The global market for PSAs (pressure sensitive adhesives) is forecast to reach USD 8.4 billion by 2018. The major factors that will propel the growth in the sector include the ever-increasing need for end-user products’ weight saving, high performance bonding solutions, sustainable developments, soaring demand for labels and tapes, an increase in the gross domestic product (GDP), rising purchasing power, among others. However, the market growth could be challenged by fluctuating raw material costs, the lack of proper technology infrastructure in developing nations, and massive investments in research and development (R&D).
During the next few years, the highest revenue growth is expected in Asia-Pacific, especially in China and India, due to high levels of PSA consumption in these two industrialized countries. The European market development is currently decelerating; whereas the market of Africa, though still in its nascent stage, is being a witness to high growth owing to increased spending on infrastructure. The extensive use of PSAs in the automotive industry is likely to result in the robust growth of the tapes segment in the years ahead. Furthermore, as health awareness grows among people, the demand for PSA for medical apps is expected to surge in the near future. BASF, Ashland, Avery Dennison, and 3M are the most distinguished players in the adhesives business.