Demand for Consumer Goods Fueling Pressure Sensitive Adhesives Market Growthby Vijay K. Web Marketing
With the expansion of the global e-commerce industry, on account of the surging popularity of online shopping and the increasing disposable income of people, the demand for pressure sensitive adhesives is growing rapidly across the world. This is because the soaring popularity of online shopping is causing a sharp rise in the demand for packaging, especially the ones based on paper board, which is, in turn, pushing up the requirement for pressure sensitive adhesives.
Apart from the aforementioned factor, the rapid growth of the global online grocery industry is also positively impacting the sales of pressure sensitive adhesives around the world. Furthermore, the increasing number of construction and infrastructural development activities and the expansion of various industries such as electronics, fast moving consumer goods, and construction, especially in the developing nations such as India, Brazil, and China are also creating lucrative growth opportunities for the pressure sensitive adhesive producing companies all over the world.
For example, the opening of a new manufacturing facility of Bostik India Private Limited, which is a specialty adhesives business line of Arkema Group, in Gujarat, India, in December 2017 considerably boosted the demand for pressure sensitive adhesives in the country. Due to these factors, the global pressure sensitive adhesives market is exhibiting huge expansion. As a result, the value of the market is predicted to rise from $7,414.0 million in 2018 to $9,351.8 million by 2024.
Furthermore, the market is predicted to progress at a CAGR of 5.3% between 2019 and 2024. Depending on formulation, the pressure sensitive adhesives market is divided into silicon, rubber, and acrylate categories. Out of these, the silicon category is predicted to demonstrate the highest growth rate in the market in the coming years. This will be because of the extensive usage of these adhesives in various hygiene and healthcare products.
Hence, it can be said with full confidence that the sales of pressure sensitive adhesives will soar across the world in the upcoming years, primarily because of the extensive usage of these adhesives in packaging applications and in the construction industry and the rapid expansion of these industries all over the world.
Created on Aug 3rd 2021 02:38. Viewed 39 times.
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