According to a new research report by the market research and strategy consulting firm Global Market Insights, Inc., the pressure-sensitive adhesives market size is projected to reach a revenue of over USD $9.5 billion by 2024.
Ease of product application is a significant growth driver for the pressure-sensitive adhesives market. They have a wide variety of applications, including packaging tapes, specialty tapes, repositionable tapes, permanent labels, direct food contact applications, peelable labels, etc. These tapes and labels are easy to use and are used for safety, as well as aesthetic purposes. Escalating demand for sustainable packaging for environmental conservation and reduction of ecological footprints by using bio-based PSAs will propel the pressure sensitive adhesives market.
The European government has passed various regulations to limit the emission of volatile organic compounds (VOCs) in the environment to reduce the health-related consequences like eye, nose and throat irritation; nausea; headaches; loss of coordination; and damage to the liver, kidneys and central nervous system. This has led to the development of bio-based PSAs in order to ensure ecological benefits, but issues like expensive raw materials and its incompatibility with paper recycling mills could deter the overall pressure sensitive adhesives market progress in the coming years.
UV adhesives are highly viscous liquids that are screen-printable and develop the desired viscoelastic properties upon ultraviolet exposure. The demand for this product has been growing in such industrial-graphic applications as durable labels, nameplates, membrane switches and graphic overlays. Due to its eco-friendly nature, this technology will gain prominence and boost the demand in the pressure-sensitive adhesives market.
Rubber-based PSAs include the use of natural and synthetic rubber. It is a less expensive option with good adhesion properties and is abundantly available. Natural rubber-based PSAs are most suitable for applications involving low temperature and stress. They have low tack and must be formulated with plasticizers and tackifiers to accomplish pressure-sensitive properties.
Films and laminates is a significant application segment in the pressure-sensitive adhesives market that is expected to develop at a rate of approximately 4.5% in the coming years. Labels also play an important role and enables the customers to gain critical information regarding the product. PSA labels are offered in the market in various forms which consists of permanent labels, peelable labels, frost-fix labels, high track labels, etc.
The medical industry is an important sector for the pressure-sensitive adhesives market. PSAs are utilized in this sector for assembly of various medical devices like blood bag assembly, cast boot sole attachment, IV tube set, skin sealant, etc. This sector would propel at a rate close to 5.5%.
Latin America holds a significant share in the pressure-sensitive adhesives market, which is likely to generate a revenue of USD $550 million in 2024. Increasing demand for the product in the industrial sectors of Brazil and Mexico would augment the pressure sensitive adhesives market growth in the coming years.
Major companies of the pressure sensitive adhesives market include Evonik, Henkel, Bostik, Sika, HB Fuller, Dow Dupont, Avery Dennison and Arkema.
To learn more, visit https://www.gminsights.com.