Saudi Arabia Spray Adhesive Market to Grow with a CAGR of 3.25% through 2028
Growth in research and development activities is expected to drive the Saudi
Arabia Spray Adhesive Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Saudi Arabia Spray Adhesive
Market – By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the Saudi Arabia Spray Adhesive Market stood at USD 74.64 million in 2022 and is
anticipated to grow with a CAGR of 3.25% in the forecast period, 2023-2028. The
initiatives taken by government based on spray adhesive has led to favorable
market conditions for the Saudi Arabia Spray Adhesive Market. Several factors
contribute to the growth of various spray adhesive market products.
The government of Saudi Arabia is taking proactive measures to boost the
manufacturing sector by offering attractive financial incentives and tax breaks
specifically for companies investing in the production of spray adhesives. By
doing so, they aim to stimulate the growth of the industry and create an
environment that is conducive to attracting foreign investment. These
initiatives not only demonstrate the government's commitment to supporting
local businesses but also highlight the potential for economic development and
job creation in this particular sector.
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The growth of the Saudi Arabia Spray Adhesive Market is being driven by
technological upgradation and the staggering demand from various end-use
industries. These advancements have a direct impact on the spray adhesive
market, as manufacturers continue to develop new and improved adhesive
formulations. To meet the evolving needs of industries, manufacturers are
investing heavily in research and development (R&D) to create sustainable,
efficient, and durable adhesive products. This focus on R&D ensures that the
adhesive products can effectively address the specific challenges faced by
different industries, leading to increased adoption and growth in the market.
The Saudi Arabia Spray Adhesive Market is segmented in chemistry, end
user, regional distribution, and company.
Based on its chemistry, the epoxy segment held the largest share in the
market. The construction industry in Saudi Arabia is experiencing a significant
boom, driven by the ongoing infrastructure projects as part of the Vision 2030
initiative. These projects encompass a wide range of sectors, including
transportation, energy, and urban development, creating a surge in the demand
for construction materials.
Among these materials, epoxy adhesives have emerged as a preferred
choice among contractors and builders. With their exceptional bonding
capabilities and long-lasting durability, epoxy adhesives offer a reliable
solution for various construction applications. They provide strong adhesion to
different surfaces, ensuring the structural integrity of buildings and
infrastructure projects.
As the construction industry continues to expand and evolve in Saudi
Arabia, the demand for high-quality construction materials like epoxy adhesives
is expected to grow even further. This presents a significant opportunity for
suppliers and manufacturers to meet the increasing needs of the market and
contribute to the successful realization of the Vision 2030 goals.
Based on region, Northern & Central segment is expected to grow
during the forecast period.
The strategic location of these regions contributes significantly to
their dominance. The Northern Region, with its borders shared with Jordan and
Iraq, serves as a hub for trade and import/export activities, fostering
economic growth and opportunities. Similarly, the Central Region's favorable
location makes it an ideal distribution point, allowing easy access to other
parts of the country. This level of accessibility not only attracts businesses
but also fuels the growth of the local spray adhesive market, creating a
thriving ecosystem of commerce and innovation.
Major companies operating in Saudi Arabia Spray Adhesive Market are:
- Arkema
SA
- AVERY
DENNISON CORPORATION
- The
Dow Chemical Company
- H.B.
Fuller Company
- Henkel
AG & Co. KGaA
- Huntsman
International LLC
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“Growing application of spray adhesive in various end user industries
are key drivers of the spray adhesive market. Growth in competitive landscape
and presence of well-established companies in the market who are dedicated to
enhance their productivity of spray adhesive with every passing year are
anticipated to register an impressive growth to Saudi Arabia Spray Adhesive
Market in the forecast period.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Saudi Arabia Spray Adhesive Market By Chemistry (Epoxy,
Polyurethane, Synthetic Rubber, Vinyl Acetate Ethylene, Others), By End User (Transportation,
Construction, Furniture, Packaging, Textile, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Saudi
Arabia Spray Adhesive Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia
Spray Adhesive Market.
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