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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 10.3% |
| 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.
Market Segmentation
Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC) to Rule the GCC Building & Construction Plastic Market with the Largest Share
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, Polyvinyl Chloride (PVC) & Chlorinated Polyvinyl Chloride (CPVC) shall reign the market with the largest share in the forecast period.
It owes to their vast application in several pipeline systems for wastewater & industrial purposes. Since PVC & CPVC have no corrosion or scaling properties, their demand is booming across residential & commercial plumbing applications. In addition, their properties, including lightweight, easy molding & assembling into different shapes, & easy to remove & recycle, further extend their application & demand significantly across the GCC region.
The applications of PVC & CPVC include constructing pipes, gutters & downspouts, tubes & fittings for water distribution, sewers, electrical conduits, irrigation, fencing & decking, chemical processing, door frames & windows, roofing, conveyor belts for food processing, and floor & wall covering. Hence, their demand is extensive and likely to drive the market in the forecast period.
Polyurethane to Witness the Fastest Growth in the GCC Building & Construction Plastic Market
Based on the Type, the market segments into Thermosets, Thermoplastics, Engineering Materials, and Others. Thermosets further bifurcate into Silicone, Polyurethane, and Phenolic. Of them all, Polyurethane shows more signs of witnessing the fastest market growth during 2021-26. It principally owes to its easy flexibility in molding into any unusual shape. In addition, it is used widely in making high-performance products that perform well, are robust but lightweight, and are durable & versatile.
Moreover, Polyurethane is a popular choice among builders & architects for its prominence in providing high-efficiency insulation materials, sealants, and adhesives used in homes and constructing buildings. Hence, based on the aspects cited above, the segment shall witness a significant rise in demand and observe the fastest growth rate in the coming years, states MarkNtel Advisors in their research report, “GCC Building & Construction Plastic Market Analysis, 2021.”
Market Driver
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.
Market Restraint
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.
Country Landscape
Saudi Arabia Leads the GCC Building & Construction Plastic Market
Based on the Geography, the GCC Building and Construction Plastic Market expands across:
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 centers, 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 fueling the demand for plastics within the country.
Competitive Landscape
According to MarkNtel Advisors, the leading players in the GCC Building & Construction Plastic Market are BASF SE, Dow Chemical, 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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
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 2021-26.
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.
