Pressure Sensitive Adhesives Market Regional Analysis:
APAC Market Insights
Asia Pacific region is poised to dominate around 40.8% market share by 2035. The growth of the market can be attributed majorly to an up-surged demand for pressure-sensitive adhesives in the oil & gas industry for varied processes in procuring oil and gas products. For instance, the countries in Southern Asia are anticipated to launch nearly 50 oil and gas projects by the year 2025. Furthermore, the total oil production in the region was estimated to be about 7000 thousand barrels a day in 2021. Moreover, increasing utilization of these adhesives in textiles, and pharmaceuticals along with a higher adoption rate in the packaging industry including medical, personal care, food & beverage, and other types of packaging is also expected to hike the market growth over the forecast period.
North American Market Insights
Additionally, the market in the North American region is also projected to grow rapidly over the forecast period on the back of higher production and distribution of cosmetic products. In North America, a robust inclination toward the utilization of cosmetic products has been observed which is set to grow exponentially. Hence, for better distribution of products and to preserve their chemical and compounds, advanced packaging is necessary. For instance, it is observed that every year, approximately USD 50 billion are obtained from cosmetic product sales solely in the USA. Additionally, the average amount of money spent on cosmetics every month by Americans is estimated to be around 200 U.S. dollars to 300 U.S. dollars per month. Hence, such a higher utilization of pressure-sensitive adessives in the packaging of a wide range of products across several industries is estimated to hike the market growth over the forecast period.
