Japan, Japan, Fri, Apr 08 2022 08:20:24 / Comserve Inc. / – Saudi Arabia Plastic Components Market with Top Country Data, Industry Analysis, Size, Share, revenue, significant players, developing technologies, trends and forecasts
The plastic components market in Saudi Arabia is expected to grow at a CAGR of over 3.5% globally during the forecast period. Increase in government spending in construction activities has been driving the growth of the market.
– However, the downturn in the automotive industry and the outbreak of COVID-19 across the globe are likely to hamper the growth of the market studied.
– Rising awareness of electric vehicles is expected to drive the market demand over the forecast period and is expected to provide opportunities for the plastic components market in Saudi Arabia over the next five years.
– The sheet, film and plate segment is the most dominant product segment in the market studied.
– Building and construction is the most dominant end-user industry in the market studied.
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Main market trends
Sheets, films and plates to dominate the market
– Plastic films and sheets are lightweight, economical and have many safety benefits 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 food and beverage, pharmaceutical, electronics, medical, construction, home improvement, decoration, repair, and the aerospace industry.
– Surface protection film helps protect surfaces against dust, dirt, fingerprints, scratches, contamination and abrasion which are common in various industries like aerospace, automotive, electronics and construction during production, shipping and storage.
– According to GCC Plastics Industry Indicators, Saudi Arabia accounted for more than two-thirds of GCC polymer resin production.
– Government programs such as Vision 2030 aimed at emphasizing developing sectors such as healthcare, defence, transport and logistics will increase investment in the construction of hospitals, factories and other infrastructure, which will further propel the demand for sheets and films during the forecast period.
– The above-mentioned factors are expected to drive the demand for Saudi plastic components over the forecast period.
Building and construction to dominate the market
– The country’s Vision 2030 plan to reduce its dependence on oil, diversify its economy and develop public service sectors is expected to boost investment in the construction sector. The country is seeking $425 billion by 2030 for infrastructure, energy, mining and other industrial projects, as part of an effort to reduce its dependence on oil.
– In addition, Saudi Arabia is supporting its 2030 goals by allocating an expenditure budget of SAR 1.1 trillion in 2019, of which SAR 246 billion is allocated to Capex to support its infrastructure projects.
– Plastics used in the building and construction industry are polyvinyl chloride (PVC), polystyrene, formaldehyde, phenol-formaldehyde, polyethylene, polypropylene, nylon, polyurethane, acrylic resins and phenolics and melamine.
– Under the National Transformation Program (NTP) 2020 and Saudi Arabia’s 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 $72 billion to develop the country’s transport and tourism infrastructure.
– Hence, all these market trends are expected to drive the demand for the plastic components market in Saudi Arabia during the forecast period.
– However, the global outbreak of the novel coronavirus pandemic (COVID-19) has impacted the growth of the construction industry and is expected to slow down the growth of the market studied.
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The plastic components market in Saudi Arabia is partially fragmented. Some of the major companies are Arabian Plastics Industrial Company Limited, Zamil Plastic, Rowad National Plastic Company Ltd, Tamam Plastic Factory and Takween Advanced Industries among others.
1.1 Assumptions of the study
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increased public spending on construction activities
4.1.2 Other Drivers
4.2.1 Slow Growth of Automotive Industry
4.2.2 Adverse conditions resulting from the COVID-19 outbreak
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of new entrants
4.4.2 Bargaining power of buyers
4.4.3 Bargaining power of suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of competition
4.5 PILON analysis
5 MARKET SEGMENTATION
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