Market Trends of Middle East & Africa Polyvinyl Chloride (PVC) Industry
This section covers the major market trends shaping the MEA Polyvinyl Chloride (PVC) Market according to our research experts:
Growing Demand from the Construction Industry
- PVC is strong, lightweight, durable to weathering, rotting, chemical corrosion, and abrasion, versatile, and easy to use, as it can be cut, shaped, welded, and joined in any style. These characteristics make it ideal for many applications, such as pipes, windows, flooring, and roofing.
- PVC pipes and flooring has certain benefits, such as durability, freedom of aesthetic effects, ease in installation, cleaning, and recyclability. PVC is also used in roofing in the building and construction industry. It is used for its low-maintenance requirements and long-lasting nature (more than 30 years).
- Lusail City, a futuristic sustainable city, the flagship project of Qatari Diar, will be one of the largest development projects in Qatar. The estimated USD 45 billion project is set to extend to an area of 38 square kilometers and will include four exclusive islands and 19 multi-purpose residential, mixed-use, entertainment, and commercial districts.
- The construction of stadiums for the FIFA World Cup was completed. The construction of 16 floating hotels will also be built on the islands for tourists and fans during the football World Cup 2022.
- The construction sector has a promising outlook in the United Arab Emirates, with various government initiatives, such as the National Strategy of Higher Education 2030, the Energy Strategy 2050, the Sheikh Zayed Housing Program, and the Dubai Tourism Strategy. These initiatives expect investment in the residential, energy, and utility sectors, as well as in infrastructure and commercial construction projects, thereby driving the demand for PVC during the forecast period.
- Therefore, the demand for polyvinyl chloride is expected to increase in the construction industry in the region.
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Saudi Arabia to Dominate the Market
- Saudi Arabia is one of the largest economies in the region. The increasing investments in construction, automotive, and healthcare are expected to boost the PVC demand in the country.
- The country has many residential and commercial projects undertaken, or in various phases of development, including a USD 500 billion futuristic mega-city 'Neom' project, the Red Sea Project, which includes 14 luxury and hyper-luxury hotels that may comprise 3,000 rooms, all across five islands and two inland resorts, Qiddiya Entertainment City, and Amaala tourist destination, which are expected to be completed during the forecast period.
- Ad Diriyah, located on the outskirts of Riyadh, is set to become a major tourist destination. The USD 17 billion projects will encompass several luxury resorts, including major international hotel brands, as well as more than 100 dining and entertainment options.
- The KSA government also aims for OEMs to produce 300,000+ vehicles in the country between 2020 and 2030 under Vision 2030. The Vision aims to reduce dependence on oil exports and highlight the potential for growth of the logistics industry in the future, thus driving the PVC demand during the forecast period.
- All the abovementioned factors are expected to drive the market for PVC in Saudi Arabia.
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