Soaring Electronics Sales to Benefit Global Pressure Sensitive Adhesives Market
Global Pressure Sensitive Adhesives Market: Overview
The growth in the global pressure sensitive adhesives market could be due to rapid expansion of the automotive and electronics sectors. Increased pressure from regulatory agencies for better mileage, light weight, and low emission of vehicles is expected to accelerate the demand for lightweight devices for use in automotive applications. Most of these use pressure sensitive adhesives.
Demand for pressure sensitive adhesives is anticipated to rise due to miniaturization of electronic devices. Pressure sensitive adhesives are globally used for various applications such as packaging, footwear, construction, automotive, and electronics. Focus on extending product portfolio and the expansion of application base could boost the market in the coming years.
The global pressure sensitive adhesives market could reach a valuation of US$7.96 bn by 2019.
RFID Labels See Higher Adoption in Improvement of Inventory Management
The global pressure sensitive adhesives market is segmented as per product and application. The product segmentation category includes solvent-based, water-based, hot melt, and radiation-cured pressure sensitive adhesives. Water-based pressure sensitive adhesives held a larger share of the market in the recent past. The second larger share of the market was secured by solvent-based products. These products are hazardous and contain volatile organic compounds (VOCs). Restrictions on the use of these products can lead to a decline in their demand in the market. However, hot melt pressure sensitive adhesives are expected to grow stronger in the construction industry due to their robust bond strength and increasing applications. They are used in various industries for multiple uses.
The application category includes segments such as tapes, speciality, labels, graphics, and automotive trims, dental adhesives, and notepads. Tapes dominated the global pressure sensitive adhesives market in a recent year while holding a decent share. Labeling is expected to grow at a handsome CAGR. Higher preference earned by RFID (Radio Frequency Identification) labels in inventory management is envisaged to boost the market in the near future. Among all other applications, retail labelling could be a faster-growing segment of the market.
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Increased Demand of Silicon-based Adhesives to Fuel Asia Pacific Market
Asia Pacific led the global pressure sensitive adhesives market in the recent years. It is said to hold a key share of the market and is foreseen to take the lead for the next few years. Rapid development of the automotive and electronics industries is predicted to catapult the regional market in the foreseeable future. Increase in demand for furniture, stationary, footwear, and consumer goods is expected to increase revenue of the market. These factors are rising due to advancement in developing countries like India, China, and Japan. Rise in preference for silicon-based adhesives could be another reason for market growth. Increase in the development of healthcare infrastructure and contribution from the medical industry could be other factors boosting the market. North America could be the second leading region of the global market in the coming years.
Some of the key companies of the global pressure sensitive adhesives market providing services are Ellsworth Adhesive, Avery Dennison Corporation, 3M Company, LG Chem, and Dow Chemical Company.
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