According to a recent report by Grand View Research, the global pressure sensitive adhesives market is expected to reach USD 14.20 billion by 2024. Increased consumption in packaging, automotive, consumer goods, and construction industries are cited as key drivers of growth. What we found most interesting is that packaging was the leading end-use segment, accounting for more than 25% of market volume in 2015. More specifically, there is a growing demand for labeling and packaging applications using this type of double-sided tape due to improved inventory management and cost effectiveness, which is expected to bolster this growth.
Other key findings include:
- Water-based pressure-sensitive adhesives are expected to be the fastest growing technology due to low cost and eco-friendly characteristics
- The global pressure sensitive adhesives market size was over 2,800 kilo tons in 2015 and is expected to exceed 4,000 kilo tons by 2024
- Labels emerged as the dominant product segment with growth driven by increasing demand for RFID labels and retail labeling applications
- Asia Pacific was the leading pressure sensitive adhesives market followed by North America
Read more about the report here.