Saudi Arabia High Performance Films Market size was valued at USD 430 million in 2017 and is expected to witness growth of more than 5.1% CAGR from 2018 to 2024.
Saudi Arabia High Performance Films Market, By Product, 2013 – 2024 (USD Million)
Increasing consumption of ready-to-eat food along with the growing demand for decorative interiors in the Saudi Arabia is anticipated to foster high-performance film market share. Growing flexible packaging industry owing to rising demand for food & beverages applications instigating Saudi Arabia high-performance films market growth.
Polyethylene mainly used in packaging purposes such as plastic films, plastic bags, and containers driving product portfolio. Rising product demand in food processing & production coupled with substantial investments in new flexible packaging infrastructure will boost the high-performance film market.
Middle East & Africa is expected to experience strong growth over the forecast period owing to increasing construction projects coupled with favorable government policies providing an immense opportunity for high-performance films market expansion.
Population growth along with new infrastructure projects, urbanization and increased focus on non-oil sectors including medical tourism stimulating demand for high-performance films in Saudi Arabia. Currently, Saudi Arabia’s non-oil sector accounts for 10% of its revenues and 20% of its export revenues.
Technological advancement has brought the innovative concept of combining films with additional structures and layers. These are majorly utilized in high-performance applications environment to protect electronics primarily driving market size. The unique approach to developing new products through a combination of different high- and low-cost films, strongly supporting industry growth.
Fluctuating raw material costs coupled limited supplies may affect high-performance films suppliers and vendors over the forecast timeframe. Strict government regulations imposed on usage of plastic along with growing environmental concerns may hinder demand for high-performance films market.
Polyester market is likely to observe over 5.2% CAGR from 2018 to 2024. Polyesters are majorly used to make films, PET bottles, liquid crystal displays, dielectric film for capacitors, and film insulation for wire and other industrial applications propelling industry share. Large industrial application owing to improved lightweight quality, high moisture & thermal barrier increasing product demand in the Saudi Arabia market.
Barrier films market accounted for more than 200 USD million in 2017. Increasing demand for barrier protection packaging product especially for moisture sensitive material positively stimulating product landscape. Honeywell manufacturing high-quality barrier films such as Hydro Block brand. It is designed especially for moisture protection application to reduce contamination risk inside the packaging. The product is formulated owing to excellent chemical, physical, and thermal properties primarily instigating industry share. Honeywell has introduced a new ultra-high barrier film for pharmaceutical packaging application to tap large market share.
Packaging market is projected to witness over 4.6% CAGR from 2018 to 2024. Surging trend towards adoption of convenient packaging options in food & beverage products owing to changing the lifestyle of consumer boosting industry growth. In addition, rising tetra packs consumption for beverage packaging owing to easy handling and availability in different sizes & shapes is likely to have a positive influence on industry growth.
Personal care market registered over USD 33 million in 2017. Changing consumer preference towards easy to dispose of and lightweight personal care packaging strong accelerating product demand in Saudi Arabia. Rising disposable income is likely to boost convenient packaging demand in the country. Furthermore, the Saudi government is introducing various recycling systems in the region over the foreseeable timeframe to reduce waste products supporting industry growth.
High-performance films market share is highly fragmented owing to the large presence of manufacturing companies in the market. Prominent market players include Taheel Integrated, Arabian Gulf Manufacturers Limited, and Eastman Chemical Company. Other manufacturers include 3M, Dow chemical company, Honeywell International Inc, Saudi Acrylic polymer company, Sealed Air Corporation, Bemis Company Inc., Bayer material science. To expand market share, the major suppliers are investing in R&D activities and technological development. These factors will benefit especially in supply and demand at different stages of the value chain.
High-performance films are widely used in the electrical and electronic industry for insulation layers in membrane switches, dielectric film motor windings, flexible circuit films, electric insulation for wire & cable, and coil winding. Automotive sector utilizes high-performance films in window tints which gives protection from harmful ultraviolet rays, distracting glare and heat built-up. It is also used in automotive paint protection film.