USD 11.79 Billion
Report ID: SQMIG15E2347 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 123 | Figures: 77
Global Pressure Sensitive Adhesives Market size was valued at USD 11.79 Billion in 2021 and is poised to grow from USD 12.30 Billion in 2022 to USD 16.71 Billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).
Product multiplication and escalating competitiveness is intensifying the complexity of packaging requirements, particularly in the food and beverage industry, thereby creating new growth opportunities for the global pressure sensitive adhesives market. This is owing to the fact that PSAs provide the flexibility needed to meet these complicated needs. PSAs are also utilized in other sectors, such as automotive, where it can be found in safety and warning labels as well as component identification labels throughout the supply chain.
In an average car, about 1 square meter of label is used, with just 10 to 15% of the labels visible to car owners being tire pressure and warning labels. The remaining labels, which are not visible to the automobile owner, are put to automotive parts. During assembly, they are used to indicate the component number and product specifications.
The growing demand for convenience packaging, particularly in the food and beverage industries, is one of the primary drivers of the pressure sensitive adhesives market. Because of their ability to establish a safe and trustworthy seal that preserves food clean and devoid of infection, PSAs are commonly utilized in food packaging.
However, rising raw material prices are a significant concern influencing producers and may stifle industry expansion. Acrylic polymers, rubber-based polymers, silicone polymer compounds, tackifiers, and chemicals are the key raw ingredients utilized in the production of PSAs.
Global Market Size
USD 11.79 Billion
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The global pressure sensitive adhesives market is segmented based on technology, adhesive chemistry, product, end user, and region. Based on technology, the market is segmented into water-based, solvent-based, hot melt, and radiation-cured. Based on adhesive chemistry, the market is segmented into acrylic, rubber, silicone, and others. Based on product, the market is segmented into tapes, labels, graphic films, and others. Based on end-use, the market is segmented into automotive, electronics, consumer goods, packaging, construction, and others. Regionwise, the global market is widespread into North America, Europe, Asia-Pacific, South America, and MEA.
Global Pressure Sensitive Adhesives Market Analysis by Technology
In 2022, waterborne technology will have a revenue share of more than 40.6% of the market. This is due to its environmentally friendly characteristics and widespread use in the production of cassettes and labels. Water-based PSAs are widely utilized on papers and are preferred for food and beverage labels over other technologies. They are also used to make general purpose everlasting labels, detachable labels, and medicinal labels.
Acrylic or rubber-based polymer compositions dissolved in solvent are examples of solvent-based technologies. Solvent-based technology has several advantages, including a wide range of adherence with quick curing, strong bond strength, and excellent heat and resistance to chemicals. The employment of this innovation in resilient, demanding, & long-term End-uses drives the solvent-based segment.
Hot melt technique is projected to gain in popularity because of cheaper prices compared to other techniques. Hot melt PSAs enable converters to employ heavier coat weights. Furthermore, the ability of hot melts to connect on both rough and smooth surfaces is a crucial component in aiding the segment's rapid growth.
Global Pressure Sensitive Adhesives Market Analysis by Product
In 2022, cassettes segment led the market, accounting for 69.9% of worldwide volume. This is due to the widespread use of tapes for box sealing in the packing industry. Furthermore, they are employed in a variety of assembly End-uses, including automobile and electronic assembly. The product's eco-friendliness, convenience of use, and reduced weight as compared to conventional joining and fastening techniques are projected to stimulate demand in assembling End-uses.
Food labels, transparent labels, pack lists, documents, all-purpose permanent labels, textile labels, tire labels, detachable labels, specialty labels and durable labels are driving demand for labels. Because of their exceptional properties, self-adhesive labels made from acrylic fluids are widely used in the labeling business. In comparison to other labels, they allow for broader webs, quicker speeds, and overall higher uptime during conversion.
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Asia Pacific dominated the market, accounting for 40% of total revenue in 2022. Asia Pacific is also expected to be the fastest-growing geographic market in terms of revenue throughout the forecast period. The rapidly expanding industrial sector and rising foreign investment in the region are likely to drive regional market expansion. With rising corporate and government expenditures on emerging technologies, creativity, new materials, and sustainability, UV/EB-based PSAs are expected to rise rapidly across North America.
