The pressure sensitive adhesives (PSA) market is projected to grow from USD 9.9 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 6.0% during the forecast period. There exists a high demand for pressure sensitive adhesives from the packaging and medical & healthcare industries owing to the widespread coronavirus pandemic.
The key players of the pressure sensitive adhesives market include Henkel AG & Company KGAA (Germany), The Dow Chemical Company (US), Avery Dennison Corporation (US), H.B. Fuller (US), 3M Company (US), Arkema Group (France), Sika AG (Switzerland), Scapa Group PLC (UK), and Ashland Inc., (US) are the leading players operating in the pressure sensitive adhesives market.
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New product launches and mergers & acquisitions are key growth strategies adopted by industry players to strengthen their presence in the PSA market. These strategies accounted for shares of around 50% and 30% respectively, of all growth strategies adopted by market players. Rising demand for eco-friendly and high performance products has propelled key players to undergo R&D activities for the development of innovative products in the PSA market.
In 2020, the company opened its new production facility in Kurkumbh, India, near Pune. The unit aims to serve the growing demand for high-performance solutions in adhesives, sealants, and surface treatment products in Indian industries. Designed as a smart factory, the new plant also will also help a wide range of Industry 4.0 operations and meet the highest standards for sustainability.
The second most active company in the pressure sensitive adhesives market is The Dow Chemical Company (US). The company holds a strong position in the market due to its global distribution capabilities and strong financial background.
The company has actively made efforts and expanded in emerging countries across Latin America and APAC to strengthen its product portfolio and customer reach. It conducts its worldwide operations through four operating segments: packaging & specialty plastics, industrial intermediates & infrastructure, performance materials & coatings, and corporate. The company manufactures PSAs under its performance materials & coatings business unit. It operates its business in North America, Europe, APAC, and Latin America.
The company is one of the market leaders of pressure sensitive adhesives and is continuously focusing on the innovation and development of new products by investing more in R&D activities. For instance, it launched the Robond series and continues to add new products to this series from time to time. The company has adopted the expansion strategy to meet customer needs. It is well known for its innovative and sustainable products. Dow is also taking efforts by various strategic decisions to manufacture recyclable and bio-based pressure sensitive adhesives.