(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 08, 2021, 08:25 /Comserve / -- Middle-East and Africa Acrylic Adhesives Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
Middle-East and Africa acrylic adhesives market is expected to grow at a CAGR of over 4% during the forecast period. The demand for acrylic adhesives is widely driven by the robust growth of construction activities and high dependency on processed and packaged food products. However, stringent VOC emission regulations related to acrylic adhesives disposal and/or substitution from different feedstock may hinder the growth of the studied market.
- The water-based acrylic adhesives segment is expected to be the fastest growing segment, owing to the increasing consumer awareness about the ill-effects of solvent-based adhesives on environment and human health.
- Replacement of solvent-borne adhesives in construction industry and shifting focus towards the bio-based adhesives are likely to offer opportunities for the acrylic adhesives market in the region.
- Saudi Arabia stands to be the largest market for acrylic adhesives in the region, with consumption being majorly driven by the growth in construction, woodworking and packaging industries.
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Key Market Trends
Packaging Industry to Drive the Market Demand
- The packaging industry dominates the consumption of acrylic adhesives, as they are widely useful in the manufacturing of various products, such as tapes, cases, labels, and cartons.
- In Middle-East & Africa, countries like Saudi Arabia, Qatar, United Arab Emirates, South Africa, etc., have been registering healthy growth in the demand for fast-moving consumer goods.
- Further, trend of e-commerce shopping and online food deliveries have not only benefited the consumer goods and food industry, it has also lead to the growth in the demand for packaging materials, along with adhesives used in packaging.
- Further, being heavily dependent on processed and imported products for meeting the demand for food, the country's demand for packaging material also stands to be high.
- Hence, all such market trends drive the demand for packaging materials, which further drives the consumption of acrylic adhesives in the region.
Saudi Arabia to Dominate the Market Demand
- Saudi Arabia is expected to dominate the consumption of acrylic adhesives in the region during the forecast period, owing to strong growth of construction activities and growing e-commerce and online food delivery orders.
- Saudi Arabia is embarking a large number of residential and commercial projects, such as USD 500 billion worth mega-city 'Neom' project, The Red Sea Project – Phase 1, which includes construction of 14 luxury and hyper-luxury hotels with 3,000 rooms, Qiddiya Entertainment City, etc. These projects are either in the planning or development phase, which are scheduled to be completed within the next five years. Hence, this is likely to increase the demand for acrylic adhesives for applications in construction industry.
- The packaging industry in Saudi Arabia is one of the major drivers for the acrylic adhesives market. The country has been witnessing a shift in its packaging sector from rigid to flexible packaging, which further increases the scope of application for acrylic adhesives.
- With increasing demand for instant foods, the demand for flexible, safe, and sustainable packaging is growing at a rapid pace. It is expected to grow at a rate of 6% over the next five years, which is further likely to offer opportunities for the acrylic adhesives market.
- Hence, all such trends are likely to drive the growth of acrylic adhesives market in the country during the forecast period.
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Competitive Landscape
Middle-East and Africa acrylic adhesives market is fragmented in nature. Some of the key players in the market includes 3M, Arkema Group, Sika AG, H.B. Fuller, and Henkel AG & Co. KGaA, amongst others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Report
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 High Packaging Demand from Food & Beverage Industry
4.1.2 Robust Growth of Construction Industry
4.2 Restraints
4.2.1 Availability of Alternative Feedstocks for Adhesives
4.2.2 Stringent Environmental Regulations Regarding VOC Emissions
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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