BURNABY, Canada, August 3, 2015 /PRNewswire/ --
Growing demand from packaging and building &construction sectors to boost masterbatch market in Saudi Arabia through 2020
According to recently released TechSci Research report, "Saudi Arabia Masterbatch Market Forecast & Opportunities, 2020", the masterbatch market in Saudi Arabia is projected to reach USD167 million by 2020. Masterbatch is a solid or liquid mixture of pigments or additives used as a raw material in plastic processing in order to impart color or other special characteristics to processed goods. Increase in number of plastic processing facilities in Saudi Arabia coupled with growing demand from end use sectors is forecast to propel growth in the country's masterbatch market over the next five years. The domestic market is highly consolidated and is characterized by the presence of domestic as well as international players that operate in collaboration with domestic players. Few of the major masterbatch companies operating in the country include Clariant Masterbatches (Saudi Arabia), Astra Polymers, Ingenia Polymers, Juffali PolyOne Corporation and Cabot Corporation.
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Majority of the plastic processing plants in Saudi Arabia are concentrated in the Eastern and Western regions of the country, and consequently these two regions account for a lion's share of the masterbatch market in Saudi Arabia. The downstream industry in the country has witnessed rapid expansion over the past few years, which has created new opportunities for the growth of masterbatch market in Saudi Arabia. Surge in demand from end use industries such as packaging, building and construction and appliances, among others have steered masterbatch market in the country over the past few years, and the trend is projected to continue through 2020. Packaging sector is forecast to remain the largest end use application for masterbatch in Saudi Arabia over the next five years.
"The Saudi Arabia masterbatch market is forecast to demonstrate promising growth prospects, on account of supportive initiatives undertaken by the Government of Saudi Arabia. The government has planned huge investments in petrochemical and plastics sector in order to encourage and catalyze industrial diversification in the country and reduce dependence of the economy on oil exports. The government aims to place Saudi Arabia among the top ten global plastics exporters by 2020. This is expected to directly boost the masterbatch demand in the country over the course of next 5-10 years,' said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Masterbatch Market Forecast & Opportunities, 2020" has analyzed the potential of the masterbatch market in Saudi Arabia and provides statistics and information on market size, consumer behavior and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the masterbatch industry in Saudi Arabia.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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