Market Trends of Middle-East and Africa Acrylic Adhesives Industry
This section covers the major market trends shaping the MEA Acrylic Adhesives Market according to our research experts:
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.
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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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