Ocean View, DE -- (SBWIRE) -- 06/23/2020 -- Pressure sensitive adhesives market is set to witness lucrative growth on account of increasing demand from the packaging industry. They are used in packaging purposes owing to their ability to produce instant bond without applying heavy pressure. Due to their eco-friendly nature, governments encourage the use of pressure sensitive adhesives for sustainable packaging in various sectors. They are well-suited for numerous use cases in the form of tapes and labels across packaging, electronics, healthcare, and automotive industries.

Avery Dennison Corporation, H. B. Fuller, Arkema Group, Henkel AG & Co. KGaA, The 3M Company, Sika AG, DowDuPont, Inc. (Dow Corning), Momentive Performance Materials, Wacker Chemie AG, LG Chem Ltd, Evonik Industries AG, Mapei SpA, Ashland, Inc., Beardow Adams Ltd., Franklin International, Inc., Mactac Performance Adhesive Group, Powerband Industries Pvt. Ltd

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According to the latest research report published by Global Market Insights, Inc., pressure sensitive adhesives market is likely to exceed $9.5 billion by 2024.

Pressure sensitive adhesives (PSAs) are easy to apply and handle, which has driven the industry growth. The industry has grown substantially due to the wide-ranging application spectrum of pressure sensitive adhesives, including specialty tapes, packaging tapes, repositionable tapes, permanent labels, peelable labels, direct food contact applications, etc. These labels and tapes are used for aesthetic and safety purposes. Rising cognizance regarding environment conservation and reduction of ecological footprint in packaging sector with the use of bio-based PSAs may escalate pressure sensitive adhesives market share.

Pressure sensitive adhesives industry outlook is likely to gain massive growth opportunities from medical industry. These adhesives are used in the medical industry to assemble medical devices, such as skin sealant, cast boot sole attachment, blood bag assembly, IV tube set, etc. Reports estimate that medical industry will contribute to pressure sensitive adhesives market size with a growth rate of around 5.5% CAGR over 2018-2024.

The automotive industry is a prominent application avenue of the PSAs pertaining to their ability to sustain high temperatures along with strong resistance to harsh chemicals and materials. Owing to their robust nature, PSAs are significantly utilized for replacing mechanical fasteners and other automobile attachments.

Moreover, the product is profoundly deployed to seal holes or openings in the automotive chassis and body structure, so as to stop fluids or water from entering into them which can cause serious issues of rusting. The proliferating automotive industry due to shifting preferences toward personal mobilities will stimulate the pressure sensitive adhesives market trends from the automotive and transportation segment.

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Hot-melt PSA exhibits fast setting properties and are 100% solid prior to application. They are required to be applied in molten state, usually using hot glue gun which helps achieve the flow while applying the product.
Hot-melt technology is incentivized by several end-use industries such as textile lamination, book-binding, automotive, shoemaking, construction, woodworking, electronics, product assembly, packaging, etc. Attributing to widespread application spectrum, hot-melt pressure sensitive adhesives market share will witness significant gains at a CAGR of 5.4% through the study timeframe.

Food & beverage industry significantly use the PSA products in the form of labels and tapes on food packaging owing to environment friendly benefits. Certain PSA products have gained FDA approvals to be used in direct contact with the food items which is likely to propel the segmental growth. The food & beverage segment is projected to grow at a CAGR of about 5% through the forecast timeline.

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