Pressure Sensitive Adhesives Market to hit $9.5bn by 2024: Global Market Insights, Inc.
Selbyville, Delaware, United States, October 22 2020 (Wiredrelease) Global Market Insights, Inc –:Pressure Sensitive Adhesives Market is slated to reach USD 9.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Pressure sensitive adhesives market is most likely to witness growth during the study period due to the developments in the PSA tape technologies. The innovations in the tape technologies have enabled the manufacturers to offer notable performance and assembly-related features, including the capacity to resist high temperatures, severe environments & to bond firmly with different substrates and materials. They also provide an economical option for the firms to cut down the total cost involved in assembly and reduces time-consuming activities and requirement of cumbersome equipment.
PSA is also highly being used in the automotive sector owing to their ability to exhibit excellent high temperature characteristics and robust resistance to harsh substances and materials. They are majorly used for substituting mechanical fasteners, automobile attachments, and removing holes which could allow wetness or fluids to enter and lead to rust.
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Pressure sensitive adhesives are superior products with multi-purpose applications which makes it more expensive. This product also has a negative impact on the production efficiency of paper recycling process as certain PSA materials are difficult to remove during the recycling process. They deposit on equipment and are retained in the product which hampers the operations. These issues could have a considerable effect on the pressure sensitive adhesives market and could limit the industry growth during the study period.
Hot-melt PSA portray environment friendly and fast setting features. These are 100% solid adhesives which are applied in molten state in room temperature to achieve flow and wetting. This technology is widely used in industries including textile lamination, book-binding, construction, woodworking, automotive, electronics, shoemaking, product assembly, packaging, hygiene etc. This technology section of the pressure sensitive adhesives market is likely to propel at a compound annual growth rate approximately 5.4% in the study period.
Silicone is an important product type of the pressure sensitive adhesives market which 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 section of the pressure sensitive adhesives industry which is expected to develop at a rate of approximately 4.5% during the study period. Graphics consists of signage, vehicle wraps, logos & emblems, carpets & mats, floors etc.
Food & beverage industry is a significant end-user section of the market which is expected to propel at a compound annual growth rate of approximately 5% in the study period. The reason behind the prominence of PSA in food & beverage sector is that certain has adhesives have gained FDA approval to be used as food contact applications like labels and tapes on the food items.
North America pressure sensitive adhesives market value is likely to cross USD 2 billion by 2024. Availability of numerous products and technology types of the market for various industries makes it a more reliable choice in the region.
Some of the key product manufacturing companies of the market include Bostik, Dow Dupont , Evonik Industries, Avery Dennison, Henkel, Arkema, Sika, HB Fuller etc. Large number of small and medium scale local manufacturers are also part of the market.
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