The GCC Building & Construction Plastic Market is projected to grow at a CAGR of around 10.3% during the forecast period. i.e., 2021-26, says MarkNtel Advisors in their research report. It owes to the growing need to replace or renovate weak structures, coupled with massive investments in the public & private sectors, raising the number of building & construction projects across the GCC region.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, Qatar|
|Key Companies Profiled||BASF SE, Qatar Plastic Products Company (QPPC), Saudi Arabia Basic Industries Corporation, ExxonMobil Chemicals, The Dow Chemical Company, Lyondell Basell Industries (Lyondell Chemical CO.), Ineos Group AG, Arkema S.A., Harwal Group, Al Barshaa Plastic Product Company LLC.|
|Unit Denominations||USD Million/Billion|
Since plastics used in building & construction activities provide durability, strength, weather resistance, and overall weight reduction to structures, they are gaining popularity among architects & builders widely. Besides, the increasing construction activities in residential & non-residential areas are other crucial aspects expected to fuel the demand for plastics in the coming years, particularly for their low-cost properties.
Covid-19 Severely Impacted the GCC Building & Construction Plastic Market
The Covid-19 pandemic severely impacted almost all industries, including the GCC Building & Construction Plastic Market. The outbreak led to decelerating effects on the market with the sudden imposition of lockdown & stringent restrictions to curb the virus transmission. In the first quarter, several building projects & construction units got abruptly shut, even across the most prominent hubs in GCC. Moreover, with the increasing cases of Covid-19, the governments had to extend the lockdown measures, which further resulted in massive financial losses, project delays, supply chain disruptions, etc.
Nonetheless, the existing situation of the global crisis suggests that with the gradual upliftment of restrictions and the resumption of projects, the GCC Building & Construction Plastic Market is recovering from losses. It shall further regain its usual pace, generate remunerative opportunities, & revive the sales of building & construction plastics in the years to come.