Sellbyville, DE -- (SBWIRE) -- 11/07/2018 -- According to a new research report by Global Market Insights, Inc. Pressure Sensitive Adhesives Market size will likely surpass USD 11 billion by 2024.

An innate verticals of the polymers space, pressure sensitive adhesives market has lately established itself as quite a lucrative business space in the overall adhesives domain. Undeniably, this growth can be credited to the fact that this product is one of the most recognized adhesive due to its ability to generate an instant bond under light pressure without the requirement of any activation provided by solvents, heat, or water. Pressure sensitive adhesives are apt at permanently fusing dissimilar materials with the resultant cohesive bond being so strong, that it does not easily fall apart.

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Pressure sensitive adhesives market is classified based on technology as water-based, solvent-based, hot-melt, and UV-cured. Considering volume, water-based segment held a maximum share in the product market and is said to grow at a significant CAGR to surpass USD 4 billion by the end of 2024. Solvent-based segment will grow at a highest CAGR of over 5.5% in the upcoming years.

Considering products, the pressure sensitive adhesives market is bifurcated into silicone, acrylic, rubber-based, and others, which include polyurethanes, EVA, etc. Silicone pressure sensitive adhesive market will grow at a lucrative rate owing to the product's increasing use in medical applications and personal garments. The acrylic segment is said to showcase moderate growth and surpass USD 2.5 billion by 2024.

Considering application, pressure sensitive adhesives industry is segmented into films & laminates, graphics, labels, tapes, and others. The others segment consists of dental adhesives, automotive trims, etc. Development in food & beverage industry and increasing packed food consumption will positively influence the labels segment in the market. It is the fastest growing segment and will exhibit growth with CAGR of over 6% in the forecast spell.

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According to the end-user industries, pressure sensitive adhesives market is segmented as healthcare & medical, laminates & electronics, packaging, transportation & automotive, construction & building, beverages & food, and others. Packaging segment will hold the highest market share close to 30% by 2024. Electronics & laminates segment will grow at a highest CAGR to surpass USD 3.3 billion by the end of the forecast period.

Technological developments have provided a major impetus to pressure sensitive adhesives market. For instance, since the automotive industry requires adhesives that can resist extreme heat, pivotal pressure sensitive adhesives industry firms have conducted numerous R&D programs to come up with a new, unique product. This adhesive is a high temperature resistant acrylic pressure sensitive adhesive that can withstand temperature of up to 400°F as compared to other acrylic pressure sensitive adhesives that can withstand temperatures of only up to 325°F.

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Many such research and development programs are still on the radar, that will help manufacture adhesives that are more suited to different applications. Eventually, this would provide a major boost to the overall pressure sensitive adhesives market, the size of which is likely to surpass USD 11 billion by 2024.