The polymer market is characterized by a wide range of applications and ongoing innovations. Polymers are extensively used in packaging materials due to their durability and lightweight properties, reducing environmental impact. Innovations include biodegradable and bio-based polymers addressing sustainability concerns. In electronics, conductive polymers enable flexible displays and wearable technology. Smart polymers respond to external stimuli, finding use in drug delivery and tissue engineering. Polymer nanocomposites enhance material properties, fostering innovations in aerospace and automotive industries. The polymer market remains dynamic, shaping various sectors with continuous advancements.
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Data Bridge Market Research analyses that the Middle East Polymer Market, which was USD 52,143.26 million in 2022, is expected to USD 75,295.96 million by 2030 and is expected to undergo a CAGR of 4.7% during the forecast period of 2023-2030. Polymers are increasingly employed in automotive manufacturing to reduce vehicle weight, enhancing fuel efficiency. Lightweight polymer components replace heavier metal parts, resulting in improved fuel economy, lower emissions, and enhanced overall performance, addressing both environmental and economic considerations in the automotive industry.
Key Findings of the Study
Rising sustainability concerns are expected to drive the market's growth rate
There is a notable shift in the polymer industry towards eco-friendly and biodegradable polymers, driven by mounting environmental concerns. These sustainable polymers offer the advantage of reducing the environmental footprint associated with traditional plastics. They break down naturally, reducing long-term pollution and minimizing harm to ecosystems. This transition aligns with global efforts to mitigate plastic waste and adopt more environmentally responsible materials, making it a crucial step towards a greener and more sustainable future.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Polyethylene (PE), Polypropylene (PP), Acrylonitrile Butadiene Styrene, Polyamide (PA), and Others)
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Countries Covered
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U.A.E., Saudi Arabia, Israel, Oman, Qatar, Kuwait, Bahrain, and the Rest of the Middle East
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Market Players Covered
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SABIC (Saudi Arabia), Lyondellbasell Industries Holdings B.V (Netherlands), BASF SE (Germany), Sumitomo Chemical Co. Ltd. (Japan), Saudi Polymer LLC (Saudi Arabia), Qatar Petrochemical Company (QAPCO) P.J.S.C (Qatar), Venus Petrochemicals (Bombay) Pvt. Ltd (India), Middle East Polymers & Chemicals L.L.C (U.A.E.), Petro Rabigh (Saudi Arabia), Exxon Mobil Corporation (United States), Borouge (U.A.E.), Reliance Industries Limited (India)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Middle East polymer market is categorized based on product.
- On the basis of product, the Middle East polymer market is classified into polyethylene (PE), polypropylene (PP), acrylonitrile butadiene styrene, and polyamide (PA).
Major Players
Data Bridge Market Research recognizes the following companies as the major Middle East polymer market players in Middle East polymer market are SABIC (Saudi Arabia), Lyondellbasell Industries Holdings B.V (Netherlands), BASF SE (Germany), Sumitomo Chemical Co. Ltd. (Japan), Saudi Polymer LLC (Saudi Arabia), Qatar Petrochemical Company (QAPCO) P.J.S.C (Qatar), Venus Petrochemicals (Bombay) Pvt. Ltd (India), Middle East Polymers & Chemicals L.L.C (U.A.E.).
Market Developments
- In October 2020, LyondellBasell Industries N.V., a prominent global plastic and chemical corporation, declared its intention to purchase a 50% ownership stake in Sasol's ethane cracker with a capacity of 1.5 million metric tons, along with the linear low-density polyethylene plants and their related infrastructure, in a substantial transaction valued at $2 billion.
- In October 2020, Thailand-based global chemical company Indorama Ventures Public Co. Ltd. acquired IMP Polowat, a PET (polyethylene terephthalate) recycling company located in Poland. IMP Polowat possesses the capability to manufacture approximately 27,000 metric tons of recycled PET, strengthening Indorama Ventures' presence in the recycling industry and contributing to sustainable PET production.
- In March 2021, Radici Group, a prominent Italian corporation known for its global leadership in chemical intermediates and polyamide polymers, allocated an investment of 35 million euros. This funding was directed towards the establishment of new engineering polymer production facilities in Mexico and China, alongside expansion initiatives in both Europe and North America, demonstrating the company's commitment to international growth.
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