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.
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.
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Geographically, the market for pressure sensitive labels in the Asia Pacific (excluding Japan) region is expected to steadily be at the top spot owing to increased demand for these products from emerging economies across Southeast Asia. Rapid urbanization in several emerging economies is also expected to drive the market in the region by opening up several new application areas for pressure sensitive labels.
Flourishing Foods and Beverages Industry to Provide Impetus to Market Growth
Steady expansion of the food and beverages industry and the retail sector in recent years has proved to be crucial for the steady growth of the global pressure sensitive labels market and is likely to remain a prominent decisive force determining the future scope of development of the market. The market also benefits from the ease of manufacturing pressure sensitive labels at economical costs, which has enabled their large scale adoption in the retail industry for delivering product-related data in an easy manner.
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The rising demand for the large-scale adoption of novel technologies such as barcode has also amplified the overall global uptake of pressure sensitive labels in the past few years. This trend has been compounded with the vast rise in modern retail channels such as supermarkets and hypermarkets in emerging economies in regions such as Asia Pacific and Latin America, ensuring a healthy growth trajectory for the global pressure sensitive labels market.
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