TAGS: Waterborne Adhesives Acrylic Adhesives
Markets and Markets (M&M) anticipates that the global pressure sensitive adhesives (PSA) market size is projected to grow from USD 9.9 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 6.0 percent during the forecast period. There exists a high demand for PSA from the packaging and medical and healthcare industries owing to the widespread coronavirus pandemic.
Acrylic Adhesive - Highest Share in PSA Market
Acrylic PSAs are firm and durable as compared to rubber PSAs. The properties of acrylics are good environmental resistance, fast curing time, excellent resistance to oxidation, temperature and UV radiation. Also, color stability, exceptional anti-aging properties, good balance of adhesion and cohesion with exemplary water resistance, high peel, tack and shear.
High temperature resistance, good bonding with polar surfaces like metal, glass, polyesters, and polycarbonates make them suitable for use in various applications which is the reason for its high share in the pressure sensitive adhesives market.
Water-based – Fastest Growing Adhesive Technology During COVID-19
Water-based technology finds applications in pressure-sensitive tapes, labels, glue dots, note pads, automobile trims, films and peelable and specialty applications in different industries, such as packaging, electrical, electronics and telecommunication, medical and healthcare, and automotive. Despite the outbreak of the novel coronavirus, the market for water-based PSAs has witnessed growth due to the demand from the medical and packaging industries.
The demand for PSAs in packaging is continuously increasing during the pandemic, as packaging is one of the major industries driven by fast-moving consumer goods (FMCG) and food products. People across the globe are purchasing only essential items required for survival during quarantines and lockdowns, which has led to this increased demand.
PSA Tapes Increasingly Used in Packaging and Healthcare Industries
PSAs in tapes are increasingly used in packaging and healthcare industries owing to their ease of use and low cost when compared to traditional methods. Asia-Pacific (APAC) has various developing countries, such as China, India, South Korea, Indonesia, and Taiwan.
APAC countries have various emerging industries, including packaging, healthcare, automotive, transportation, building and construction. The developing industries in the APAC countries are driving the demand for PSAs.
Highest Growth in Packaging End-use Industry
Packaging is of two types, flexible and rigid. PSAs are used depending upon the suitability of application. These adhesives are used in the packaging of electronics and electrical devices, hygiene and medical packaging, packaging for drug delivery, packaging in construction sectors during transit, packaging in automotive-related logistics, packaging of consumer and industrial goods, among others.
Packaging tapes are used in packaging transport, goods, cartons, warehousing, and logistics. PSAs find application in packaging through graphics for enhancing consumer appeal.
Fastest Growth in APAC Region
APAC is the largest and the fastest-growing market in the global PSAs market. Countries, such as China, India, Japan, and South Korea, have a prime role in the PSAs market in this region. Global growth is expected to be fueled by China, which was the largest market for PSAs in APAC in 2019.
APAC encompasses a diverse range of economies with different levels of economic development and a large variety of industries. The key industries in this region include manufacturing, mining, semiconductors, electronics, oil and natural gas, textiles, automobiles, financial services, pharmaceuticals and telecommunication. Packaging and FMCG sectors are growing at a very fast pace due to the increasing needs of the population. The automotive, electronics, and packaging industries are continuously boosting the PSA market in this region.
Source: Markets and Markets