The global pressure sensitive labels market has made rapid progress in recent years thanks to the growth of the global retail sector and the food and beverage industry, which have become dominant consumers for the pressure sensitive labels market. Pressure sensitive labels, also called adhesive-backed labels, are used in a wide variety of applications due to their ease of use and the ease they provide in incorporating other technologies such as barcodes into their design, which makes them easy to incorporate into the day-to-day functioning of industries. The ease of incorporating branding material in the design of pressure sensitive labels has also driven their adoption in various sectors and is likely to remain a key driver for the global market in the coming years.
The global pressure sensitive labels market was valued at US$86.8 bn in 2017. According to Transparency Market Research, the global pressure sensitive labels market is likely to exhibit a 5.2% CAGR over the 2017-2024 forecast period and emerge with a valuation of US$112 bn by 2024.
Growth of Logistics, Transportation Sector Crucial for Pressure Sensitive Labels Market
One of the major drivers for the global pressure sensitive labels market is the steady growth of the logistics sector in recent years, as well as the rapid subsequent growth of the transportation industry. Logistics has become vital due to the growing adoption of long-distance shipping chains and the need to multiply sales outlets. The pressure sensitive labels market has gained significantly from this trend due to the ease of applying pressure sensitive labels and garner consumer interest. The ease of delivering product information in an attractive format is likely to drive demand for pressure sensitive labels from the logistics and transportation sector in the coming years.
Food and Beverage Industry Likely to Dominate Demand from Pressure Sensitive Labels Market
Growth of the food and beverage industry is likely to be vital for the pressure sensitive labels market. The growing use of food packaging technology in order to facilitate long-distance shipping has made pressure sensitive labels absolutely vital to the food and beverage sector, as they provide the means to incorporate product information, regulatory information, as well as identification data such as barcodes on packaged food.
Paper Likely to Remain Preferred Base Material in Pressure Sensitive Labels Market
Of the various materials used to produce pressure sensitive labels, paper is likely to remain in demand over the coming years due to the convenience of printing paper sheets in various designs. Paper accounted for 42.7% of the global pressure sensitive labels market in 2017, with the segment valued at more than US$37 bn. According to Transparency Market Research, the paper pressure sensitive labels market is likely to exhibit a strong 4.7% CAGR in the 2017-2024 forecast period to rise to a valuation of US$46.6 bn.
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Asia Pacific except Japan Set to Dominate Global Pressure Sensitive Labels Market
Geographically, the global pressure sensitive labels market is likely to be dominated by demand from emerging economies in Southeast Asia. Countries such as China, India, South Korea, Malaysia, Indonesia, and Taiwan, where urban development is being carried out at a rapid rate and the local economy is subsequently expanding at robust rates, the pressure sensitive labels industry is likely to be boosted by the growing demand for transportation options. The growing retail sector in these countries, thanks to the rising disposable income of consumers in this region, is also likely to lead to a rise in the demand from the pressure sensitive labels market in Asia Pacific except Japan. APEJ accounted for 33.5% of the global pressure sensitive labels market in 2017 and is likely to consistently remain a leading contributor over the 2017-2024 forecast period.
Competitive Dynamics
Major players in the global pressure sensitive labels market include Avery Dennison Corporation, Henkel, CCL Label Inc., Lintec, Constantia Flexibles Group GmbH, Coveris Holdings SA, 3M, Inland Labels, Fuji Seal International, Inc., and UPM-Raflatac.
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