OCEAN VIEW, DE — The market for pressure-sensitive adhesives will likely surpass $11 billion by 2024, according to a new research report by Global Market Insights Inc.
According to the report, the pressure-sensitive adhesives market will witness growth owing to increasing use in the automotive and transportation industries. Pressure-sensitive adhesives have increasingly been used in vehicles as an alternative to bolts, clips and rivets. This is done to improve the speed and ease of assembly of the vehicle. Pressure-sensitive adhesive tapes are employed to reduce weight, advance performance, improve aesthetics, and save time and money. According to the report, these factors are will fuel the pressure sensitive-adhesives market in the forecast timespan.
Increasing raw material prices for natural and synthetic rubber, acrylate monomers, and organic and inorganic chemicals used in the production of pressure-sensitive adhesive tapes may act as a restraint for growth in the market for pressure-sensitive adhesives. Pricing and availability of these raw materials are the prominent factors upon which the product cost structure is determined. Most of these raw materials are petroleum derivatives and are susceptible to fluctuations in oil prices. These factors may act as barriers in the pressure-sensitive adhesives market growth.
Based on technology the pressure-sensitive adhesives market is classified into water-based, solvent-based, hot-melt and UV-cured segments. In terms of volume, the water-based segment held a majority share in the market and is expected to grow at a significant compound annual growth rate (CAGR), surpassing $4 billion by the end of 2024. The solvent-based segment is expected to grow at a CAGR of over 5.5% in the upcoming years.
In terms of product type, the pressure-sensitive adhesives market is segmented into silicone, acrylic, rubber-based and others, which includes polyurethanes, EVA, etc. The silicone pressure-sensitive adhesives market will grow at a significant rate owing to the product’s increasing use in medical applications and personal garments. The acrylic segment is predicted to show moderate growth and surpass $2.5 billion by 2024.
In terms of application, the pressure-sensitive adhesives market is segmented into films and laminates, graphics, labels, tapes, and others. The others segments include dental adhesives and automotive trims. Development in the food and beverage industry, and increasing packed food consumption, will positively influence the labels segment. It is the fastest growing segment and is expected to grow at a CAGR of over 6% in the forecast period.
In terms of end-user industries, the market is segmented into healthcare and medical, laminates and electronics, packaging, transportation and automotive, construction and building, beverages and food, and others. The report predicts that the packaging segment will hold the highest market share, close to 30% by 2024. The electronics and laminates segment is expected to grow at the highest CAGR, surpassing $3.3 billion by the end of the forecast period.
In terms of region, Asia-Pacific held a significant share of the pressure-sensitive adhesives market in 2016 and is expected to surpass $4.5 billion by the end of the forecast period. In terms of volume, the region will hold the highest share by 2024, owing to rising industrial activities and development in the packaging, electronics, and food and beverages industry. The market in Europe is expected to grow at a sluggish rate in the forecast period.
For more information about the report, Pressure Sensitive Adhesives Market Size By Technology (Water-based, Solvent-based, Hot-melt, UV-cured), By Product (Rubber-based, Acrylic, Silicone), By Application (Tapes, Labels, Graphics, Films & Laminates), By End-user (Food & Beverage, Packaging, Electronics & Laminates, Medical & Healthcare, Building & Construction, Automotive & Transportation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024, visit https://www.gminsights.com/industry-analysis/pressure-sensitive-adhesives-market.