Pressure-sensitive adhesives are binding substances that are applied to the substance to prevent the separation of two surfaces. These adhesives are nonreactive and provide superior bonding property. Labels, graphics, tapes, and medicals are some of the key applications of pressure-sensitive adhesives. Automotive, construction, healthcare, consumer goods, packaging, and electronics are some of the key end-users of the pressure-sensitive adhesives.
The global Pressure Sensitive Adhesives market is expected to surpass US$ 12,555.9 Mn in terms of value by the end of 2028.
The increasing use of RFID (Radio Frequency Identification) labels for labeling and inventory management across various manufacturing industries is driving the market growth of pressure-sensitive adhesives. RFID (Radio Frequency Identification) basically uses pressure-sensitive adhesives in adhesion layers. Sectors such as airports, warehouses, retail stores, logistics companies are rapidly utilizing RFID labeling for enhancing their inventory management. RFID labeling enables retail stores and suppliers to manage their inventories in real-time.
Robust growth in the packaging industry around the globe is expected to serve major growth opportunities in the market. Pressure-sensitive tapes provide numerous advantages such as lower production costs, improved product durability, reduced product weight, and increase production cost. Moreover, the use of pressure-sensitive tapes provide a safe and efficient delivery of products and also prevent damage during transportation. Hence, growth in the packaging industry will favor the market growth.
Global Pressure Sensitive Adhesives Market: Recent Developments
In September 2019, Arkema showcased and announced a new range of PSAs at the LabelExpo 2019. The new range included products with enhanced performance and sustainability to meet the increasing demand for these adhesives from the packaging, construction, and automotive sectors.
Various companies participates in different events and exhibitions in order to promote their product portfolio and enhance customer base. For instance, in April 2019, Engineered Polymer Solutions (EPS) presented its portfolio of acrylic emulsions at the Annual Spring EXPO of Adhesives and Sealant Council, held in Philadelphia, USA. Their products are aimed at maximizing the performance of permanent and removable pressure-sensitive adhesives.
In 2018, the Ohio-based company, Ashland, launched its ‘Aroset 2100’ Pressure Sensitive Adhesive at the Pressure Sensitive Tape Council Tape Summit 2018, held in Minneapolis, Minnesota. Aroset 2100 offers characteristics such as superior adhesion to polar surfaces, excellent solvent resistance, high degree of optical clarity, high temperature shear, and good loop & probe track.
The fluctuating price of raw materials used in the manufacturing of pressure-sensitive adhesives is expected to hinder the market growth. It is derived from petroleum-derived feedstock such as polyolefins, acrylates, polyurethanes, styrene-butadiene, etc. petroleum-derived products are highly susceptible to price fluctuation due to political scenario. Hence, the volatile price of raw materials is expected to restrict market growth.
Global Pressure Sensitive Adhesives Market - Impact of Coronavirus (Covid-19) Pandemic
The Coronavirus pandemic is an incomparable global public health emergency that has severely affected almost every industry. The adhesives and sealants companies are facing various challenges owing to the Covid-19 pandemic which led to transportation-related delays arising from travel restrictions. This has impacted supplies of raw materials for adhesives. However, the economic condition is stemming from the pandemic and this is expected to provide lucrative opportunities to key players to regain their position in the market.
Figure 1. Global Pressure Sensitive Adhesives Market Share, By Application, 2020
Continuous product innovation by key players is one of the current trends in the market. For instance, in May 2017, Ashland has launched two new solvent-based pressure-sensitive adhesives (PSA) that help manufacturers improve the efficacy and usability of their products in demanding applications. Aroset PS-6426 and Aroset PS-5333 are two newly launched products. Aroset PS-6426 is designed specifically for HVAC aluminum foil tape applications whereas Aroset PS-5333 is a high-solids PSA designed for demanding graphics and medical applications.
Capacity expansion of the adhesives by key manufacturers is a key trend in the market and this is expected to propel the market growth in the near future. For instance, in June 2019, BASF has doubled its manufacturing capacity for UV acrylic hotmelts sold under the brand name acResin by building a second production facility at the Ludwigshafen site in Germany. By taking this move, the company has strengthened its position as the solution provider for sophisticated applications in the adhesives sector.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.