The pressure sensitive adhesives market growth is driven by a surge in the e-commerce industry size, escalation in the demand for fast-moving consumer goods (FMCG), and expansion of the automobile sector. Due to this factor, the market is projected to register a CAGR of 4.0% during the forecast period. At this rate, the revenue generated by the industry players will increase from $7,414.0 million in 2018 to $9,351.8 million in 2024. This is because manufacturers and vendors of all the aforementioned end-products are using pressure-sensitive adhesives for packaging.
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One of the key factors supporting the pressure sensitive adhesives market is the expansion of the e-commerce sector across the world. In recent years, e-commerce sales have increased due to the changing consumer preferences and rising purchasing power. People in several parts of the world are purchasing large quantities of electronic goods, stationery products, and FMCGs, which require packaging materials in substantial quantities. Traditionally, FMCG products created the highest demand for packaging materials, which has escalated even more due to the increasing e-commerce activities.
Geographically, the Asia-Pacific (APAC) pressure sensitive adhesives market held the largest share during the historical period (2014–2018), and it will continue its dominance during the forecast period. This can be attributed to the growth in the packaging, automotive, construction, healthcare, and electrical and electronics industries. All these sectors require pressure-sensitive adhesives for the manufacturing of tapes, graphical films, labels, floor tiles, and wall coverings. Among APAC nations, China and India are consuming a large volume of these adhesives owing to the increasing sale of FMCGs.
Thus, the expansion of the e-commerce sector and strategic developments by chemical companies will propel the market growth in the foreseeable future.
Read more: https://www.psmarketresearch.com/market-analysis/pressure-sensitive-adhesives-market
