Global PSA market to reach USD 9.5-bn by 2024

The global pressure-sensitive adhesives (PSA) market is set to grow from its current market value of USD 6-billion to more than USD 9.5-billion by 2024, according to a report by Global Market Insights. The report adds that the developments in the PSA tape technologies have helped boost its growth in the market.

17 Jan 2019 | By Abhishek Muralidharan

Pressure sensitive adhesives market

The growth of PSA in the automotive sector, due to its ability to exhibit high-temperature characteristics and robust resistance to harsh substances and materials, has hugely contributed to the PSA market’s growth.

The hotmelt PSA is 100% solid adhesives due to its environment-friendly and fast-setting features, and it is expected to grow at a CAGR of 5.4%.

Graphics, another important application section of the PSA industry, is expected to develop at a rate of approximately 4.5%.

According to the report, one of the major drawbacks of the PSA is its impact on the production efficiency of paper recycling processes, as certain PSA materials are difficult to remove during the recycling processes because of its deposition on the recycling equipment.

PSA’s application in the F&B industry is expected to grow at a CAGR of 5%. The FDA approval for contact applications like labels and tapes on the food items has played a vital role in this section’s growth.

Few of the marquee companies who manufacture PSA include Bostik, Evonik Industries, Avery Dennison, Henkel, and HB Fuller, among others.