MEA Extruded Plastic Market is projected to grow at a CAGR of 3.88% to attain a market size of US$4.057 billion by 2027., from US$3.108 billion in 2020.
The major factors driving the market growth are increasing government initiatives and investments in the construction and building sector of the region. Moreover, the growing demand for packaging material from the pharmaceutical sector of the region is also expected to drive the overall market growth during the forecast period. The market is segmented into- By Type, By End-User Industry, and By Country.
MEA Extruded Plastic Market Drivers:
Extruded plastic is lightweight, strong, durable, and free of chemical corrosion. It can be cut, welded, shaped, and joined in any style. These characteristics make extruded plastic suitable for many applications, such as pipes, flooring, windows, and roofing. The rising development of construction projects across various countries in the MEA region is expected to drive market growth during the forecast period. For instance, Lusail City, a futuristic sustainable city, the flagship project of Qatari Diar, is the largest ongoing development project which includes four exclusive islands and 19 multi-purpose residential buildings in Qatar. Another construction project which includes the construction of 16 floating hotels, will also be built on the islands for tourists during the football world cup 2022, which is anticipated to have a positive impact on the overall market growth. Moreover, government initiatives such as the Energy Strategy 2050, the Sheikh Zayed Housing Program, and the Dubai Tourism Strategy are expected to increase the investment in residential, infrastructure, and commercial construction projects, which is driving the demand for extruded plastic such as PVC, HDPE, and PE in the construction industry of the region.
MEA Extruded Plastic Market: By Country
Increasing investments in the construction, automotive, and electronics sector of Saudi Arabia is expected to drive the overall market growth in the country during the forecast period. The country is working on the development of many residential and commercial projects, including “Neom Project” and the Red Sea Project, which includes the construction of 14 luxury and hyper-luxury hotels and Qiddiya Entertainment City, and Amaala tourist destination, which is anticipated to drive the demand for extruded plastic across the construction sector of the country. The government of Saudi Arabia aims to produce 300,000+ vehicles in the country between 2020 and 2030 under Vision 2030, which will significantly contribute to the overall market growth.
The COVID-19 pandemic has negatively affected the overall market growth due to the stoppage of many construction projects across the region. The extruded plastic-consuming industries like automotive, building and construction, electrical, and electronics were severely affected by the COVID-19 pandemic. However, the market is on its recovery with the rising demand from construction industry. Furthermore, the growing use of electric vehicles and PVC recycling is projected to create many lucrative opportunities for market players in the coming years.
The market has been analyzed through the following segments:
DuPont Teijin Films
Palram Industries Ltd.
Arabian Plastic Industrial Company Limited
Gulf Acrylic Industries LLC & Shamal Plastics Industries LLC
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