Adhesives and tapes refer to binding materials that are used to combine two surfaces. They are considered as a compact substitute for fasteners, including clamps, screws, and nails. Adhesives and tapes help in reducing the process time owing to their easy dispensing and handling technologies. Adhesives and tapes find application in diverse sectors, owing to which, they has become one of the booming markets in Saudi Arabia.
In 2014, the Saudi Arabia adhesives and tapes market was worth US$632.5 mn. The market is projected to exhibit a healthy 5.50% CAGR between 2015 and 2023, reaching a value of US$1,008.9 mn by the end of 2023.
Rising Demand from Packaging Industry to Propel Saudi Arabia Adhesives and Tapes Market
The flourishing packaging market in Saudi Arabia is one of the major factors propelling the adhesives and tapes market in this emirate. In addition, the rising investments in the constructing industry in this region are estimated to boost the demand for adhesives and tapes in the next few years. However, the fluctuating crude oil prices are applying pressure on the cost margins, which is projected to curtail the growth of the market in the near future. Nevertheless, the growing popularity for flexible packaging for food and beverages is expected to create potential opportunities for the adhesives and tapes market players in the coming years.
The Saudi Arabia adhesives and tapes market can be divided on the basis of formulation into spray- and cylinder-based and water-based formulations. In 2014, the water-based formulation segment accounted for the largest share in the Saudi Arabia adhesives and tapes market. The rapid growth of this segment can be attributed to the growing demand for adhesives and tapes from diverse industries as they are considered eco-friendly. By technology, the pressure sensitive segment led the Saudi Arabia adhesives and tapes market with a 50% share.
Rising Trading Activities across Saudi Arabia to Drive Adhesive and Tapes Market
The Saudi Arabia adhesives and tapes market can be categorized on the basis of product into epoxy, polyurethane, acrylic, EVA, and PVAc. In 2014, the acrylic segment accounted for the largest share in the market in terms of volume. On the other hand, the polyurethane segment is projected to witness rapid growth in the coming years owing to its growing demand from automotive, construction, and footwear industries.
The Saudi Arabia adhesives and tapes market can be classified on the basis of end use into furniture, construction, footwear, packaging, and others. The other segment can be sub-segmented into automotive, bookbinding, and electronics. Among these, the packaging and construction segments are projected to contribute substantially towards the growth of the Saudi Arabia adhesive and tapes market in the near future. The expansion of diverse trading activities in several regions of Saudi Arabia is anticipated to bolster the growth of the adhesives and tapes market.
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Entry of New Players to Bolster Saudi Arabia Adhesives and Tapes Market
The Saudi Arabia market for adhesives and tapes is highly fragmented in nature with several small-sized and large players engaged in the market. The large-scale manufacturers in the market have vertically integrated their operations in order to cut down on cost. The growing participation of players is projected to boost the demand for adhesives and tapes in the near future.
The prominent players operating in the Saudi Arabia adhesive and tapes market include The Dow Chemical Company, ABRO Industries Inc., Bostik SA, SAAF Co., Ltd., Sika AG., Nitto Denko Corporation, BASF SE, Dymax Corporation, Ashland Inc, Henkel AG & Company KGaA, tesa SE, Avery Dennison Corporation, 3M Company, Scapa plc, and H.B. Fuller Company.