Portland, OR -- (SBWire) -- 11/01/2017 --Global Pressure Sensitive Adhesives Market was valued at $8,408 million in 2016, and is expected to garner $12,963 million by 2023, registering a CAGR of 6.4% during the forecast period 2017 - 2023. Pressure sensitive adhesives are those adhesives, which adhere to different substrates when pressure is applied.
A pressure sensitive adhesive is defined as a material, which adhere two different or identical surfaces together solely through surface contact, and is achieved by applying initial external pressure. Pressure sensitive adhesives are available in the market in removable, permanent, or repositionable form. These adhesives assist automotive manufacturers to produce end products with long term reliability, lighter overall weight, and slimmer profiles. Growth in flexible packaging industry, miniaturization of electron devices, increase in demand of labels across various end-user industries, and product innovation are the major factors that drive the market growth globally. Pressure sensitive adhesives are increasingly replacing mechanical fasteners in automotive and transportation applications, as they provide improved corrosion resistance.
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In 2016, water-based pressure sensitive adhesives accounted for more than one-third of the market, in terms of revenue. Water-based adhesives deliver same level of performance as solvent-based acrylics and are generally preferred when safety & lesser cost are preferred, since these adhesives requires lesser steps, which are necessary for manufacturing solvent-based adhesives. In addition, water-based adhesives are eco-friendly in nature.
Surge in demand for labels from various end-use industries including medical and packaging & electronics and continuous advancements in label technologies have made labels the highest growing application in pressure sensitive adhesives industry.
Packaging holds the maximum share by end user, in terms of revenue, and is expected to grow at a CAGR of 7.7% during the forecast period. Pressure sensitive adhesives display high adhesion values and is expected to support several kilograms of weight per centimeter square of the contact area, even at high temperatures.
Key Findings of Pressure Sensitive Adhesives Market:
* Asia-Pacific is expected to continue to lead the market during the forecast period, followed by North America.
* The medical segment is expected to show highest growth rate by application in North America, registering a CAGR of 6.4% from 2017 to 2023.
* Acrylic was the highest segment by composition in pressure sensitive adhesives market, in terms of volume, in 2016.
* South Africa accounted for 9.3% share in terms of volume in the LAMEA pressure sensitive adhesives market, in 2016.
* Spain accounts for 2.9% share in terms of revenue in the European pressure sensitive adhesives market, in 2016.
* China is expected to grow at the highest CAGR of 7.8%.
Asia-Pacific and North America collectively accounted for more than half of the share to the global pressure sensitive adhesives market revenue, in 2016. In the same year, Asia-Pacific dominated the market, owing to the increase in automotive production.
The prominent market players profiled in the report include Avery Dennison Corporation (U.S.), Arkema Group (France), The Dow Chemical Company (U.S.), Henkel AG & Co. KGaA (Germany), The 3M Company (U.S.), H.B. Fuller Company (U.S.), Sika AG (Switzerland), Collano Adhesives AG (Switzerland), Ashland Inc. (U.S.), and LG Chem Ltd. (South Korea).
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Pressure Sensitive Adhesives Market Growth, Analysis and Forecast Report by 2023
Fluctuation in cost & availability of raw materials and stringent government regulations associated with volatile organic compounds (VOCs) emission hamper the growth of the pressure sensitive adhesives market. However, introduction of bio-based pressure sensitive adhesives and continuous innovation in pressure sensitive adhesives tapes are expected to boost the market expansion.