NEW YORK, Oct. 21, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global pressure sensitive adhesives market size held a value of $7,414.0 million in 2018, and it expected to reach $9,351.8 million by 2024, by witnessing a CAGR of 4.0% during the forecast period. Among pressure sensitive adhesive applications, tapes accounted for the largest market share during the historical period, with increase in demand for packaging in various industries.
However, the highest growth in the global market is witnessed by the label’s application, wherein the consumption of labels has been increasing by the growing demand in FMCG products, automobiles, and several other packaged products. For example, one basic passenger car requires nearly one square meter of label sheet, which in all its totality, results in a huge volume demand for labels and pressure sensitive adhesives from for the automobiles sector.
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Increasing M&As, joint ventures (JVs), and product launches by market players to expand their footprint and consumer base is the key trend observed in the pressure sensitive adhesives market. Market players such as 3M Company, Arkema Group, The Dow Chemical Company, H.B. Fuller Co., Ashland Inc., Avery Dennison Corp., and several other market players are actively participating in the kind of strategical moves to expand their footprint across the globe and entering markets with new products. For instance, in 2019, 3M Company announced that it added 3M Extended Wear Medical Transfer Adhesive, 4075 to its product line of advanced adhesives for medical devices.
E-commerce industry has been growing rapidly across the globe with changing consumer preferences and increasing purchasing power, which in result has generated demand for packaging, primarily materials such as paper board. In recent times, e-commerce sales have been increased by fast-moving consumer goods (FMCG), electronic goods, and stationary products. Traditionally, FMCG products generated largest demand for packaging and this demand has been increasing since introduction of e-commerce, which in result is increasing the consumption of pressure sensitive adhesives in product packing process. The growth in e-commerce industry and its services, are expected to further fuel the demand for pressure sensitive adhesives in the forthcoming years.
Browse report overview with detailed TOC on "Pressure Sensitive Adhesives Market Research: By Formulation (Acrylate, Rubber, Silicon), Application (Tapes, Labels, Graphics, Laminations), Industry (Packaging, Automotive, Electrical & Electronics, Healthcare & Hygiene, Construction), Geographical Outlook (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, Turkey, South Africa) – Global Industry Trends Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/pressure-sensitive-adhesives-market
Asia-Pacific (APAC) and Europe accounted for the first and second largest market shares in the global market for pressure sensitive adhesives market during the historical period, and are expected to account for over 65% global market share by 2024. This significant market share is attributed to the growth in FMCG, automotive, and construction industries. Majorly, APAC region’s demand for these adhesives is growing at a significant pace, which follows by Middle East & Africa (MEA). Countries such as Saudi Arabia, Turkey, South Africa, Nigeria, and several other countries in MEA region are showing developing certain industries such as construction and FMCG.
The global market for pressure sensitive adhesives is highly fragmented, wherein top 10 market players accounted for nearly 50% and remaining market share is shared by hundreds of global and localized manufacturers. The key players in the global manufacturing and sales operations are Henkel AG & Co. KGaA, 3M Company, Arkema Group, H.B. Fuller Co., Avery Dennison Corp., Sika AG, The Dow Chemical Company, Ashland Inc., Huntsman Corporation, and Mapei SPA.
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For instance, in May 2018, Ashland Inc. had launched Aroset 2100 PSA, which is a coater-ready and self-crosslinking adhesive. This adhesive had developed to provide specialty tape and label manufacturers with the capability to manufacture extremely robust tapes for performance design spaces that were previously not available with solvent-based acrylate pressure sensitive adhesives.
Some of other market players operating in the pressure sensitive adhesives market are Exxon Mobil Corporation, BASF SE, TOYOCHEM CO. LTD., Toagosei Co. Ltd., Wacker Chemie AG, Jowat SE, Adhesives Research Inc., Hitachi Chemical Company Ltd., Pidilite Industries Ltd., and Franklin Adhesives & Polymers.
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