Adhesives and Tapes Market to Perceive Substantial Growth During 2023
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.
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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.
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.
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.
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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.
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