Adhesives bind the surface and material together in order to resist separation of the two objects. They are categorized into two types, namely, structural and nonstructural or pressure sensitive adhesives. Pressure sensitive adhesives have numerous industrial applications ranging from automobile rims to pressure-sensitive tapes. As the name suggests, these adhesive form a bond when smallest amount of pressure is applied. This quality makes them popular across different industries and innovative applications. Global pressure sensitive adhesives market is expected to gain steady and healthy momentum with the rapidly changing market conditions and rising demand from different segments of the market.
Trends, Segments and Drivers for Adhesive Market
The global pressure sensitive adhesives market is categorized on the basis of the types of technology, applications, and geographic regions. Pressure sensitive adhesive technologies include solvent-based, water-based, radiation, and hot melt pressure sensitive adhesives. Applications of these products range from medical, specialty, and industrial tapes to labels and graphics. On the basis of prominent geographic regions, the market is segmented into Asia pacific, Middle East and Africa, Latin America, North America, and Europe. Each of these segments is further divided on the basis of countries and prominent market sections.
Wide range of applications is the strongest driver for the global pressure sensitive adhesives market. These products work on the basis of the amount of work applied on the objects. It means, they do not require application of heat for activation of the bond. This is a special characteristic of nonstructural adhesives. As a result, these products are catering to a wide range of applications. Apart from that, rising demand for strong bonding materials and adhesives that easily get concealed with the materials are the major influential factors for this market.
Asia Pacific is expected to be the strongest driver for the pressure sensitive adhesives market. Key raw materials like plasticizers, EVA, silicone, acrylic, polyurethane and such other additives are centered in Asian countries, which are working in favor for this region. As a result, Asia Pacific is expected to be the most dominating region in this market during the forecasting period. Rapid industrialization, manufacturing activities, and favorable economic conditions of the region will play vital role in the overall progress of this market.
According to the market research reports, pressure sensitive adhesives market is estimated to maintain a steady CAGR of over 5% from 2013 to 2018. During the forecasting period, the market is poised to gain maximum traction from Asian markets to reach $8.4 billion by 2018. The market is supposed to have enormous potential, which is a great sign for the companies looking for future investments in this region. The market also poses great opportunities to the existing players in different parts of the world.