Report Forecasts Growth in Market for Pressure-Sensitive Adhesives
SHELBYVILLE, DE — According to a study by Global Market Insights Inc., the pressure-sensitive adhesives market is set to grow from its current market value of more than $6 billion to over $9.5 billion by 2024.
Growth in the pressure-sensitive adhesives market will most likely be due to the developments in pressure-sensitive adhesive tape technologies. Innovations in these technologies have enabled manufacturers to offer notable performance and assembly-related features, including the capacity to resist high temperatures and severe environments, and to bond firmly with different substrates and materials. They also provide an economical option to cut down the total cost involved in assembly, and reduce time-consuming activities and the need for cumbersome equipment. Pressure-sensitive adhesives are also being used in the automotive sector because of their high-temperature characteristics and robust resistance to harsh substances and materials. They are used as a substitute for mechanical fasteners and automobile attachments, removing holes that could allow moisture or fluids to enter and lead to rust.
Pressure-sensitive adhesives are superior products with multi-purpose applications, which can make them more expensive. They also can have a negative impact on the production efficiency of paper recycling because certain pressure-sensitive adhesive materials are difficult to remove during the recycling process. They can also be deposited on manufacturing equipment and be retained in the product, which can hamper operations.
Hot-melt pressure-sensitive adhesives offer environment-friendly and fast-setting features. These are 100% solid adhesives that are applied in a molten state at room temperature to achieve flow and wetting. This technology is widely used in the textile lamination, bookbinding, construction, woodworking, automotive, electronics, shoemaking, product assembly, packaging, and hygiene industries. This segment of the pressure-sensitive adhesives market is likely to grow at a compound annual growth rate of approximately 5.4% during the study period.
Silicone is an important segment of the pressure-sensitive adhesives market. It can withstand extreme temperatures and has chemical resistance. This relatively expensive product is frequently applied to products like glass, cloth and aluminum foils so that they are appropriate for extreme temperature applications.
Graphics is an important application segment of the pressure-sensitive adhesives industry and is expected to develop at a rate of approximately 4.5% during the study period. Graphics consists of signage, vehicle wraps, logos and emblems, carpets and mats, and floors.
The food and beverage industry is a significant end-user segment of the market and is expected to grow at a compound annual growth rate of approximately 5% during the study period. Growth is due in part to FDA approval of certain adhesives for use in food contact applications such as labels and tapes on the food items.
According to the report, the value of the pressure-sensitive adhesives market in North America is likely to cross $2 billion by 2024. The availability of numerous products and technology types for various industries makes it a more reliable choice in the region.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/pressure-sensitive-adhesives-market.