The global pressure sensitive adhesives market size is projected to grow from USD 9.5 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 6.0% during the forecast period. Wider acceptance of pressure sensitive adhesives due to their low cost and ease-of-use have led to its increase demand over the past few years. The growth of the packaging industry in the emerging countries of APAC and South America is driving the demand for pressure sensitive adhesives in these regions.
Pressure sensitive adhesives are adhesives with special formulations, which offer properties, such as viscosity, elasticity, peel strength, cohesive strength, adhesive strength, shear resistance, and resistance to aging, chemicals, and humidity. They adhere well on the surface by making bonds when adequate pressure is applied. Emerging trends of bio-based pressure sensitive adhesives and advancement in PSA tapes technology have provided an opportunity for the growth of the market. However, the volatility in raw material prices and stringent regulations reshaping the pressure sensitive adhesives market are hampering its growth.
The key players of the pressure sensitive adhesives market include Henkel AG & Company KGAA (Germany), The Dow Chemical Company (US), Avery Dennison Corporation (US), H.B. Fuller (US), 3M Company (US), Arkema Group (France), Sika AG (Switzerland), Scapa Group PLC (UK), and Ashland Inc., (US) are the leading players operating in the pressure sensitive adhesives market. Mergers & acquisitions, investments & expansions, and new product development have been the major strategies adopted by the key players between 2017 and 2020, which helped them broaden their customer base.
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In line with the rising demand for pressure sensitive adhesives, Henkel offers a broad spectrum of products, including home care, laundry, cosmetic, and adhesive technologies. The adhesive technologies business segment manufactures and distributes decoration and renovation products for home & office, building adhesives, PSA, and industrial infrastructure solutions. Henkel supplies hot-melt PSA for a wide variety of applications in terms of specialty tapes and commodity tapes. The company also manufactures customized solutions. It has leveraged its strong financial background and distribution network to expand its business in the US and various countries across the globe.
In 2020, the company opened its new production facility in Kurkumbh, India, near Pune. The unit aims to serve the growing demand for high-performance solutions in adhesives, sealants, and surface treatment products in Indian industries. Designed as a smart factory, the new plant also will also help a wide range of Industry 4.0 operations and meet the highest standards for sustainability.
The second most active company in the pressure sensitive adhesives market is The Dow Chemical Company (US). The company holds a strong position in the market due to its global distribution capabilities and strong financial background. The company has actively made efforts and expanded in emerging countries across Latin America and APAC to strengthen its product portfolio and customer reach. It conducts its worldwide operations through four operating segments: packaging & specialty plastics, industrial intermediates & infrastructure, performance materials & coatings, and corporate. The company manufactures PSAs under its performance materials & coatings business unit. It operates its business in North America, Europe, APAC, and Latin America.
The company is one of the market leaders of pressure sensitive adhesives and is continuously focusing on the innovation and development of new products by investing more in R&D activities. For instance, it launched the Robond series and continues to add new products to this series from time to time. The company has adopted the expansion strategy to meet customer needs. It is well known for its innovative and sustainable products. Dow is also taking efforts by various strategic decisions to manufacture recyclable and bio-based pressure sensitive adhesives.
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