Pressure sensitive adhesives market is largely consolidated with the presence of various eminent companies engaged in strategic business initiatives that can help them maintain their competitiveness. They have been focusing on developing innovative products that can effectively meet the demands of end-user industries such as packaging, automotive, electronics, and building & construction among others.
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These companies are emphasizing on the expansion of production capacities, formation of strategic alliances, and development of sustainable solutions as well. According to a recent report by Global Market Insights, Inc., the overall pressure sensitive adhesives market size is anticipated to cross $10.5 billion by 2026.
Major companies partaking in the industry share include Arkema Group, Evonik Industries, Henkel, Sika AG, Mapei S.p.A., Genesis Industries, Inc., Powerband, Toyochem, Franklin International, etc.
Mentioned below are some innovative strategies implemented by these participants to maintain a competitive edge in the market:
Strong focus on the technological developments
The growing proclivity of consumers towards technologically advanced solutions has urged the industry players to focus on their R&D activities to introduce innovative pressure sensitive adhesive solutions.
Citing an instance, in 2020, a leading adhesives and sealants manufacturer for automotive and construction sectors, Sika AG, introduced its new PURFORM® polyurethane technology. The company also made an investment in its Düdingen, Switzerland-based manufacturing facilities. According to the company, this innovation will improve the product performance and has a strong sustainability profile.
Growing preference for sustainable products
The heightened demand from the food & beverage, cosmetics, and pharmaceutical industries has urged companies to shift their focus towards the development of plant-based biodegradable solutions. Besides, the US Food and Drug Administration (FDA) is also making efforts to update its policy to replace animal-derived materials in skin formats and medical patches.
As a result, the R&D activities geared towards plant-derived biodegradable pressure sensitive adhesives, natural polymers, and integration of biodegradability in acrylates polyurethanes have increased. In light of the emergence of lucrative opportunities in biodegradable-PSAs, the companies are developing and introducing more such solutions that are essentially environment-friendly.
For instance, in 2020, Toyochem Co., Ltd., introduced a new pressure-sensitive adhesive with high bio-based content to be used in labels, packaging, and tapes. According to the company, the bio-based content in its Cyabine™ range of polyurethane adhesives increased to 80%, while it increased to 75% for its Oribain™ series for acrylic adhesives. The product development helped the company expand its portfolio of innovative solutions that can help reduce the environmental impact.
Expansion of production capacity
The enhancement of production capacity to meet the burgeoning product demand is yet another strategic initiative that is positively impacting the industry landscape. Last year, Henkel Adhesive Technologies, commenced the construction of its state-of-the-art manufacturing facility for UV-curable acrylic PSAs in North Carolina. The expansion of the company’s existing site is expected to broaden its capabilities to offer more innovative and sustainable pressure sensitive adhesive solutions such as labels, tape, medical, and graphic films.
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In a nutshell, the increased efforts of the leading market players to develop environment-friendly sustainable solutions coupled with the technological advancements and business expansion initiatives are significantly contributing to creating a positive pressure sensitive adhesives market outlook.
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