The market for plastic components in Saudi Arabia is expected to grow at a CAGR of more than 3.5% globally during the forecast period. The increasing government spending on construction activities has been driving the market growth.
– However, the slowdown in the automotive industry and the outbreak of COVID-19 disease across the globe are likely to hinder the growth of the studied market.
– Growing awareness for electric vehicles is expected to drive the demand for the market during the forecast period is likely to provide opportunities for the Saudi Arabia plastic components market over the next five years.
– Sheets, films, and plates segment is the most dominating product segment of the market studied.
– Building and construction is the most dominating end-user industry of the market studied.
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Key Market Trends
Sheets, Film, and Plates to Dominate the market
– Plastic films and sheets are lightweight, economical, and have many safety advantages and important properties, such as chemical resistance, and are available in a wide variety of colors and thicknesses. The product has applications in industries, including the food and beverage, pharmaceuticals, electronic, medical, construction, home remodeling, decorating, repair, and aerospace industry.
– Surface protection film helps protect surfaces against dust, dirt, fingerprints, scratching, contamination, and abrasion that are common in various industries like aerospace, automotive, electronics, and construction during production, shipping, and storage.
– According to GCC plastic industry indicators, Saudi Arabia accounted for more than two-thirds of GCC polymer resins production.
– Government schemes such as Vision 2030 to emphasize developing sectors such as health care, defense, transport and, logistics will increase the investment in the construction of hospitals, factories, and other infrastructure, which further propel the demand of sheets and film during the forecast period.
– The above-mentioned factors are anticipated to drive the demand for Saudi Arabia plastic components during the forecast period.
Building and Construction to Dominate the Market
– The Vision 2030 plan of the country to reduce its dependency on oil, diversify its economy, and develop public service sectors is anticipated to drive investment toward the construction industry. The country is seeking USD 425 billion by 2030 for infrastructure, energy, mining, and other industrial projects, as part of an effort to cut its reliance on oil.
– Furthermore, Saudi Arabia is supporting its 2030 goals by allocating an expenditure budget of SAR 1.1 trillion in 2019, out of which SAR 246 billion are allotted for Capex to back up its infrastructure projects.
– The plastics used in the building and construction industry are polyvinyl chloride (PVC), polystyrene, formaldehyde, phenol-formaldehyde, polyethylene, polypropylene, nylon, polyurethane, acrylic and phenolic resins, and melamine.
– Under the National Transformation Program (NTP) 2020 and the Saudi Arabia Vision 2030, the government has a plan to develop seaports, railway lines, airports, and manufacturing facilities. Under NTP 2020, the government plans to invest around USD 72 billion to develop the country’s transport and tourism infrastructure.
– Hence, all such market trends are expected to drive the demand for Saudi Arabia plastic components market during the forecast period.
– However, the global outbreak of the novel coronavirus (COVID-19) pandemic has impacted the growth of the construction industry and is expected to slow down the growth of the market studied.
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