Investing in the Plastics Import and Export Company project in Saudi Arabia represents an investment opportunity during 2022, especially since rubber and plastics factories constitute about 13.4% of the total number of factories in Saudi Arabia, and according to the statistics of the National Center for Industrial Information, the number of rubber and plastics factories is about 1122 factories, out of 8391 factories in Saudi Arabia.
What is Plastics Import and Export Company?
The idea of the project is to establish a Saudi company that specializes in exporting plastics and polymers to foreign markets, as rubber and plastics factories provide production that allows exporting to different markets. Exporting Saudi products to foreign markets is one of the most important goals of Vision 2030 to boost Saudi Arabia’s non-oil economy.
In 2020, the global plastics market was valued at $579.7 billion. At the end of 2021, the global plastics market recorded 593 billion dollars. The global production of plastics during 2021 amounted to about 318 million metric tons, and the global output of plastics is expected to increase to 375.5 million metric tons by 2028. Forecasts indicate a potential growth of about 3.4% per year in the global plastics market by 2028, estimated at about 750.1 billion dollars.
Why import and export plastics in Saudi Arabia?
Through a recent statistic issued by the Gulf Petrochemicals and Chemicals Association (GPCA), Mashreq revealed that Saudi Arabia ranks eighth globally in the plastics industry, where Saudi Arabia alone accounts for about 2.62% of the global sales revenue of plastics and plastics. In addition, employment in the plastics industry accounts for about 9% of the total labor force in Saudi Arabia, indicating that plastics import and export projects are a growing need in Saudi Arabia through 2022.
For more details on the latest economic indicators and investment opportunities in Saudi Arabia, as well as the most prominent financing entities that support successful investment projects in Saudi Arabia, you can contact the investor service team from Mashrouk Consulting.
