The pressure sensitive adhesives market is projected to register a CAGR of 4.0% during the forecast period (2019–2024). At this rate, the revenue generated by the industry players will increase from $7,414.0 million in 2018 to $9,351.8 million in 2024. This is because manufacturers and vendors of all the aforementioned end-products are using pressure-sensitive adhesives for packaging.
Leading pressure sensitive adhesives market players, such as Avery Dennison Corp., H.B. Fuller Co., Arkema Group, Ashland Inc., The Dow Chemical Company, TOYOCHEM CO. LTD., Pidilite Industries Ltd., Jowat SE, Exxon Mobil Corporation, Franklin Adhesives & Polymers, and 3M Company, are adopting mergers and acquisitions, product launches, and joint ventures to increase their geographical footprint with novel products. For example, 3M Company announced the addition of the 3M Extended Wear Medical Transfer Adhesive 4075 to its product portfolio of advanced medical device adhesives in 2019.
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The categories under the formulation segment of the pressure sensitive adhesives market include rubber, acrylate, silicone, and others. During the forecast period, the silicone category is projected to display the fastest growth due to the escalating demand for health and hygiene products. Silicone-based adhesives are used in high volumes in sanitary napkins, medical tapes, and baby diapers. This is due to the higher durability and greater water resistance offered by silicone-based adhesives in comparison to rubber and acrylic adhesives.
Geographically, the Asia-Pacific region registered the highest usage of pressure-sensitive adhesives in the past, and this trend is predicted to continue during the forecast period. This is primarily attributed to the thriving electronics, packaging, automotive, and construction industries in the region. In addition to this, the flourishing electronics manufacturing industry in Japan, South Korea, and China and the large-scale consumption of FMCG products in China and India will create a huge demand for such materials in the region in the coming years.
Thus, the expansion of the e-commerce sector and strategic developments by chemical companies will propel the market growth in the foreseeable future.
Read more: https://www.psmarketresearch.com/market-analysis/pressure-sensitive-adhesives-market
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