Packaging and medical industry to generate substantial pressure sensitive adhesives market demand
Ocean View, DE -- (SBWIRE) -- 06/29/2020 -- Pressure sensitive adhesives market is set to witness lucrative growth on account of increasing demand from the packaging industry. They are used in packaging purposes owing to their ability to produce instant bond without applying heavy pressure. Due to their eco-friendly nature, governments encourage the use of pressure sensitive adhesives for sustainable packaging in various sectors. They are well-suited for numerous use cases in the form of tapes and labels across packaging, electronics, healthcare, and automotive industries.
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Frontrunners in the industry
Some of the key companies influencing pressure sensitive adhesives market trends are Avery Dennison Corporation, H. B. Fuller, Arkema Group, Henkel AG & Co. KGaA, The 3M Company, Sika AG, DowDuPont, Inc. (Dow Corning), Momentive Performance Materials, Wacker Chemie AG, LG Chem Ltd, Evonik Industries AG, Mapei SpA, Ashland, Inc., Beardow Adams Ltd., Franklin International, Inc., Mactac Performance Adhesive Group, Powerband Industries Pvt. Ltd
According to the latest research report published by Global Market Insights, Inc., pressure sensitive adhesives market is likely to exceed $9.5 billion by 2024.
Pressure sensitive adhesives (PSAs) are easy to apply and handle, which has driven the industry growth. The industry has grown substantially due to the wide-ranging application spectrum of pressure sensitive adhesives, including specialty tapes, packaging tapes, repositionable tapes, permanent labels, peelable labels, direct food contact applications, etc. These labels and tapes are used for aesthetic and safety purposes. Rising cognizance regarding environment conservation and reduction of ecological footprint in packaging sector with the use of bio-based PSAs may escalate pressure sensitive adhesives market share.
Pressure sensitive adhesives industry outlook is likely to gain massive growth opportunities from medical industry. These adhesives are used in the medical industry to assemble medical devices, such as skin sealant, cast boot sole attachment, blood bag assembly, IV tube set, etc. Reports estimate that medical industry will contribute to pressure sensitive adhesives market size with a growth rate of around 5.5% CAGR over 2018-2024.
UV adhesives have found widespread applications in industrial graphics for nameplates, durable labels, graphic overlays, and membrane switches. These adhesives possess high viscosity, which make them screen printable. When exposed to ultra-violet rays, UV adhesives can develop the desired viscoelastic properties. Demand for UV adhesives is constantly rising due to its ecological nature, which is likely to foster pressure sensitive adhesives industry growth.
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Pressure sensitive adhesives are extensively used in the manufacture of a diverse range of labels, such as peelable labels, permanent labels, high track labels, frost-fix labels, etc. Also, these adhesives have gained considerable adoption in films & laminates application segment. Pressure sensitive adhesives market share from films & laminates applications is expected to accumulate gains at a CAGR of around 4.5% over 2018-2024.
Rubber-based pressure sensitive adhesives have gained massive traction since they are economical, offer good adhesion, are easily available, and use both synthetic and natural rubber for their manufacturing. Natural rubber-based PSAs have low tack and are required to be formulated with tackifiers and plasticizers to gain pressure sensitive properties. Their application involves low stress and temperature.
In Latin America, Mexico and Brazil are key country-specific markets, which are boosting pressure sensitive adhesives market share. Both the countries have been witnessing huge expansion in industrial sector, which has induced high pressure sensitive adhesives industry demand. As per estimates, Latin America pressure sensitive adhesives market is likely to touch $550 million by 2024.