Pressure Sensitive Adhesives Market Set to Achieve $16.9 Billion Valuation by 2027, with a Notable 5.1% CAGR
The pressure sensitive adhesive tapes market is expected to reach USD 67.76 Billion by 2022, at a CAGR of 6.22% between 2017 and 2022. Pressure sensitive adhesive tapes are continuous flexible strips of paper, plastic, cloth, metal, or foam that are coated on single or both sides with an adhesive. These tapes can adhere to a variety of substrates by applying light pressure at room temperature. Key raw materials used to manufacture pressure sensitive adhesive tapes are acrylic, rubber, silicone, and other resins such as polyurethanes, polyisobutanes hybrid, nitriles, and hydrophilic pressure sensitive adhesives, along with substrates such as PVC, paper, PP, fabric, metal, and foam.
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In the pressure-sensitive adhesives market, tapes represent the largest application segment. This prominence can be attributed to the wide range of industries and applications that rely on tapes for bonding and adhesion purposes. Tapes find extensive use in packaging, automotive manufacturing, construction, electronics, healthcare, and various consumer goods. Their versatility, ease of use, and ability to provide strong and reliable adhesion make them indispensable in many sectors. As a result, the tapes segment holds a significant share of the pressure-sensitive adhesives market, underlining its importance in various industries and applications.
During the forecast period, China is poised to maintain its position as the largest pressure-sensitive adhesives market in the Asia Pacific region. This dominance can be attributed to several factors, including the country’s robust manufacturing sector, rapid industrialization, and growing demand across various industries. China’s economic growth has resulted in increased consumption of pressure-sensitive adhesives in applications such as packaging, automotive, electronics, and construction. Furthermore, the country’s strong emphasis on innovation and technological advancements has bolstered its adhesive industry, making it a key player in the regional market. Overall, China’s continued economic development and expanding industrial base are expected to drive the growth of the pressure-sensitive adhesives market in the Asia Pacific region during the forecast period.
Some of the leading manufacturers of pressure sensitive adhesive tapes include 3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), and Avery Dennison Corporation (US), among others. Mergers & acquisitions and investments & expansions accounted for the largest share of all the developmental activities that took place in the pressure sensitive adhesive tapes market between 2014 and 2017.
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Intertape Polymer Group, Inc. (Canada) is a highly active key player in the pressure sensitive adhesive tapes market. The company offers products under categories, such as double-coated tape, duct tape, packaging tape, and masking tape. Mergers & acquisitions and investments & expansions were the strategies adopted by this player in the pressure sensitive adhesive tapes market between 2014 and 2017. These strategies helped the company enhance its product portfolio and expand global presence. As a part of its inorganic growth strategy, the company focuses on expanding its presence in other regions. For instance, in 2017, Canadian Technical Tape (Cantech), Canada and in 2016, Powerband Industries Private Limited (India) were acquired by the company. Intertape Polymer Group has invested USD 20 million to strengthen its business and enhance its capacity in India. This plan involves capacity expansion of its plant in Daman, India as well as the construction of a greenfield facility in the country.
The 3M Company (US) primarily offers a broad variety of products, including adhesives, bonding materials, coatings, and specialty materials, and holds the top position globally due to its strong product portfolio. The company manufactures customized solutions as per the requirements of industries and applications. 3M has leveraged its strong financial background and distribution network to expand its business in China and the US.
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