BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Saudi Arabia floor adhesive market size to grow at a steady CAGR of 6.7% during the forecast period between 2023 and 2029. Saudi Arabia floor adhesive market is flourishing owing to the expanding construction activities across the country. As part of its Saudi Vision 2030, the Saudi government is placing an emphasis on increasing tourism and diversifying the economy. It is investing heavily in the development of commercial, industrial, and residential spaces for the purpose. The expansion of commercial buildings including offices, schools, and retail centers as well as the expanding need for homes in Saudi Arabia will eventually increase the demand for floor adhesives, propelling the overall market growth in the kingdom.
Saudi Arabia Floor Adhesive Market – Overview
The purpose of flooring adhesives is to join two surfaces, often the bottom of the flooring and the concrete beneath it. Liquid flooring glue is applied, hardens as it dries, and permanently fuses the two components. There are three types of floor adhesives available in the market: water-based, polyurethane-based, and acrylic. Various adhesives dry at various speeds. This refers to the amount of time before the glue dries out to use it. It will also show how long it will take for the floor to set once it has been put up. The user may work more quickly during installation and move more quickly over the floor the shorter the dry period.
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Saudi Arabia Floor Adhesive Market – By Technology
Based on technology, the Saudi Arabia floor adhesive market is segmented into water-borne, solvent-borne, and other technologies. The water-borne technology witnesses the highest demand in the Saudi Arabia floor adhesive market. This is due to the fact that water-based adhesives can be used with diverse types of floorings including tile and stone. They are simple to use and inexpensive to create. With a wet bond glue, it is typically simpler to have a consistent consistency, which also acts as a favorable factor for the market growth of the water-borne floor adhesive in the Saudi Arabia market.
Impact of COVID-19 on Saudi Arabia Floor Adhesive Market
The COVID-19 pandemic drastically slowed the demand growth for floor adhesive in Saudi Arabia market. Saudi Arabia's construction work was briefly put on hold due to the lockdown and the suspension of non-essential economic operations. Due to the building and construction sector's sluggish growth, an increase in the demand for flooring adhesive products in 2020 was slow. The residential sector's lack of demand for remodeling and restoration projects resulted in significant losses for the Saudi Arabian floor adhesive industry.
Competitive Landscape
Major players operating in the Saudi Arabia floor adhesive market include Bostik SA, Mapei S.P.A., Laticrete International Inc., Forbo Holding AG, Wacker Chemie AG, The DOW Chemical Company, Henkel AG & Co. KGaA, Sika AG, Pidilite Industries Limited, and BASF. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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