Mar 16, 2021: Industry Insights
The
global pressure sensitive adhesives market was valued at USD 8.81 billion in
2015. The market is driven by the increasing consumption of the product in
construction, consumer goods, automotive, and packaging industries. The rising
requirements for reducing weight in products providing high bonding solutions
is expected to drive market growth.
The
increasing use of low-cost engineering and lightweight plastics in numerous
end-use applications such as electronics, construction, and automotive is
expected to have a positive impact on the PSA market demand. The low plastic
materials are evolving as substitutes for wood assembly, construction material,
glass, and heavy materials.
The
demand for PSA in the automotive sector is increasing owing to the pressure for
reduction in emission from regulatory bodies coupled with increased mileage
performance is likely to propel market growth. The rising acceptance of RFID
labels (wireless tags) in end-use applications including medical, packaging,
architecture, and automotive on account of their contribution in managing
inventory is likely to aid PSA market growth.
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The
regulations regarding reducing carbon & Green House Gases (GHG) emissions
by improving fuel efficiency has attracted the OEM automotive towards plastics
as substitutes for metals including steel and aluminium, thereby aiding PSA
market growth.
The
cultural and social factors including increased spending on lifestyle products,
increased income of nuclear families and a high number of working women are likely
to affect market dynamics. These factors augment the growth in major industries
including consumer goods, electronics & electrical, and packaging.
Technology Insights
The
demand for water-based PSA is expected witness fastest growth on account of its
eco-friendly and low-cost characteristics. The attributes of water-based PSA
such as high resistance to UV radiation, temperature, and chemicals coupled
with high sheer, peel & tack bonding well with polymer, polycarbonates, and
glass & metal surfaces have enabled their scope of applications.
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The
labeling segment is the largest application of water-based PSAs having wide
product range such as CDs, vegetables & fruits, electronic devices owing to
its superior moisture adhesion coupled with high tack. In addition, their low
cost and multiple properties have aided in their growth over conventional
polymers.
The
solvent-based PSAs are acrylic polymers produced from crude oil solvents
offering high tensile strength. In addition, the peel & sheer strength provided
by them is higher than water-based PSAs. Solvent-based products are used in
Asia Pacific region on account of relaxed regulations on emissions. The use of
the product in the automobile industry is high on account of their resistance
to fluids including gasoline, brake fluid antifreeze, & oil and chemicals.
Product Insights
The
largest product segment was labels at CAGR of over 5% owing to the rising
demand for retail labeling and RFID labels. The key driving factor for the
growth in this segment is a wide range of applications in security, health
& beauty, food & beverage, and transportation industry.
RFID
labels contributed to one of the largest application segment owing to their
ability to track security and inventory locations including sea ports, shopping
malls, and companies. Graphics application accounts for a small market share as
opposed to tapes and labels is a potential future market owing to a wide range
of applications in cushioning and home décor.
Tapes
dominate the market with wide application scope in construction & building,
medical, electrical, and automotive industries. They are used in mounting, HVAC
& pipe wrapping, splicing, casketing, sealing, and masking.
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