Saudi Arabia Masterbatch Market Size Expands to Surpass Value of USD 3 Billion and Volume of 0.67 Million
An increasing demand for plastic products and also for bio-based masterbatches is expected to boost the growth of Saudi Arabia Masterbatch Market during the forecast period between 2024 and 2030.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Masterbatch Market size at USD 1.89 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Masterbatch Market size to expand at a CAGR of 5.66% reaching a value of USD 3.01 billion by 2030. The growing use of plastic in a variety of industries, including construction, automotive, and packaging, is one of the major growth factors for the Saudi Arabia Masterbatch Market.
By volume, BlueWeave estimated the Saudi Arabia Masterbatch Market size at 0.32 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Masterbatch Market size to expand at a CAGR of 6.74% reaching the volume of 0.67 million tons by 2030. Other industry innovations, including the growing use of biobased masterbatch, are expected to propel the Saudi Arabia Masterbatch Market during the forecast period.
Opportunity: Expanding masterbatch production in Saudi Arabia
With rising plastic demand owing to the flourishing manufacturing sector and increasing government focus on economic diversification, the number of domestic masterbatch production companies has also spiked. For instance, Clariant, a chemicals company based in Switzerland, opened its state-of-the-art masterbatch production site in Yanbu, Saudi Arabia. The domestic production of Masterbatch is expected to decrease the logistics cost of sourcing raw materials from other countries and eventually boost manufacturing output in Saudi Arabia.
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Saudi Arabia Masterbatch Market
Segmental Coverage
Saudi Arabia Masterbatch Market – By Product
Based on product, the Saudi Arabia Masterbatch Market is segmented into oxo-biodegradable masterbatch, white masterbatch, black masterbatch, color masterbatch, additives, and filler. The white masterbatch segment holds the largest share in the Saudi Arabia Masterbatch Market. Plastics are painted using a premium pigment called White Masterbatch. This type of masterbatch can be molded, coated, laminated, and utilized as protective films, among other applications. They consist of premium grades of titanium dioxide (TiO2) for both indoor and outdoor use.
Competitive Landscape
Major players operating in the Saudi Arabia Masterbatch Market include Avient Corporation, Astra Polymers, Cabot Corporation, Ingenia Polymer Corp., Ampacet Corporation, MD International Masterbatch & Compound, Pure Polymers, Rifd Plastics, Polyalwan, and Clariant.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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