Middle East & Africa Plastic Color Concentrates Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Middle East & Africa plastic color concentrates market is expected to witness a CAGR of approximately 6.5% during the forecast period, majorly driven by increasing demand of plastic from the building and construction industry. The rising investments in the automotive manufacturing sector are also likely to stimulate the market growth.
Demand from Building and Construction Industry Driving the Market
A large number of construction and infrastructure projects in the residential and industrial sector have been started in UAE in recent years. To counter the expected influx in the population and for the Expo 2020 in Dubai, many new airport, roadway and leisure are coming up in the country. The ongoing expansion of Dubai International airport is likely to incur the investment of USD 7.8 billion. The Fifa World Cup 2022 in Qatar is also driving the building and construction sector, which, in turn, is expected to boost the demand of plastic color concentrates in the Middle East region.
Liquid Color Concentrates Expected to Witness Highest Growth
The solid color concentrates segment is leading the color concentrates market, owing to its low price, less cost of installation, ease of transportation and storage, reduced waste etc. The liquid color concentrates segment is expected to grow at a high rate during the forecast period. The high growth can be attributed to the rapid color development, reduced energy consumption in their manufacturing, increased color consistency, and low material costs.
Saudi Arabia Witnessing Huge Demand in Middle East & Africa
In terms of consumption in 2017, Saudi Arabia accounted for the largest market share in Middle East & Africa region due to huge demand from the food & beverage industry. The food & beverage sector in Saudi Arabia is big, with the presence of big companies, such as Almarai Co. Ltd and Savola, dealing in the bakery goods, dairy, and other food processing sectors. The growth of the plastic color concentrates market in the country is further driven by the Saudi Vision 2030, through which the government is planning to move the economy away from oil profits by increasing the construction activities in both residential and non-residential segments. Qatar and United Arab Emirates is expected to grow at a high rate with ongoing investments in these countries due to Fifa World Cup 2022 and Expo 2020.
In Jan 2018, Clariant announced the opening of new masterbatch production site in Saudi Arabia. The site is owned by Clariant Masterbatches Saudi Arabia, a joint venture between Clariant and Rowad, a leading plastic products manufacturer in the Middle East
Major Players: Clariant, A. Schulman, PolyOne Corporation, Cabot Corporation and Astra Polymers, amongst others.
Reason to Purchase this Report
To understand the impact of various product type on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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