The market is growing due to the expanding e-commerce industry and increasing construction activities in developing countries. pressure sensitive adhesives are utilized for tapes, notepads, labels, and foils & films, as they can make semi-removable, removable, or permanent adhesive joints for applications of general product assembly by simple contact under light pressure.
When the formulation is taken into consideration, the pressure sensitive adhesives market is categorized into silicon, rubber, acrylate, and others (which include polyvinyl pyrrolidone, polyvinyl ether, block copolymers, ethylene vinyl acetate, and polyurethane). Out of these, the acrylate category dominated the market during the historical period (2014–2018) and is further projected to account for the major share of the market during the forecast period, both in terms of value and volume. This is due to the better adhesive properties and high-temperature resistance of acrylate-based pressure sensitive adhesives.
In terms of industry, the pressure-sensitive adhesives market is divided into automotive, healthcare & hygiene, packaging, electrical & electronics, construction, and others (which include industrial equipment manufacturing, textile, and aerospace & marine). The packaging industry accounted for the largest share of the industry during the historical period and is further expected to dominate the market during the forecast period, in terms of value. This is because of the rising adoption of pressure sensitive adhesives for carton packaging, the demand for which is increasing due to the expanding e-commerce industry.
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The expansion of the e-commerce industry, which is occurring due to the rising purchasing power of consumers and changing consumer preferences, is a major driving factor of the pressure sensitive adhesives market. E-commerce sales are also increasing because of fast-moving consumer goods (FMCG), stationery products, and electronic goods. This is further resulting in the growing requirement for packaging, primarily paper board. Conventionally, FMCG products created the largest demand for packaging, which is among the key factors driving the consumption of these adhesives in the product packaging process.
Among all the regions, namely Europe, Middle East & Africa (MEA), North America, Latin America (LATAM), and Asia-Pacific (APAC), the APAC region accounted for the major share of the pressure-sensitive adhesives market during the historical period and is further expected to contribute the largest revenue share to the market during the forecast period. The reason for this is the increased adoption of construction tapes, medical tapes, and packaging tapes in the region. China dominated the regional market during the historical period as it is the world’s largest market for packaging.
The increasing construction activities in developing countries is another key driving factor of the pressure sensitive adhesives market. It is because of economic growth that the construction activities in countries including Brazil, India, and China are growing. In addition to this, the construction is witnessing rapid growth in these countries due to the development of smart cities and large-scale housing plans. Pressure Sensitive adhesives are utilized widely in the construction sector for providing tackiness and adhesiveness in different processes, such as cladding, attaching muntin bars to windows, flooring, and reinforcing foundation membrane.
Hence, the market is registering growth due to the expanding e-commerce and construction industries.
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