(MENAFN- EIN Presswire) increase in demand from various end-use industries, and product innovation drive the growth of the global pressure sensitive adhesives market.
WILMINGTON, DELAWARE, UNITED STATES, February 13, 2024 /EINPresswire / -- The global pressure sensitive adhesives market generated $9.8 billion in 2020, and is expected to hit $17.6 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Developments in flexible packaging industry, increase in demand from various end-use industries, and product innovation drive the growth of the global pressure sensitive adhesives market. On the other hand, fluctuations in cost of raw materials and stringent government regulations impede the growth to some extent. However, increase in demand for bio-based pressure sensitive adhesives and advancements in pressure sensitive adhesives tapes are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
The outbreak of the pandemic gave way to operational shutdown of major industry verticals such as electronics, automotive, consumer goods, and building & construction, thereby leading to decrease in demand for pressure sensitive adhesives.
Nevertheless, the global situation is getting ameliorated and the market is projected to get back on track soon.
The global pressure sensitive adhesives market is analyzed across chemical composition, technology, application, end-use, and region. Based on application, the tapes segment contributed to around one-third of the total market share in 2020, and is expected to lead the trail by the end of 2030. The graphic segment, on the other hand, would cite the fastest CAGR of 6.9% from 2021 to 2030.
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Based on end-user, the packaging segment accounted for more than one-fourth of the total market revenue in 2020, and is anticipated to dominate by 2030. However, the automotive segment would register the fastest CAGR of 7.5% throughout the forecast period.
By region, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the major share in 2020, garnering nearly half of the global pressure sensitive adhesives. The same region would also cite the fastest CAGR of 6.9% from 2021 to 2030.
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The key market players analyzed in the global pressure sensitive adhesives market report include Henkel Ag & Co. KGAA, Sika Group, Exxonmobil Corporation, The 3M Company, Avery Dennison Corporation, H.B. Fuller, Wacker Chemical Corporation, Arkema Group, The Dow Chemical Company, and Ashland Global Holdings Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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