TAGS: Acrylic Adhesives Natural-based Adhesives
Research and Markets (RM) anticipates that the global acrylic pressure sensitive adhesives (PSA) market is expected to grow at a compound annual growth rate (CAGR) of 6% during the forecast period of 2021 to 2026.
Major factors driving the market studied are the rising demand for lightweight and low-emission automotive and the increasing adoption of low-cost flexible packaging aids. However, stringent environmental regulations regarding emissions are expected to hinder the market growth.
Tapes Segment to Dominate the Market
The tapes segment dominated the market and is expected to grow during the forecast period, owing to the growing end-user industries, such as packaging, medical, and transportation. The shifting focus toward bio-based PSAs is likely to act as an opportunity in the future.
Asia-Pacific dominated the market across the globe with the largest consumption from the countries, such as China, Japan, and India.
Acrylic-bonded adhesive tapes are widely resistant to the weathering and aging that includes many adhesives, especially when exposed to UV rays, moisture, and chemicals. They maintain stability when exposed to high temperatures, making it the go-to adhesive tapes, especially for thermal applications.
Acrylic tapes are used in day-to-day life for various purposes, ranging from packaging to attaching. Common examples of acrylic PSA tapes are electrical tapes, duct tapes, masking tapes, surgical tapes, and box-sealing tapes, among others. Scotch tape is one of the most famous acrylic PSA tapes manufactured by 3M.
Currently, Scotch transparent tape is widely used in homes, offices, and schools, worldwide. It has evolved into one of the most versatile and valued products in the market, with myriad everyday uses.
Different types of acrylic
PSA tapes used in various applications. For instance, Commercial, it is Acrylic-based commercial tapes are used for aesthetic and functional purposes in varied industries. They are known for temperature resistance, conformability, shear strength, and surface adhesion. They are majorly used in construction, metalworking, and packaging, among others.
Henkel, 3M, and Avery Dennison Corporation are some of the major players involved in the manufacture of acrylic pressure-sensitive graphic tapes.
The rapidly growing end-user industries, such as packaging, medical, and transportation, coupled with unique uses and advantages of acrylic PSA tapes, are expected to boost the market studied, during the forecast period.
Highest Growth in Asia-Pacific Region
With over 40% of the global demand, Asia-Pacific is the most promising market for acrylic pressure-sensitive adhesives, which is likely to dominate the market in the near future. This domination can be attributed to the growing demand for tapes and labels in the region.
China, India, Japan, and South Korea account for over 85% of the demand for acrylic pressure-sensitive adhesives. The growing packaging and automotive industries are driving the market for acrylic pressure-sensitive adhesives in this region.
China’s packaging requirement is high as the country stands to be the world’s largest manufacturing economy. With a growth pattern in the industrial and FMCG products in the country, the packaging demand has been experiencing an increase, further driving the demand for acrylic PSAs from the packaging industry.
Overall, with the consistent growth in countries like China, India, and Japan, the demand for acrylic pressure-sensitive adhesives is expected to increase at a faster pace in the overall region, in the coming years. The huge growth of Asia-Pacific is quite instrumental in the expansion of the acrylic pressure-sensitive adhesives market.
The acrylic pressure sensitive adhesives market is consolidated and the top seven players account for almost 55% of the market.
Source: Research and Markets