Pressure sensitive adhesives (PSAs) are adhesives that bond dissimilar materials on application of pressure. These adhesives are dry adhesive, as they do not require heat, water, or solvents to initiate bonding. Pressure sensitive adhesives are used to affix a wide range of materials, including plastics, wood, paper, metals, and glass. These are thick at room temperature, they are simple to install, have short curing times, and exhibit peel resistant and shear resistant properties. Thus, these adhesives are widely used for their beneficial properties over other adhesives. PSAs are also cost-effective as compared to other adhesives, welding and brazing. The demand for these adhesives is thus increasing, resulting in growth of the global pressure sensitive adhesives market.
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Major factors driving growth of the PSA market include its extensive application in tapes and labelling, which is primarily due to ease of application and high adaptability. Major challenge faced by this market includes low availability of raw materials and rising cost of these adhesives. Moreover, environmental concerns about VOC content of these adhesives is expected to hamper market growth, in turn, increasing inclination towards bio-based adhesives.
Rubber-based products have high tack and peel properties, as well as are highly cost effective. They are also compatible with various non-polar surfaces. Also, their applications are limited to instances where exposure to heat, chemicals and UV rays is minimal. Acrylic products are optimal for outdoor applications due to UV, thermal and chemical resistance. Though, they lack the mechanical durability of rubber-based products. Furthermore, silicone products are special purpose adhesives and are expensive.
Packaging is the largest end use industry, due to demand from tapes and labelling segment. PSAs are used as temporary sealant in packaging and bandages in the healthcare sector. These applications are possible due to the shear and peel properties of PSAs. A lower shear and peel resistance than other adhesives makes it a prime candidate for temporary sealing.
Asia Pacific is expected to be the fastest growing market over the forecast period. This is primarily due to increase in consumption of goods in major developing markets of India and China. This has led to demand in the retail labelling segment. In addition, packaged food and beverages consumption has increased due to on-the-go lifestyle. This has directly translated into packaging and PSA market growth.
The demand for high value specialty tapes has risen in the regions of Europe and North America. These regions are expected to experience torpid growth due to market maturation.
Various are adopting various inorganic growth strategies such as mergers and acquisitions in order to sustain their position in the global market. For instance, Henkel Ag & Co acquired Novamelt GmbH to further consolidate its position in the adhesives market. Moreover, France-based company Arkema’s acquisition of Bostik, enabled the company to sell its products in India. Major players operating in the pressure sensitive adhesives (PSA) market include The Dow Chemical Company, ExxonMobil Chemicals, Arizona Chemicals, BASF SE, Scapa Group Plc, Avery Dennison, Arkema, and Henkel Ag & Co.
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