Pressure Sensitive Adhesives Market Report, published by Allied Market Research, forecasts that the global market was valued at $8,408 million in 2016, and is expected to garner $12,963 million by 2023, registering a CAGR of 6.4% during the forecast period 2017 - 2023. The water-based pressure sensitive adhesives segment was dominant in 2016, with more than one-third of the market share, in terms of revenue.
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A pressure sensitive adhesive is defined as a
material, which adhere two different or identical surfaces together solely
through surface contact, and is achieved by applying initial external pressure.
Pressure sensitive adhesives are available in the market in removable,
permanent, or repositionable form. These adhesives assist automotive
manufacturers to produce end products with long term reliability, lighter
overall weight, and slimmer profiles. Growth in flexible packaging industry,
miniaturization of electron devices, increase in demand of labels across
various end-user industries, and product innovation are the major factors that
drive the market growth globally. Pressure sensitive adhesives are increasingly
replacing mechanical fasteners in automotive and transportation applications,
as they provide improved corrosion resistance.
In 2016, water-based pressure sensitive adhesives
accounted for more than one-third of the market, in terms of revenue.
Water-based adhesives deliver same level of performance as solvent-based
acrylics and are generally preferred when safety & lesser cost are
preferred, since these adhesives requires lesser steps, which are necessary for
manufacturing solvent-based adhesives. In addition, water-based adhesives are
eco-friendly in nature.
Surge in demand for labels from various end-use
industries including medical and packaging & electronics and continuous
advancements in label technologies have made labels the highest growing
application in pressure sensitive adhesives industry.
Packaging holds the maximum share by end user, in
terms of revenue, and is expected to grow at a CAGR of 7.7% during the forecast
period. Pressure sensitive adhesives display high adhesion values and is
expected to support several kilograms of weight per centimeter square of the
contact area, even at high temperatures.
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Key Findings of Pressure Sensitive Adhesives
Market:
- Asia-Pacific
is expected to continue to lead the market during the forecast period,
followed by North America.
- The
medical segment is expected to show highest growth rate by application in
North America, registering a CAGR of 6.4% from 2017 to 2023.
- Acrylic
was the highest segment by composition in pressure sensitive adhesives
market, in terms of volume, in 2016.
- South
Africa accounted for 9.3% share in terms of volume in the LAMEA pressure
sensitive adhesives market, in 2016.
- Spain
accounts for 2.9% share in terms of revenue in the European pressure
sensitive adhesives market, in 2016.
- China
is expected to grow at the highest CAGR of 7.8%.
Asia-Pacific and North America collectively
accounted for more than half of the share to the global pressure sensitive
adhesives market revenue, in 2016. In the same year, Asia-Pacific dominated the
market, owing to the increase in automotive production.
The prominent market players profiled in the report
include Avery Dennison Corporation (U.S.), Arkema Group (France), The Dow
Chemical Company (U.S.), Henkel AG & Co. KGaA (Germany), The 3M Company
(U.S.), H.B. Fuller Company (U.S.), Sika AG (Switzerland), Collano Adhesives AG
(Switzerland), Ashland Inc. (U.S.), and LG Chem Ltd. (South Korea).
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