Albany, New York, July 14, 2016: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Adhesives and Tapes (Acrylic, Epoxy, PVAc, EVA, PU, and Others) Market by Technology (Pressure Sensitive, Hot Melt, and Others) and Formulation (Water Based and Spray & Cylinder Based) for Packaging, Footwear, Construction, Furniture and Other End-users – Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The report, by Transparency Market Research (TMR), predicts that the Saudi Arabia adhesives and tapes market stood at US$632.5 mn in 2014 and is projected to reach US$1,008.9 mn by 2023, by expanding at a 5.50% CAGR between 2015 and 2023.
This report begins by providing the introduction section and the value chain evaluation for the Saudi Arabia adhesives and tapes market. Adhesives and tapes refer to the chemical formulations utilized for joining two surfaces and are accurate substitutes for clamps, nails, screws, etc. These find their application in a number of industries such as that of footwear, furniture, construction, crafts, medical, and bookbinding industries within Saudi Arabia.
The following section of the report highlights the key factors boosting and impeding the growth of the market for adhesives and tapes in Saudi Arabia. The rising number of enterprises within the packaging and construction industry in Saudi Arabia is a prime factor stimulating the development of the market. In addition, the increasing use of flexible packaging within the food and beverages industry is a chief opportunity seen in the market. However, the unstable prices of crude oil pose pressure on the margins of the manufacturers of adhesives and tapes in Saudi Arabia. This may impede the growth of this market in the coming years.
In the next part of the report, the market segmentation has been encapsulated. In terms of technology, pressure sensitive technology led the market in 2014 with a share of more than 50%. However, hot melt technology is anticipated to be the most swiftly developing technology segment within Saudi Arabia in the forecast horizon. This is owing to the increasing utilization of this technology in the construction and furniture industries. By formulation, water-based formulations are poised to lead the market in the forecast period owing to their eco-friendly nature and low prices. By product, acrylic adhesives and tapes led the market in 2014 and constituted a share of more than 30%. On the other hand, polyvinyl acetate (PVAc) is the most rapidly developing product segment during the forecast period within Saudi Arabia.
Browse Full Saudi Arabia Adhesives and Tapes Market Report with TOC:http://www.mrrse.com/saudi-arabia-adhesives-tapes-market
As stated in the report, the chief players in the Saudi Arabia adhesives and tapes market are BASF SE, Henkel AG & Company KGaA, H.B. Fuller Company, 3M Company, Avery Dennison Corporation, and Ashland Inc, Bostik SA, among others.
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