The GCC Building & Construction Plastic Market is projected to grow at a CAGR of 10.3% in the forecast period of 2021-26, says MarkNtel Advisors in their research report. It owes to the rapidly increasing construction activities across residential & non-residential sectors, coupled with the rising demand for plastics due to their low price, durable, & flexible physical properties.
Additionally, the growing use of recycled plastic in building & construction projects entwined with various initiatives by the government toward constructing green buildings shall also propel the demand for plastics in building & construction activities across the GCC region and fuel the overall market growth in the forecast period, further states the research report, "GCC Building & Construction Plastic Market Analysis, 2021."
Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC) to Reign the GCC Building and Construction Plastic Market Though 2026
Based on Type, the GCC Building and Construction Plastic Market segments into Thermosets, Thermoplastics, Engineering Materials, and Others. Thermoplastics further bifurcate into Commodity Materials, Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC), Polypropylene (PP), Polystyrene (PS), and Thermoplastic Olefin (TPO). Of them all, under Thermoplastics, Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC) is expected to dominate the market with the largest share in the forecast period.
It owes to the wide application of PVC & CPVC in pipeline systems for wastewater & industrial purposes due to its no corrosion or scaling properties. Besides, PVC & CPVC are lightweight and can be easily molded & assembled into different shapes, resulting in a vast application and burgeoning demand. Furthermore, since this plastic is easy to remove & recycle, the demand for PVC & CPVC is booming due to its versatility. Hence, it is likely to drive the market in the forecast period and lead the segment to dominate with the largest share.
Saudi Arabia to Reign the GCC Building and Construction Plastic Market Through 2026
Based on the Geography, the GCC Building and Construction Plastic Market expands across Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar. Of them all, Saudi Arabia accounts for the largest market share due to massive investments by the country in its healthcare industry. It propels the demand for top-notch infrastructure, hospital bed capacity, & long-term care centers, i.e., several construction projects in the country, thereby directly impacting the GCC Building and Construction Plastic Market.
Besides this, privatization of hospitals and increasing expenditure in healthcare shall augment the demand for engineering plastic and lead the country to hold the largest market share in the forecast period, reveals MarkNtel Advisors in their research report, "GCC Building & Construction Plastic Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the GCC Building & Construction Plastic Market are BASF SE, Qatar Plastic Products Company (QPPC), Saudi Arabia Basic Industries Corporation, ExxonMobil Chemicals, The Dow Chemical Company, LyondellBasell Industries (Lyondell Chemical CO.), Ineos Group AG, Arkema S.A., Harwal Group, Al Barshaa Plastic Product Company LLC.
Key Questions Answered in the Study