The global market for pressure sensitive labels presently features and is likely to continue to feature an intensely competitive vendor landscape in the near future, with packaging industry specialists expected to account for a larger share in the overall market, states Transparency Market Research in a recent report. Local companies could gain a larger hold on lucrative regional markets owing to the ease of production of pressure sensitive labels.
Some of the leading companies in the market are Fuji Seal International, Inc., Constantia Flexibles Group GmbH, Avery Dennison Corporation, Coveris Holdings SA, Henkel, CCL Label Inc., UPM-Raflatac, Lintec, Inland Labels, and 3M.
According to the report, the global pressure sensitive labels market will register a healthy CAGR of 5.2% from 2017 to 2024, rising from a valuation of US$86.8 bn in 2017 to a revenue opportunity of US$112 bn by 2024.
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APEJ Emerges as Most Lucrative Regional Market
Of the key face stock materials used for manufacturing pressure sensitive labels, paper is expected to remain the most preferred over the forecast period, with the use of paper likely to outstrip that of other substitutes such PET, polypropylene, and polyethylene. The comparatively lower costs of paper-based pressure sensitive labels are expected to help the segment account for nearly 41.7% of the overall market by the end of the forecast period, with its valuation rising to US$46.6 bn by the end of the forecast period.
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.
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.
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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.
