Pressure Sensitive Adhesives Market Trends

Growth Drivers

• Increasing Production of Pigment Globally to Boost Market Growth - As of 2021, pigment production was estimated to be around 14 thousand metric tons in India while it was projected to be about 100 thousand metric tons in South Korea. Pressure-sensitive adhesives are used to make pigment owing to their specific properties such as waterproofing, sealing agents, and corrosion & oxidation prevention. Significant demand for pigment has emerged in the market as a result of increasing urbanization and a growing interest in interior design. Pigments are colored material and are considered to be inorganic compound and it is insoluble in water. A wide range of applications requires pigments such as cosmetics, coloring paint, fabric, ink, plastic, and others.

• Escalating Utilization of Pressure Sensitive Adhesives in Manufacturing of Cosmetics- The cosmetics industry was estimated to generate a revenue of about USD 5 billion in 2022 globally. Pressure-sensitive adhesives are used to pack cosmetics products as it is pressure-sensitive which can prevent moisture to penetrate and damage the product quality. 

• Significant Requirement Pressure Sensitive Adhesives in Making Medicine- The total spending on medicine in the United States was estimated to reach around USD 500 billion in 2021.

Challenges

• Unpredictability in Raw Material Prices - Manufacturing pressure-sensitive adhesives require petrochemicals that are derived from crude oil. A constant fluctuation in the prices of petrochemicals and crude is estimated to hamper the market growth over the forecast period. Various Geopolitical and weather-related factors are a major reason to cause this fluctuation in price
• Presence of Alternative Products Such as Mechanical Fasteners 
• Requirement for Higher Initial Funding