Pressure Sensitive Adhesives Market Overview
Major trend being witnessed in the global pressure sensitive adhesives market is the shifting demand toward non-polluting adhesives such as water-based. Water-based adhesives, unlike the conventional adhesives are non-polluting in nature as they have lesser volatile organic compounds (VOCs). As a result, end-use industries across various nations are increasingly preferring these adhesives over conventional vehicles. Hence, the market is witnessing the shift from the usage of conventional adhesives to water-base adhesives.
Pressure sensitive adhesives (PSAs) are non-metallic materials used to bind different materials, mainly on their surface, through cohesion and adhesion. Heat or water is not required to apply the adhesives. These adhesives can match with a variety of substrates and are either permanent or removable. Silicone, acrylics, and rubber are the major materials used in formulating the adhesives. Some other pressure sensitive adhesives formulations include epoxy, polyurethane, vinyl acetate, and styrene butadiene styrene (SBS).
Based on chemistry, the pressure sensitive adhesives market is categorized into acrylic, rubber, and ethylene-vinyl acetate (EVA). Acrylic adhesives accounted for a significant share in the market, owing to the fact that these adhesives are widely used for bonding different materials including paper, glass, plastic, wood, and metal. Moreover, high demand for acrylic adhesives in flexible packaging industry is another factor that is expected to boost the market for acrylic adhesives during the forecast period.
Based on technology, the pressure sensitive adhesives market is categorized into water-based, solvent-based, and hot melt adhesives. The demand for water-based adhesives is rising at a rapid pace, owing to the fact that these adhesives are environment-friendly in nature. As a result, environmentally conscious nations are focusing more on the usage of water-based adhesives, thereby boosting the market for water-based adhesives.
Based on application, the pressure sensitive adhesives market is categorized into labels, tapes, and graphics. Among all the application areas, labels accounted for the largest share in the market. Water-based adhesives are widely used for the formation of labels. These labels are used widely in pharmaceuticals, cosmetics, food and medical packaging, commodities, general purpose products, and so on.
Based on region, the pressure sensitive adhesives market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, the market is dominated by Asia-Pacific. More than half of the total water-based adhesives demand comes from China, which makes it a key market in the Asia-Pacific region. Additionally, the demand for commodities and appliances in the Asia-Pacific region is huge, which is the key driving factor for the market in applications such as tapes, labels, and graphics. The automobile industry continues to grow significantly in Asia-Pacific countries, such as China and India, which influences the demand for tapes for automobile applications.
Pressure Sensitive Adhesives Market Dynamics
Major factor driving the growth of market is the rising demand for adhesives from automobile industry. Rising sales of automobiles is expected to boost the market for these adhesives as they are widely replacing the conventional fixation tools and are now used in fixing of various components in an automobile. Growing demand for passenger vehicles in developing countries will have a direct positive impact on the pressure sensitive adhesives market in the coming years.
Major restraints identified in the pressure sensitive adhesives market are fluctuation in raw material prices and requirement for high capital for setting up the adhesive production facility. Over the past few years, prices of raw materials have increased sharply, thereby eroding the profitability of companies operating in this field. Moreover, political uncertainties due to protectionist outlook in the western economies have added woes to the companies, thereby faltering their production capacity expansion plans. Thus, the delay in expansion plans will continue to hinder the growth of the market in the coming years.
The pressure sensitive adhesives market is expected to witness significant growth in emerging countries, particularly African and certain Asian economies. These countries have rapidly advancing economies, characterized by rising automobile and furniture industries, thereby offering lucrative opportunities for players operating in the market.
Pressure Sensitive Adhesives Market Competitive Landscape
Some of the major companies operating in the global pressure sensitive adhesives market are The 3M Company, Avery Dennison Corporation, Ashland Inc., H.B. Fuller Company, DowDupont Inc., and Collano Adhesives AG. Other players in the market are Drytac Europe Ltd., Franklin International Inc., Henkel AG & Co. KGaA, Jesons Industries Limited, Momentive Performance Materials Inc., Novamelt Americas LLC, and Scapa Group Plc.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.