The Saudi Arabia Plastic Products Market report provides a detailed analysis of the market's current state, key players, emerging trends, and future growth prospects. The report is divided into several sections, each focusing on different aspects of the market, such as market size, geographical shares, competitive landscape, and market dynamics.
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Understanding Saudi Arabia Plastic Products Market Dynamics
Saudi Arabia Plastic Products Market Overview: -
The Saudi Arabia Plastic Products Market size was valued at USD 8.3 billion in 2022 and is projected to grow at a CAGR of around 3.2% during the forecast period, i.e., 2023-28. The market is driven primarily by the kingdom's thriving economy, high standard of living, and increased consumer spending. The country’s most ambitious initiative, Saudi Vision 2023, which includes mega infrastructure development projects, are creating the need for plastic materials, ranging from pipes fittings to insulation packaging solutions, for various purposes.
Regional Analysis:
- North
- East
- West
- South
- Central
Competitor Breakdown| Top Saudi Arabia Plastic Products Companies
- Newell Brands Inc.
- Compagnie de Saint-Gobain S.A
- Sonoco Products Company
- Sealed Air Corporation
- Berry Plastics Corporation
- Tamam Plastic Factory
- Taldeen Plastic Solutions Ltd.
- Rowad National Plastic Company
- Falcon Plastic Products Company
- National Plastic Factory
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Saudi Arabia Plastic Products Market - Segmentation Highlights:
By Product
- Bottles Containers
- Bags Pouches
- Packaging Materials
- Pipes Fittings
- PVC (Polyvinyl Chloride) Pipes
- PE (Polyethylene) Pipes
- PP (Polypropylene) Pipes
- Others (Couplings, Elbows, Tees, Valves)
- Films Sheets
- Foam Products
- Expandable Polystyrene (EPS)
- Extruded Polystyrene (XPS)
- Polyurethane (PU)
- Others (Molded Products, etc.)
By Technology
- Injection Molding
- Extrusion Molding
- Blow Molding
- Others
By End-User
- Automotive Transportation
- Electrical Electronics
- Medical
- Construction
- Others
Saudi Arabia Plastic Products Market Dynamics:
Key Factor Driving Market–
Proliferating Construction Real-Estate Activities - Saudi Arabia is experiencing a significant transformation in its infrastructure as a part of their Vision 2030. Under this, the kingdom has envisioned diversifying its economy and developing public service sectors, seaports, railway lines, airports, manufacturing facilities to minimize its economic dependence on oil gas. For instance:
- Several plans are underway to construct the world's largest airport, King Salman International Airport, in Riyadh. This ambitious project aims to accommodate a remarkable passenger capacity of 185 million, surpassing the combined capacities of London Heathrow Dubai International Airports.
As such, Saudi Arabia is heavily investing in its construction sector. In fact, it plans to seek around USD 425 billion by 2030 for infrastructure, energy, mining, other industrial projects, which would require a substantial amount of plastic to make components like hinges, screws, bigger construction parts for wall covering, electric wiring, waterproofing, flooring, decoration, among others.
Besides, Polyurethane spray and rigid polystyrene foam have also gained traction in the country owing to their excellent insulation properties. Hence, the emergence of the world's largest construction site across the country, driven by Saudi Vision 2030 and burgeoning real estate activities, presents lucrative prospects for the Saudi Arabia Plastic Products Market through 2028.
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Frequently Asking Questions (FAQ’s):
- Which companies lead the Saudi Arabia Plastic Products Market?
- How will current trends shape the market in the coming years?
- What opportunities, challenges, and driving forces characterize the Saudi Arabia Plastic Products Industry?
- Which specific Saudi Arabia Plastic Products market segments should industry competitor target to capitalize on recent technological advancements?
- What is the projected growth rate of the Saudi Arabia Plastic Products market?
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