Saudi Arabia Plastic Products Market Size Grows at Steady CAGR of 2.74%
In its recent study, BlueWeave Consulting, a leading strategic consulting and market research firm, estimated the Saudi Arabia Plastic Products Market size at USD 8.56 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Plastic Products Market size to grow at a CAGR of 2.74% reaching a value of USD 10.34 billion by 2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Plastic Products Market size at USD 8.56 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Plastic Products Market size to grow at a CAGR of 2.74% reaching a value of USD 10.34 billion by 2030. The driving factors of the Saudi Arabia Plastic Products Market include changing trends in various industries like food and beverages, consumer goods, automotive, electrical, and electronics. The increasing demand for food packaging, driven by the need to minimize degradation and contamination, is a significant growth factor. Plastics' ability to act as a barrier and provide durability is crucial, expanding its application in sports, fashion, polymer clay, toy manufacturing, and the textile industry. The versatility of plastics, allowing for molding into various shapes and sizes, contributes to its widespread use. Additionally, its hardness makes it suitable for packaging automotive and electrical spare parts, leading to overall market growth.
Opportunity – Growing demand from thriving food and beverages industry
The burgeoning food and beverages industry in Saudi Arabia is a key growth driver for the plastic products market. As the demand for packaged and convenience foods rises, there is a parallel surge in the need for innovative packaging solutions. Plastic products play a pivotal role in preserving and delivering food products, meeting the industry's evolving requirements. The increased consumption of on-the-go snacks and beverages further propels the demand for lightweight, durable, and sustainable plastic packaging solutions, driving the expansion of the Saudi Arabia Plastic Products Market in the dynamic landscape of the thriving food and beverages sector.
Impact of COVID-19 on Saudi Arabia Plastic Products Market
The COVID-19 pandemic has significantly altered the landscape of the plastic products market in Saudi Arabia, with pronounced effects on various sectors. Notably, the demand for plastic in the building and construction industries, as well as the automotive sector, has witnessed a substantial decrease. The decline can be attributed to a reduction in manufacturing activities within these industries due to global lockdown restrictions and the overall economic slowdown. Additionally, the market has been impacted by the significant drop in crude oil prices, a consequence of reduced demand and storage capacity constraints, hindering overall market growth.
Conversely, the medical industry has experienced an increased demand for plastic products, particularly in the form of personal protective equipment (PPE) such as face masks, shields, goggles, respirators, gloves, gowns, and coveralls. The surge in demand for medical-grade plastics has played a pivotal role in sustaining and propelling the plastic products market forward during and post the COVID-19 pandemic period.
Sample Request @ https://www.blueweaveconsulting.com/report/saudi-arabia-plastic-products-market/report-sample
Saudi Arabia Plastic Products Market
Segmental Coverage
Saudi Arabia Plastic Products Market – By Product
Based on product, Saudi Arabia Plastic Products Market is divided into Bottles & Containers, Bags & Pouches, Packaging Materials, Pipes & Fittings, Films & Sheets, and Foam Products segments. The bottles & containers segment is the largest in the Saudi Arabia Plastic Products Market. The segment encompasses a wide range of plastic packaging solutions, including bottles for beverages and containers for various products. The demand for packaging materials in Saudi Arabia is driven by diverse industries, such as food and beverages, healthcare, and consumer goods. the bottles and containers segment dominates due to its crucial role in product storage, transportation, and preservation, reflecting the Kingdom's growing reliance on plastic packaging across sectors of the economy.
Saudi Arabia Plastic Products Market – By Technology
By technology, Saudi Arabia Plastic Products Market is divided into Injection Molding, Extrusion Molding, and Blow Molding segments. The injection molding technology segment emerges as the largest, holding a substantial share of the market. The method of manufacturing plastic products by injecting molten material into a mold is pivotal in shaping the industry landscape. Its prominence underscores the significant role played by injection molding in driving the overall growth and development of the plastic products market in Saudi Arabia.
Competitive Landscape
Saudi Arabia Plastic Products Market is fiercely competitive. Major companies in the market include Tamam Plastics, Saint-Gobain, Sonoco Products Company, Sealed Air Corporation, Saudi Plastic Products Company Ltd., Arabian Plastic Industrial Company Limited, Taldeen Plastic Solutions Ltd, Rowad National Plastic Company, Zamil Plastic Industries Ltd, and Gulfmaid. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Saudi Arabia Plastic Products Market.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
