Albany - NY, Sept. 4, 2015 (GLOBE NEWSWIRE) -- According to the report, the Saudi Arabia adhesives and tapes market was valued at US$ 632.5 Mn in 2014 and is expected to reach US$ 1,008.9 Mn in 2023, expanding at a CAGR of 5.5% between 2015 and 2023. In terms of volume, the adhesives and tapes market in Saudi Arabia stood at 221.5 kilo tons in 2014.
The adhesives and tapes market in Saudi Arabia is likely to be driven by rising demand from packaging and construction industries. Demand from the packaging industry is estimated to increase considerably during the forecast period due to rapid expansion of trade activities in Saudi Arabia. This, in turn, is projected to boost demand for adhesives and tapes in the next few years. Additionally, rise in construction activities is expected to fuel demand for adhesives and tapes in the construction industry. However, availability of substitutes for adhesives and tapes in all its application areas is likely to hamper growth of the adhesives and tapes market during the forecast period. In terms of opportunity, application of adhesives and tapes in high-value flexible packaging solutions in consumer industries, such as food and beverages, is anticipated to open avenues for growth in the near future.
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In terms of volume, the pressure sensitive technology segment dominated the adhesives and tapes market in Saudi Arabia in 2014. Hot melt technology is projected to be the fastest-growing segment of the adhesives and tapes market in Saudi Arabia during the forecast period.Water-based formulations dominated the market in Saudi Arabia during the forecast period as these formulations are designed to be eco-friendly and reduce VOC emissions. On the basis of products, the acrylic products segment dominated the adhesives and tapes market in Saudi Arabia, accounting for more than 30% share in terms of volume in 2014. Polyvinyl acetate (PVAc) is anticipated to be the fastest-growing product segment in Saudi Arabia during the forecast period. Polyurethane is another product key product segment of the adhesives and tapes market with high demand from the construction industry in Saudi Arabia.
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The adhesives and tapes market in Saudi Arabia is fragmented in nature with several multinational players in the local market. Few local players such as SAAF Co., Ltd. and ABRO Industries Inc. compete in the adhesives and tapes market in Saudi Arabia. Key players include 3M Company, Henkel AG & Company KGaA, Avery Dennison Corporation, BASF SE, H.B. Fuller Company, Ashland Inc, Bostik SA, Nitto Denko Corporation, Scapa plc, tesa SE, The Dow Chemical Company, Dymax Corporation, and Sika AG.
The report segments the adhesives and tapes market in Saudi Arabia as follows:
Saudi Arabia Adhesives and Tapes Market - Technology Analysis
- Pressure Sensitive
- Hot Melt
- Others (Including Moisture Curing, Radiation Curing, Heat Curing, and Chemical Curing)
Saudi Arabia Adhesives and Tapes Market - Formulation Analysis
- Water Based
- Spray & Cylinder Based
Saudi Arabia Adhesives and Tapes Market - Product Segment Analysis
- Others (Including Silicone and Polyisobutylene)
Saudi Arabia Adhesives and Tapes Market - End-user Analysis
- Others (Including Automotive, Electronics, Bookbinding, etc.)
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