New York, June 21, 2023 (GLOBE NEWSWIRE) --
The pressure sensitive adhesives market is estimated to grow at a CAGR of ~8% over the forecast period. The market is estimated to garner a revenue of ~USD 15 billion by the end of 2033, up from a revenue of ~USD 10 billion in the year 2022. This growth is largely driven by the increasing demand for pressure-sensitive adhesives in the packaging and labeling industry.
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Packaging materials with pressure-sensitive adhesives make it easier to keep products secure during transportation and storage. The adhesives not only protect the products but also reduce the need to use additional packaging materials such as strapping and tape. This helps to reduce costs and improve efficiency. Moreover, with the growth of e-commerce and logistics, the PSA market has grown in the packaging industry since concerns over safety and durability have been raised during shipping and delivery. The ecommerce industry has experienced 22% growth over the last year. The ecommerce industry is expected to account for 96% of all purchases by 2040. A total of 2.10 billion people shop online globally out of an estimated 8 billion. As more goods are sold online, the need for secure and durable packaging that can protect goods from damage during transit and delivery increases. This, in turn, requires manufacturers to invest in higher-quality materials such as PSA and better packaging solutions, driving the growth of the market.
Pressure Sensitive Adhesives Market: Key Takeaways
- Market in Asia Pacific to grow at the highest rate
- A significant increase in the acrylic pressure sensitive adhesive segment
- Market in North America to propel highest growth
The Introduction of Pressure-Sensitive Adhesives Derived from Biomaterials to Boost Market Growth
Pressure-sensitive adhesives (PSA) derived from biomaterials are expected to replace traditional adhesives and can be used for a variety of applications. These adhesives are made from biomaterials such as proteins, polysaccharides, and carbohydrates that have been modified to form a strong bond when exposed to pressure. For instance, as an antimicrobial adhesive for food applications, Bio-PSA/CO is an innovative biobased pressure-sensitive adhesive with cinnamon oil incorporated into the composition through a blend of natural rubber (NR), xyloglucan (XG), and cinnamon oil (CO). Further, piperonyl methacrylate (PIPEMA) has been developed as an effective monomer for making novel waterborne pressure-sensitive adhesives (PSAs) containing biobased material. Piperonyl alcohol (derived from black pepper) was utilized as a biobased monomer, and its homopolymer was fully characterized. Moreover, biobased PSAs are increasingly being used in various applications, such as labeling, packaging, and medical devices. In addition, they have unique properties such as high adhesion strength, easy application, improved durability, faster drying times, and resistance to extreme temperatures. Furthermore, they are also more environmentally friendly and have lower volatile organic compound (VOC) emissions compared to traditional adhesives.
Pressure Sensitive Adhesives Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Adhesive Tapes and Labels from the Packaging Industry to Boost Market Growth in the Asia Pacific Region
As a result of increased production and demand for pigments and dyes, which require pressure sensitive adhesives in their production, the Asia Pacific region is expected to have the highest revenue by the end of 2033.This, coupled with the fact that these adhesives are waterproof, sealing agents, corrosion, and oxidation resistant, makes them an ideal solution for many manufacturers in the region. The volume of dyes and pigments produced in India in FY 2021 was approximately 320 thousand tons. The number of organic pigment manufacturers in China ranges from 160 to 180. Out of them, the first 40 factories produce over 80% of the total amount of organic pigments produced. Moreover, there is a growing demand for tapes and labels in Asia-Pacific, backed by the increasing number of companies in the region that need labeling and packaging solutions for their products. It is estimated that China exports most of its adhesive products, such as tapes and labels, to India, with 245,250 shipments in 2021, making it the largest exporter of adhesives in the world. Additionally, the increasing demand for pressure-sensitive adhesives from the construction industry and the increasing use of these adhesives in the production of medical devices are also contributing to the growth of the market in the region.
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Increasing Use of Adhesives in the Automobile Sector Along with Increasing Sales of Premium Cars to Drive Market Growth in the North America Region
The pressure-sensitive adhesives market in the North American region is estimated to garner the highest CAGR by the end of 2033. The North American automotive industry is set to generate the largest number of revenues as a result of the increase in demand for luxury and premium vehicles along with the rapid growth of electric vehicles. For instance, in 2027, luxury car sales in the US are expected to reach nearly 91,000 vehicles. The number of electric cars sold in the United States in 2021 increased to 630,000, a double-digit growth rate. Pressure-sensitive adhesives are much faster to apply than mechanical fasteners, and they create a stronger bond that can withstand vibration, temperature fluctuation, and other environmental factors. This makes them ideal for automotive applications where speed and reliability are of the utmost importance. Furthermore, these adhesives are used in the oil and gas industry for a wide range of processes, including sealing, bonding, insulation, pipe sealing, tank lining, and heat exchanger construction. As a result, there has been an increased demand for these adhesives, as they provide a strong and durable seal while being easy to use and cost-effective. This increased demand, coupled with the expected growth of the oil and gas industry in the North American region, has contributed to the growth of the market. The United States produces the largest amount of oil and natural gas in the world. A total of 12 million barrels per day (b/d) of U.S. crude oil were produced in 2020. Over the past decade, US natural gas production has increased, reaching 930 billion cubic meters in 2021.
Pressure Sensitive Adhesives Segmentation by Application
- Graphic
- Labels
- Tapes
- Others
The tape segment is anticipated to hold the largest revenue by the end of 2033 in the pressure-sensitive adhesives market, owing to its wide range of applications in various industries, such as automotive, construction, and electrical & electronics. The rising demand for such tapes, attributable to their superior performance characteristics, is expected to drive segment growth during the forecast period. These tapes are also resistant to extreme temperatures, humidity, and abrasion, making them suitable for a wide range of applications. Moreover, the rising demand for pressure-sensitive tape in the packaging industry is projected to drive segment growth in the coming years. For instance, a recent study indicates that pressure-sensitive tape demand in India reached 2.0 billion square meters in 2018. Pressure-sensitive tapes are used for many purposes in the packaging industry, such as sealing, strapping, and reinforcing. They are also used to adhere labels, as well as to keep packaging secure and intact during shipping.
Global Pressure Sensitive Adhesives Market, Segmentation by Composition
- Acrylic
- Ethylene Vinyl Acetate
- Polyurethane
- Rubber
- Others
The acrylic segment is anticipated to hold the largest revenue by the end of 2033. This is owing to their improved performance, cost-effectiveness, and the growing demand for acrylic PSAs in the medical tape, flooring, and automotive industries. Additionally, the environmental benefits of acrylic PSAs have led to their increased adoption in many industries. Furthermore, acrylic pressure-sensitive acrylic resins provide a strong bond between the label or packaging material and the substrate, even in cold temperatures, which is projected to spur segment growth. For instance, a wide variety of pressure-sensitive acrylic resins are available, such as Henkal LOCTITE and DURO-TAK adhesives, which provide excellent packaging and label adhesives at temperatures as low as –50 degrees Celsius. Acrylic PSAs are also very versatile, as they can be applied to a wide variety of surfaces, including metal, wood, and plastic. They are also ideal for bonding substrates with irregular surfaces, as they can bridge gaps and provide a strong bond. Furthermore, they are designed to be both water- and heat-resistant, making them suitable for many applications and thereby boosting segment growth.
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Global Market, Segmentation by Technology
- Radiation Cured
- Water & Solvent Based
- Hot Melt
- Others
Market, Segmentation by End User Industry
- Automotive
- Construction
- Electronic
- Healthcare
- Packaging
- Others
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