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GCC Building & Construction Plastic Market Growth, Demand, Trends, and Forecast Analysis Report
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.
Besides, the growing demand for this plastic for decorations, fire resistance, and cost-effectiveness is another crucial aspect expected to drive the market in the coming years, further states the research report, "GCC Building & Construction Plastic Market Analysis, 2021."
Covid-19 Negatively Impacted the GCC Building & Construction Plastic Market
The Covid-19 pandemic negatively impacted almost all industries, where the GCC Building & Construction Plastic Market was no exception. The pandemic introduced a decelerating effect on the market principally due to the sudden imposition of lockdown & stringent restrictions across the region to curb the virus transmission. Initially, several building projects & construction units got shut abruptly, even across the most prominent hubs in GCC. Moreover, the extension of limitations resulted in massive financial losses, project delays, supply chain disruptions, etc.
Nevertheless, the existing situation of the global crisis suggests that with the gradual upliftment of restrictions, the market shall recover from losses, regain its usual pace, and generate remunerative opportunities, owing primarily to the resumption of projects, thereby reviving the sales of building & construction plastics during 2021-26.
Insulation Material to Acquire Significant Revenue Share in the Forecast Period
Based on the Application, the GCC Building & Construction Plastic Market segments into Cladding Panels, Insulation Materials, Worktops & Membranes, Windows & Doors, and Others like Shuttering, Wall Linings, Floor Coverings, etc.
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Of them all, Insulation Materials are expected to attain a significant revenue share in the forecast period owing to the use of plastic as an insulation material for soundproofing, fire protection, and thermal insulation in walls & roofs. In addition, these materials also maintain the temperature of the building by reducing leaks.
Key Market Competitors
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, LyondellBasell Industries (Lyondell Chemical CO.), Ineos Group AG, Arkema S.A., Harwal Group, Al Barshaa Plastic Product Company LLC.