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.
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