Europe exhibited an increased demand for construction tapes then other regions. The presence of severe REACH rules in the market has hampered market expansion in the region. Germany, France, and the United Kingdom lead the European market in terms of consumption of goods. The primary CSA countries are Brazil, Argentina, and Chile. The elimination of limitations on imports in Argentina is likely to boost the number of ancillary printers and presses installed. The recovery of manufacturing in Brazil following a period of depression is expected to promote market expansion in the country.
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Global Pressure Sensitive Adhesives Market Drivers
Increasing use of pressure sensitive adhesives in tapes and labels
Pressure-sensitive adhesive (PSA) tapes serve as crucial components in the construction of various equipment, offering indispensable utility in tasks such as securing and positioning conductors, preventing relative movement, component identification, and moisture protection. In particular, PSA tapes find extensive use in fine-wire coils, where they play a critical role in averting conductor erosion caused by electrolysis. The versatility of PSA tapes continues to drive their utilization in an array of applications, with new uses constantly emerging, thereby fostering the continued growth of PSAs in the tape industry. Similarly, PSA labels offer a host of advantages, including self-adhesiveness, compatibility with a wide range of materials and shapes, and the absence of a need for heat, solvents, or water for adhesion to packaging. These labels are especially well-suited for high-speed applications, demonstrating adhesion capabilities to diverse surfaces, including non-polar polyolefin materials, rubber, surfaces prone to dust or contamination, rough substrates, and humid surfaces. PSA labels are characterized by their cost-effectiveness, versatility, and user-friendliness. These attributes are driving the increasing utilization of PSAs in the label industry.
Growing Demand in Packaging Industry
The global Pressure Sensitive Adhesives (PSA) market is being driven by the surging demand in the packaging industry. PSAs are widely used in various packaging applications, such as carton sealing tapes, labels, and flexible packaging. With the expansion of e-commerce and the need for efficient and secure packaging solutions, the demand for PSAs in this sector is on the rise. Additionally, the versatility of PSAs in adhering to different surfaces and materials makes them a preferred choice for packaging applications.
Increasing Adoption in Automotive Manufacturing
Another significant driver of the global PSA market is the increasing adoption in the automotive manufacturing industry. PSAs are utilized in various automotive components, including interior trim, insulation, and exterior attachments. The automotive industry's shift towards lightweight materials and the need for reliable bonding solutions have led to the growing use of PSAs. Moreover, the trend towards electric vehicles has further boosted the demand for PSAs in battery assembly and other critical components.
Expanding Electronics and Electrical Sector
The expansion of the electronics and electrical sector is a key driver for the global PSA market. PSAs are essential in this industry for applications like bonding electronic components, insulating materials, and protecting delicate devices. With the proliferation of consumer electronics, smartphones, and wearable devices, there is an increasing need for PSAs that provide strong adhesion, electrical insulation, and reliability. The continuous innovation in electronic devices and the miniaturization of components contribute to the growing demand for specialized PSAs in this sector.
Global Pressure Sensitive Adhesives Market Restraints
Volatility in Raw Material Prices
Pressure sensitive adhesives are composed of various raw materials, including acrylics, rubber, silicone, and others. Fluctuations in the prices of these raw materials can significantly impact the production costs of PSAs. Price volatility poses a challenge for manufacturers in terms of maintaining profitability and offering competitive pricing.
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The global pressure sensitive adhesives (PSAs) market is highly competitive, with several key players vying for market share. Due to their high expertise, large product range, and ongoing strategic activities such as acquisition and new product releases, 3M Company, Avery Dennison, and Henkel are the market's global leaders. These businesses are strongly integrated in their production operations.
Top Player’s Company Profiles in Global Pressure Sensitive Adhesives Market
Global Pressure Sensitive Adhesives Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our pressure sensitive adhesives market, the packaging industry's high need for pressure sensitive tape and labels is expected to drive the market. Pressure sensitive adhesives (PSAs) are simple to apply and can solve adhesion problems in a wide range of packaging technologies and coatings. Owing to the product multiplication and escalating competitiveness, packaging requirements are getting increasingly complex, particularly in the food and beverage industry. This will open up new opportunities for the market, as PSAs provide the flexibility needed to meet these complicated needs. PSAs are also utilized in other sectors, such as automotive, where it can be found in safety and warning labels as well as component identification labels throughout the supply chain.
|Market size value in 2021||USD 11.79 Billion|
|Market size value in 2030||USD 16.71 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Pressure Sensitive Adhesives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pressure Sensitive Adhesives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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