Pressure-Sensitive Adhesives Market to Cross $11 Billion by 2024
Lightweighting and replacing mechanical fasteners are key trends driving growth for PSAs in transportation.
The pressure-sensitive adhesives (PSAs) market is expected to surpass $11 billion by 2024, according to a research report by Global Market Insights Inc. The growth is due to increasing usage in the automotive and transportation industry, as PSAs are finding use as alternatives to bolts, clips, and rivets, thus improving the speed and ease of assembly. PSA tapes are used to reduce weight, advance performance, improve aesthetics, and save time and money.
Increasing raw material prices for natural and synthetic rubber, acrylate monomers, organic and inorganic chemicals used in the production of PSA tapes can be considered as a restraint for the PSAs market, due to pricing and availability factors. Most of these raw materials are derived from petroleum derivatives, thus susceptible to fluctuations in oil prices.