A recent study by Global Market Insights Inc. expects the pressure sensitive adhesives market to grow from $8.3 billion in 2022 to surpass a valuation of $15.4 billion by 2032. Rising incorporation of tapes and adhesives in the automotive sector, expanding product demand from the packaging market, increasing investments in the medical industry, and the expanding food and beverage sectors are expected to augment the market outlook.
According to the study, the most significant three trends spurring the growth of the pressure sensitive adhesive industry, however, are the growing number of mega-construction projects in Europe, increasing opportunities in the consumer electronic sector, and rising revenue from the automotive market.
Pressure sensitive adhesives are used as an interior bonding solution across both residential and commercial buildings. Pressure sensitive tapes are relatively easy to use and provide strength, quality, and durability for the bonding materials used in the interior surfaces of buildings. In terms of the COVID-19 impact, Europe has been a severely hit region. Global Market Insights reports that as the European Union looks for ways to kickstart economic recovery for member nations, it has turned to infrastructure development initiatives to achieve that goal.
Pressure sensitive adhesives play varied roles in the electronics sector. In wireless charging, they help bond, fix, and protect the modules at the transmitting and receiving end. With respect to displays, optical pressure sensitive adhesive tapes are used to bond different types of optical materials to the screen.
The study found that revenue prospects for pressure sensitive adhesives from consumer electronics are expanding at an exponential rate. Innovations in the field of artificial intelligence, 5G, big data, and virtual reality are attracting the attention of the general public and are actively fueling a new round of popularization of novel consumer electronics.
With environmental and emission norms slowly tightening around hyper-cars and supercars, many players in the field are on their last iterations of the classic ICE powered vehicles, with many already shifting to electric drivetrains.