Market definition
The GCC Building & Construction Plastic Market refers to the market for plastics used in building and construction applications in the six Gulf Cooperation Council member countries. Building and construction plastics are widely used in various applications in the construction industry, such as pipes and fittings, insulation materials, roofing, flooring, and wall coverings.
Market Insights
The GCC Building & Construction Plastic Market is projected to grow at a CAGR of around 10.3% during the forecast period. i.e., 2023-28, says MarkNtel Advisors in their research report. The market for building and construction plastics in the GCC region is primarily driven by the growing construction industry, as the region has been experiencing significant infrastructure development in recent years. Furthermore, 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, accelerating the market growth
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 10.3% |
| Region Covered | The UAE, Saudi Arabia, Qatar, Oman, Bahrain, Kuwait |
| Key Companies Profiled | 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, Others |
| 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. The market for building and construction plastics in the GCC region is expected to grow at a steady pace in the coming years, driven by the increasing demand for lightweight, cost-effective, and durable building materials.
Market Dynamics
Driver: Rising Construction Activities in the Region Has Boosted the Market Growth
The prime factors expected to drive the GCC Building & Construction Plastic Market include the rising demand for lightweight & low-cost construction plastic materials than other substitutes. In addition, minimal maintenance and utmost strength & durability shall further increase the popularity & adoption of plastics by multiple architects, builders, and designers. Besides, the growing demand for plastic for decorations, fire resistance, and cost-effectiveness shall further augment the market growth in the years to come.
Challenge: Environmental Concerns Related to Plastic Would Create a Challenge for the Market
The factors that might restrain the market growth are the rising concerns over the use of plastic waste, coupled with stringent environmental regulations laid across GCC. Since plastics are a threat to both terrestrial & aquatic environments, the norms imposed by the governments of GCC countries to resist the use of plastic might hinder the market growth during the forecast period. Besides, the availability of substitutes like fiberglass and wood might also challenge the demand for plastics used in building & construction activities.
Market Segmentation
Based on Type:
Based on Type, Polyvinyl chloride (PVC) is expected to dominate the GCC building and construction plastic market in the coming years. PVC is one of the most widely used plastics in the construction industry, owing to its properties such as durability, chemical resistance, and versatility in various applications. PVC is commonly used in applications such as pipes and fittings, windows and doors, roofing, flooring, and wall coverings. It is also known for its cost-effectiveness and ease of installation, which makes it a popular choice among contractors and builders. Moreover, the growth in the construction industry in the GCC region is expected to further drive the demand for PVC in the coming years. The rising population, urbanization, and increasing infrastructure development in the region are expected to increase the demand for building materials, including PVC, states MarkNtel Advisors in their research report, “GCC Building & Construction Plastic Market Analysis, 2023.”
Country Landscape
Based on the Country:
Of them all, Saudi Arabia accounts for the largest share of the GCC Building & Construction Plastic Market. It principally owes to the massive investments by the country in its healthcare industry, which propels the demand for top-notch infrastructure, hospital bed capacity, and long-term care centres, thereby proposing several construction projects. Hence, it directly impacts the GCC Building and Construction Plastic Market, owing to the increasing demand for cost-effective, durable, and low-maintenance plastics.
In addition, privatization of hospitals and growing expenditure in healthcare shall also drive the demand for several engineering plastics and lead the country to rule the market with the largest share in the forecast period. Moreover, the burgeoning focus on the tourism sector is leading to significant investments by the country toward constructing hotels, recreational facilities, and other public infrastructure to cater to the tourists. Furthermore, the launch of initiatives like Saudi Arabia Vision 30 shall also surge building & construction activities, thereby fuelling the demand for plastics within the country.
Frequently Asked Questions
A. The GCC Building & Construction Plastic Market is expected to grow at a CAGR of around 10.3% in the forecast period of 2023-28.
A. 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 are a few leading players in the GCC Building & Construction Plastic Market.
A. Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC) is projected to attain the highest CAGR and maintain their significant market share during the forecast period.
A. The rapidly increasing construction activities across residential & non-residential sectors, coupled with the rising demand for plastic due to its low price, durable, & flexible physical properties, is expected to drive the GCC Building & Construction Market in the forecast period.
A. The current situation of the pandemic 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.
