Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pressure sensitive adhesives market is likely to expand at a CAGR of 5.2% between 2022 and 2031. Pressure sensitive adhesive is a type of adhesive that is non-reactive and forms a stronger bond when pressed to the surface. This type of adhesive is self-reliable i.e., it does not require heat or water to activate its adhesive nature. Pressure sensitive adhesive is compatible with all surfaces. Demand for these adhesives is high in end-user industries such as healthcare & medical, automotive, electrical, packaging, and others.
Pressure sensitive adhesives have high heat insulation properties. These also have excellent strength, and thus, have high demand in several industries. Rise in demand for pressure sensitive adhesives owing to their nature and properties is anticipated to propel market expansion during the forecast period. However, fluctuation in prices of raw materials is likely to hamper market growth in the next few years. Nevertheless, surge in investment in data-driven research and increase in environmental concerns are expected to create demand for eco-friendly adhesives, thereby creating lucrative business opportunities in the market in the next few years.
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According to TMR report, the global pressure sensitive adhesives market stood at US$ 7.9 Bn in 2021 and is projected to reach US$ 13.8 Bn by the end of 2031. Increase in demand for pressure sensitive adhesives, especially in the medical sector, is projected to augment market size in the near future.
Key Findings of Study
- Increase in Usage of Bio-based Pressure Sensitive Adhesives: Rise in environmental issues across the world have induced governments of several countries to opt for eco-friendly products and commodities for use in multiple industries. This is likely to accelerate demand for pressure sensitive adhesives, as these are both strong and biodegradable in nature. Surge in demand for bio-based pressure sensitive adhesives is likely to bolster market growth during the forecast period.
- Cost-efficiency and Easy-to-use: Pressure sensitive adhesives are used in several machinery and equipment, as well as in electronic devices. Rise in disposable income of people and increase in demand for electronic devices, such as tablets, smartphones, and computers, are the key factors augmenting the need for pressure sensitive adhesives, which in turn is fueling industry growth. Additionally, easy-to-use and cost-efficiency are projected to propel market development during the forecast period.
Key Drivers
- Rise in popularity of miniaturization of electronic devices
- Increase in usage in advertising and branding
- Surge in adoption of pressure sensitive adhesives by several end-use industries
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Regional Growth Dynamics
- Asia Pacific is anticipated to account for dominant share of the global pressure sensitive adhesives market during the forecast period. This is ascribed to increase in application of labels, graphics, and tapes in industries such as building & construction, packaging, automotive & transportation, healthcare, and others.
- China is projected to emerge as the leading exporter of pressure sensitive adhesives. India, Indonesia, South Korea, Taiwan, and other countries in Asia Pacific are projected to be major markets owing to expansion of industries such as healthcare, transportation, packaging, and automotive.
Key Players
Prominent players in the global pressure sensitive adhesives market include LG Chem, Henkel AG & Co. KGaA, H.B. Fuller Company, Ellsworth Adhesives, Dow Chemical Company, Nippon Paint Co. Ltd., Bostik SA, BASF SE, Avery Dennison Corporation, Ashland, Inc., and 3M Company.
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Pressure Sensitive Adhesives Market Segmentation
Product
- Water-based
- Solvent-based
- Hot Melt
- Radiation Cured
Application
- Tapes
- Labels
- Graphics
- Others (including automotive trims, dental adhesives, and notepads)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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