water-based pressure sensitive adhesives will account for a volume share of over 30% of the overall PSA market in 2024 with a revenue over USD 3.5 billion. Hot melt PSA are the most important and promising market as it finds wide applications in female & adult hygiene, baby diapers market. Also, hot melt is a clean low VOC technology.
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In 2024, acrylic PSA is likely to register the marketmore than USD 2.5 billion owing to its oxygen and heat resistance provided by the inherent double bonds. Silicone PSAs will also provide a profitable growth due to growing demand in electronics and medical applications. In others hybrid PSA made from acrylic, polyurethane, rubber are growing at a significant pace.
Based on applications, the pressure sensitive adhesive market is fragmented into labels, graphics, films & laminates, and tapes. The other niche application of product includes dental adhesives, car trims, etc. Tapes will likely hold more than one-third of the total market share, increasing with a growth rate more than 5% by the end of 2024.
End-user for this product are segmented into six key segments including electronics and laminates, food & beverage, medical & healthcare, automotive & transportation, packaging, building & construction and others including leather, power generation, footwear, etc. Packaging is fastest growing end-user and is likely to witness growth at a CAGR of 5% in forecast period.
Based on regions, Asia Pacific will emerge as the fastest growing region owing to growing manufacturing activities and economic development in end-user industries including medical, food & beverages, electronics & laminates, building & constructions, etc. which will further spur the PSAs market. This region will hold a marketof more than USD 4.5 billion by 2024.
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The prominent companies of the product market are Evonik, 3M, Wacker Chemie, BASF, Ashland, Momentive, LG Chem, Arkema, Bostic, Dow corning, Henkel, Avery Dennison, Sika and Avery Dennison. Henkel is a market leader in global PSA market.
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Pressure Sensitive Adhesives Market Growing at 5.5% Up to 2024 with Major Key Players BASF, Avery Dennison, H B Fuller, Arkema, Henkel, 3M, Sika, Dow Corning
Asia Pacific pressure sensitive adhesives market accounted over USD 2.5 billion and will witness growth with an exponential rate of over 6% in the forecast spell.