The global pressure sensitive adhesives (PSAs) market is expected to experience a compound annual growth rate (CAGR) of 5.2% from 2022 to 2031, according to a new report from Transparency Market Research. The report projects that the market will reach a total sales revenue of $13.8 billion by the end of the forecast period.

One of the primary drivers of this growth is the increasing demand for PSAs in the flexible packaging sector. As consumers continue to prioritize convenience and sustainability, the use of PSAs in food and beverage packaging is becoming more common. These adhesives play a crucial role in ensuring secure closures and are expected to see a significant uptick in demand.

The rise of electric vehicles (EVs) is also creating new opportunities for the PSA market. The use of these adhesives in the assembly of battery packs and lightweight components is becoming increasingly important as automakers look to improve the efficiency and performance of their vehicles. In addition, the demand for specialized adhesives in the manufacturing of EVs is expected to drive further market growth.

The PSA market is also benefiting from the ongoing trend of miniaturization in the electronics industry. As manufacturers continue to produce smaller and more lightweight devices, the need for advanced adhesives that can support precision assembly is becoming more pronounced. This is expected to drive demand for high-performance PSAs that can meet the unique requirements of the electronics sector.

The report further highlights the growing demand for PSAs in the labels segment. As companies across a range of industries look to differentiate their products with innovative labeling solutions, the need for specialized adhesives is on the rise. The labels segment is currently the largest market for PSAs and is expected to continue its strong growth trajectory.

In terms of market share, North America currently holds a leading position in the PSA market. The region’s dominance is attributed to the presence of a robust manufacturing sector, as well as the ongoing focus on technological innovation. North America is also home to a number of key players in the PSA market, including 3M and Avery Dennison.

Looking ahead, the PSA market is expected to see increased competition as new players enter the space and existing companies look to expand their product offerings. The market is also likely to be shaped by a growing emphasis on sustainability, with companies increasingly focusing on the development of eco-friendly and low-VOC adhesive solutions.

Learn more about the report from Transparency Market Research, titled Pressure Sensitive Adhesives Market (Product: Water-based, Solvent-based, Hot Melt, and Radiation Cured) — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031, at www.transparencymarketresearch.com/psa-market.html.