GCC Expanded Polystyrene Market Set to Experience a Massive 6.4% CAGR During 2023-2028
GCC Expanded Polystyrene Market Overview and Insights:
According to Markntel Advisors Report, GCC Expanded Polystyrene Market is projected to grow at a CAGR of around 6.4% during the forecast period, i.e., 2023-28.
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Industry Growth Driver:
Increasing Infrastructure Development in the Tourism Sector – GCC countries like the UAE, Qatar, & Saudi Arabia have recognized the potential of tourism for diversifying their economy, owing to which they have developed comprehensive tourism development strategies to attract more tourists. In line with this, several hotels, resorts, entertainment venues, etc., are being constructed across the region, i.e., pushing the demand for EPS for insulation in walls, roofs, & floors. Saudi Arabia aims to increase the tourism sector’s contribution to the EPS demand to more than 10% and attract 100 million annual visits by 2030. Similarly, the UAE aims to welcome 40 million hotel guests by 2031, i.e., in line with the UAE Tourism Strategy 2031. Consequently, the region is witnessing an increasing number of hotel construction projects. As of 2023, there are 159,424 hotel rooms under contract for development, and Saudi Arabia is at the forefront of tourism development, with a pipeline of 100,071 hotel rooms. Hence, the rise in construction activities associated with the tourism sector is projected to drive the GCC Expanded Polystyrene Market during 2023-28.
What is Included in GCC Expanded Polystyrene Market Segmentation?
The report has segmented the market into the following categories:
By Type
– White – Market Size & Forecast 2018-2028F, Thousand Tons
– Grey & Silver- Market Size & Forecast 2018-2028F, Thousand Tons
– Black- Market Size & Forecast 2018-2028F, Thousand Tons
By Production Method
– In-Situ Suspension- Market Size & Forecast 2018-2028F, Thousand Tons
– Post-impregnation Suspension- Market Size & Forecast 2018-2028F, Thousand Tons
By End User
– Building & Construction- Market Size & Forecast 2018-2028F, Thousand Tons
– Electrical and Electronics- Market Size & Forecast 2018-2028F, Thousand Tons
– Packaging- Market Size & Forecast 2018-2028F, Thousand Tons
– Automotive- Market Size & Forecast 2018-2028F, Thousand Tons
– Others (Automotive, Healthcare, Agriculture, etc.)- Market Size & Forecast 2018-2028F, Thousand Tons
Here, the building & construction sector holds a prominent market share owing to massive investments in various infrastructure development projects like transportation networks, smart cities, etc., by the UAE, Saudi Arabia, & Qatar. Moreover, as these countries have established long-term strategic initiatives for residential, commercial, & industrial real estate, the pursuit of these plans would support construction activities in the region and create a pipeline of projects that would enhance the demand for EPS in the coming years.
By Country
– The UAE
– Saudi Arabia
– Oman
– Kuwait
– Bahrain
– Qatar
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Who are the Key Players Operating in the GCC Expanded Polystyrene Industry?
The top companies of the GCC Expanded Polystyrene market ruling the industry are:
- BASF
- TotalEnergies
- SABIC
- Ravago Manufacturing
- Styro
- Kuwait Styrene Company (TKSC)
- Kuwait Polymer
- STYROQ
- Al-Musaha Al-Mushtaraka Company
- Unitech Qatar
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FAQs (Frequently Ask Questions)
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