The Saudi Arabia adhesives and tapes market is prophesied to gain impetus on the back of an augmenting demand in profit-making sectors, especially construction and packaging. First developed in 1960 on a commercial platform, modern-day adhesives and even tapes are engaged in various forms for the purpose of binding a wide range of substrates, including ceramics, textiles, metal, plastic, paper, and wood. The other key end users in the Saudi Arabia adhesives and tapes market are prognosticated to be furniture, medical, bookbinding, automotive, electronics, and footwear industries.
From 2015 to 2023, the adhesives and tapes market for Saudi Arabia could achieve a 5.5% CAGR. By 2023, the Saudi Arabia adhesives and tapes market is expected to earn a valuation of approximately US$1.0 bn, a telling progress from US$0.6 bn in 2016. Manufacturers operating in the adhesives and tapes market for Saudi Arabia could feel the pressure on their profit margins as downstream petrochemical prices are affected by volatility in crude oil prices. Howbeit, growth opportunities birthed from the increase in demand for sustainable flexible packaging solutions in the food and beverage sector are envisaged to pamper manufacturers with endurable advantages.
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Global Trade Activities and Globalization Reward Support to Packaging
By end user, the packaging sector is anticipated to be a dominant segment with a more than 37.0% share secured in the Saudi Arabia adhesives and tapes market until the concluding forecast year. The packaging adhesives and tapes market in Saudi Arabia could witness the rise of applications such as graphic, labeling, sealing, and wrapping. The packaging industry in the Saudi Arabia adhesives and tapes market is envisioned to be bolstered by the high growth in international trade activities and globalization. As a result, packaging could also be a faster growing segment in the adhesives and tapes market for Saudi Arabia.
Predicted to account for a larger share second to that of packaging, construction could see a significant growth in the Saudi Arabia adhesives and tapes market, however, at a marginally reduced pace. The consumption in the construction adhesives and tapes market for Saudi Arabia could belong to the high-volume low-value category. Products that offer permanent adhesion could attract a handsome demand in the construction segment of the Saudi Arabia adhesives and tapes market.
The footwear segment of the Saudi Arabia adhesives and tapes market could hold a direct relation with the purchase power and disposable income parity of the general population and other microeconomic factors.
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Key Geographies Benefit by Leading Pressure Sensitive Technology Advocating Demand
Major geographies of the Saudi Arabia adhesives and tapes market are foretold to win demand while riding on the bonding strength and versatile properties of different types of product such as epoxy, polyurethane (PU), polyvinyl acetate (PVAc), and acrylic. Furthermore, these chemical compounds could be used to create a broad scope of formulations with the help of solvents and water.
In order to attain the best share in the adhesives and tapes market, geographical markets in Saudi Arabia are forecasted to leverage opportunities produced by faster growing technologies such as hot melt and radiation curing adhesives. However, a massive count of growth prospects taking precedence on account of the lead taken by pressure sensitive technology could optimistically influence the geographical outlook of the Saudi Arabia adhesives and tapes market.
Some of the prominent players projected to work toward achieving an upward trend in their growth are Ashland Inc., Avery Dennison Corporation, Bostik SA, H.B. Fuller Co., and Henkel AG & Co. KgaA. The aforementioned companies are studied to offer a wide assortment of products in the Saudi Arabia adhesives and tapes market and boast of their global presence.