Led by Growing Packaging Industry, Saudi Arabia Masterbatch Market to Reach $ 264 Million by 2024
Increasing
focus on petrochemical industry, government initiatives aimed at boosting real
estate sector, healthy growth in automotive sector and innovative plastic
packaging methods to drive Saudi Arabia masterbatch market through 2024
According
to TechSci Research report, “Saudi Arabia Masterbatch Market By Type, By Application, By End Use, Competition, Forecast
& Opportunities, 2014 - 2024’’, Saudi Arabia masterbatch market
is projected to reach $ 264
million by 2024, owing to strong growth in packaging industry, backed by
rising demand for innovative flexible packaging methods from booming FMCG
sector in the country. Polymer plays a vital role in the masterbatch market, as
polymers are extensively used in the production of masterbatch. Saudi Arabia
accounted for about two-thirds of polymer resin production in the GCC region in
2017 and emerged as the largest exporter of polymer in the region in the
reported year. With various government initiatives aimed at supporting real estate sector, building &
construction segment is growing across the country, which in turn is driving demand
for masterbatch.
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By
type, white masterbatch dominates the country’s masterbatch market, owing to
its extensive use in packaging industry and in the manufacturing of various
appliances like telephone handsets, keyboards and microwave bodies. The
packaging industry is the largest end user of masterbatch in Saudi Arabia, on
account of growing applications of flexible packaging in the country. Regionally,
Eastern Province generates the largest demand for masterbatch, backed by the
presence of numerous major plastic processing clusters in the region. The industrial
park in Dammam is the most active processing area, thus Eastern Province is
expected to account for the largest share in the country’s masterbatch market
during forecast period.
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“Globally,
Saudi Arabia is the largest producer of petrochemicals, the basic raw material
for manufacturing polymers. The Government of Saudi Arabia aims to increase the
total output of petrochemicals, which would result in abundant raw material
supply for masterbatch production. In October 2018, Saudi Aramco announced
plans to increase its refining capacity to about 10 million barrels per day and
double its petrochemicals production by 2030. Additionally, the industrial zone
of Yanbu, developed by the Royal Commission for Jubail & Yanbu, has
attracted a majority share of the region’s petrochemical investments. Such market
developments are expected to positively influence Saudi Arabia masterbatch
market in the coming years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Saudi Arabia Masterbatch Market By Type, By
Application, By End Use, Competition, Forecast & Opportunities, 2014 - 2024” has
evaluated the future growth potential of masterbatch market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers to take sound investment decisions. Besides, the report also
identifies and analyses the emerging trends along with essential drivers,
challenges and opportunities in Saudi Arabia masterbatch market.
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