A new Fact.MR research report has slated the global market for pressure sensitive adhesives to record a steady 4.9% CAGR, in terms of volume, over the forecast period (2017-2026). Pressure sensitive adhesives sales across the globe are estimated to exceed US$ 71,000 Mn in revenues by 2026-end.
Growing Demand for Flexible & Convenient Packaging Solutions creating Huge Demand for Pressure Sensitive Adhesives
Rapid population expansion worldwide has led to a robust demand for food, which in turn has provided an impetus to the food packaging industry. Currently, it has been witnessed that changes in the urban lifestyle have prompted use of packaged food across the globe. In addition, recent rise in the household income has boosted packaging industry, on account of expected demand for advanced flexible packaging of products such as snacks, poultry, meat, fish, and pet food. Utilization of peel-off lids and microwavable pouches as flexible packaging products are likely to gain momentum owing to changing consumer lifestyles. With rising demand for flexible and convenient packaging solutions, customers are continuously seeking easy to open, lightweight and high quality packing materials. Pressure sensitive adhesives have been deemed to be the most appropriate for such uses and therefore will gain a tremendous surge in demand in the foreseeable future.
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Well-established vendors in the global pressure sensitive adhesives market are focusing on extending their market presence across several regional locations across the globe. These vendors are also focusing on enhancing their product portfolios for meeting rising end-user demands. Few vendors in the global pressure sensitive adhesives market are making enormous investments in research & development activities in a bid to sustain in the constantly changing landscape of the market. Leading manufacturers are entering into collaborations for producing low-cost, versatile, and eco-friendly products, meanwhile adhering to government norms for staying competitive in the market.
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5 Key Takeaways from Fact.MR’s Report on Pressure Sensitive Adhesives Market for Forecast Period 2017-2026 (In Terms of Volume)
- Sales of pressure sensitive adhesives will remain the largest in Asia-Pacific excluding Japan (APEJ), accounting for nearly half share of the market by 2026-end. Sales of pressure sensitive adhesives in APEJ will register the highest CAGR through 2026.
- Sales of Pressure sensitive adhesives will also remain high in North America and Europe, collectively estimated to reach approximately 25,000 Mn sq. m by 2026-end.
- Acrylic will continue to be the top-selling resin type in the global pressure sensitive adhesives market. However, sales of rubber are projected to reflect a relatively higher CAGR through 2026.
- Based on backing material, sales of polypropylene will remain considerably larger than those of paper, polyvinyl chloride, and other backing materials combined. Polypropylene sales are projected to hold over three-fifth volume share of the market by 2026-end.
- Tapes are expected to remain the largest application of pressure sensitive adhesives, trailed by labels. Sales of pressure sensitive adhesives in these two applications are collectively projected to hold over four-fifth share of the market by 2026-end. Pressure sensitive adhesives will register the fastest sales expansion in medical and graphic films applications through 2026.
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Product innovation will continue to be the most widely adopted development strategy among companies in the global pressure sensitive adhesives market. Key players in the market have been concentrating on establishment of their already existing products coupled with the development of new, competitive and innovative products. Leading players in the market are also focusing on acquiring smaller players to increase their product portfolio and expand their market reach. Key market participants that the Fact.MR’s report has profiled include Scapa Group PLC, Exxon Mobil Corporation, Lohmann GmbH & Co.KG, BASF SE, LINTEC Corporation, Nitto Denko Corporation, Tesa SE, and 3M Company.