Middle-East and Africa Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Middle-East and Africa Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for Middle-East and Africa Engineering Plastics is expected to grow at a CAGR of more than 5% during the forecast period.

Key Highlights

• Growing purchasing power in the counties and engineering plastics replacing traditional materials are driving the market growth.
• Volatility in raw material prices is expected to hinder the market growth.
• Introduction of green vehicles as a key to future growth is expected to increase the opportunity for the market.

Key Market TrendsPolyethylene Terephthalate (PET): The Most Used Engineering Plastic

• Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin. PET resins are known for their excellent melt flow characteristics, close molding tolerances, and high productivity from multi-cavity molds. Due to its broad mechanical and electrical properties, PET is often used to replace metals in motor housings, switches, sensors, and other electrical applications.
• PET and polyolefins are the most widely used materials in the plastic packaging industry. Some of the major properties of PET as a packaging material are recyclability, strength, and versatility, which drive the demand for these products.
• These products mainly include take-out containers, frozen foods, carbonated drinks and juices, ketchup, bottled water, jars, and baked good containers. They are also used in the food industry for clamshells, deli containers, as well as microwave food trays.
• PET also has great barrier properties that protect and preserve the contents of the product. PET maintains the fizz in carbonated soft drinks, the vitamins in juices, and the color in ketchup. In other words, it protects products and keeps them on the shelves and out of the rubbish bin, for a longer period.
• With an increasing demand for beverage packaging and a lack of better substitute for PET resin for this application, the demand for PET is projected to increase over the forecast period.

Saudi Arabia Country to Dominate the Market

• Saudi Arabia is the largest producer of engineering plastics among the Middle East countries, taking into account the current existing and upcoming production facilities.
• The healthcare industry in Saudi Arabia accounts to the largest expenditure in the GCC region, and there is a rising demand for the increase in hospital bed capacity and long-term care centers. The increasing healthcare expenditure in the country, along with the privatization of several public hospitals in the country are expected to drive the demand for healthcare equipment in the country. This in turn, is expected to increase the demand for engineering plastics at a moderate rate over the forecast period.
• The packaging sector in Saudi Arabia is expanding at a rapid rate, owing to the increasing demand from pharmaceutical industry. The innovations in the packaging sector (for cosmetics and pharmaceuticals) are supporting the consumption of engineering plastics in the country.
• There is an increase in the constructions of hotels, recreational facilities, and other public infrastructure in the country, in order to cater to the increasing number of tourists.
• Government initiatives, such as the Saudi Arabia Vision 2030 are expected to support the growth of the commercial building activities at a significant growth, in the coming years. In addition, the upcoming Dubai Expo 2020 is driving the commercial construction activities in the country, which is a positive factor for the consumption of engineering plastics in the country.

Competitive Landscape

The Middle-East and Africa engineering plastics market is partially fragmented in nature with the presence of many players in the market. Some of the major companies in Middle-East and Africa engineering plastics market includes BASF SE, SABIC, Solvay, Covestro AG, and DuPont, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

3M
Arkema SA
Ashland Inc.
BASF SE
Celanese Corporation
Chemtura Corporation
Chevron Phillips Chemical
Covestro AG
DuPont
Eastman Chemical Company
Evonik Industries AG
LANXESS
LG Chem
Lyondellbasell
Nova Chemicals Corporation
PolyOne Corporation
SABIC
Solvay

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