The global pressure-sensitive adhesives (PSAs) market is projected to exceed $11 billion by the year 2024, according to new market research reports. The growth is due to increasing applications and uses in the automotive, transportation, and related industries. PSAs (pressure sensitive adhesives) are finding new use as alternatives to bolts, clips, and rivets, thus improving the speed and ease of assembly in these automatic manufacturing facilities (and OEM plants). Pressure sensitive adhesive tapes have many uses including weight reduction, advance performance, improving aesthetics, and time and money savings.
Raw material prices are increasing for natural and synthetic rubber, acrylate monomers, organic and inorganic chemicals used in the production of pressure sensitive adhesive tapes. This may be considered as a restraint for the PSAs markets, due to pricing and availability factors. Many of these raw materials are taken from petroleum derivatives, and because of this, they are susceptible to fluctuations in oil prices.
The PSAs market has many classifications including water based, solvent based, hot melt, and UV cured adhesives. The volume in the water-based segment holds a maximum share in the product market and has growth projections at a compound annual growth rate (CAGR) to surpass $4 billion by the end of 2024. In upcoming years, the solvent adhesives based segment is expected to grow at the highest CAGR of over 5.5%.
The PSAs products market is classified into silicone, acrylic, rubber based, and others (e.g., polyurethanes and EVAs). The silicone pressure-sensitive adhesive market has growth projections at a strong rate because of the product’s increasing use in medical applications and apparel, and garments. The acrylics adhesive segment is expected to have moderate growth and surpass $2.5 billion by 2024.
Pressure-sensitive adhesives applications are broken up into: films and laminates, graphics, labels, tapes, and others. The “others” segment is made up of dental adhesives, automotive trims, and various other adhesive applications. Increasing packaging for food consumption developed for the food and beverage industry,, will reportedly have a positive correlation on the pressure sensitive adhesive labels segment; pressure sensitive labels for food and beverage markets are the fastest-growing segment and will exhibit strong growth with a CAGR of over 6% in the forecast period.
End-user markets are broken up into the following categories: healthcare and medical, laminates and electronics, packaging, transportation and automotive, building and construction, food and beverages, and others. The adhesives packaging segment will become the highest market share close to 30% by 2024. The laminates and electronics pressure sensitive adhesive segment is expected to grow at the highest CAGR, $3.3 billion, by the end of the 2024.
Asia-Pacific region is projected to surpass $4.5 billion by the end of 2024. Asia-Pacific will hold the largest volume share by 2024, due to rising industrial activities and development in the packaging, electronics, consumer, and food and beverages industries. The European market will showcase growth at a sluggish rate, due to the developed market in this region paired with the stringent governmental regulations.