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Description
Pressure Sensitive Adhesives Market size was valued at USD 9.8 billion in 2021 and is anticipated to grow to 12.9 billion by 2028 recording a CAGR of 6.1% during the forecast period 2022-2028. PSAs that have been treated with radiation are expected to grow at the quickest rate during the projected period. They are primarily made of acrylic compositions and offer an excellent solution for balancing performance, weather resistance, and processing ease. Over the projected period, new product launches and considerable R&D in radiation cured technology are expected to move the industry forward. One of the most important end-use industries is packaging, particularly food packaging. PSA labels and tapes serve to keep the packed product’s brand image and are suitable with a wide range of substrates and coatings. They have a number of advantages, including fast bonding and simple application. Labels play a vital function in the supply chain of an automobile in the automotive industry. The majority of total automotive labels are applied to automotive parts in the supply chain prior to automobile assembly. Several numbers are stamped on metals and parts to aid with the assembling of automobiles. These tapes are used in the installation of interior vehicle components such as dashboards, glass, mirrors, fabric, and carpet, in addition to labelling. The key raw materials used in pressure-sensitive adhesives are acrylate, silicone, rubber and other chemicals. The prices of the raw materials are fluctuating as some of the materials are petroleum-derived products. Hence increasing the price of the final product. Therefore, high costs of raw materials is restricting the market growth. Global pressure sensitive adhesives market is surging owing to frequent acquisitions and launchings by the market players. For Instance, In April 2015, Henkel Ag & Co acquired Novamelt GmbH to further consolidate its position in the adhesives market. With this transaction Henkel as leading solution provider worldwide for adhesives, sealants and functional coatings will further enhance its competence in the area of hotmelt adhesives.
