Saudi Arabia aims to become a major player in the global petrochemicals market within the next several years, with plans to increase domestic and foreign production and expand its exports. Implementation of these plans will align with the country’s Saudi Vision 2030, which is a government plan to reduce Saudi Arabia’s dependence on oil, diversify its economy and develop its public service sectors.
A major target of the plan is to create conditions for the development of the Saudi petrochemicals industry and raise its competitiveness in the international arena. These goals will be achieved through a significant increase in exports of Saudi petrochemicals to foreign markets.
Rising manufacturing and Saudi Arabia’s growing economy lift domestic rubber and plastic demand, allowing the reviewed industry to expand by 10% in 2018. Industry is anticipated to see more investments, due to large-scale government programs to diversify the country’s economy. Industry is estimated to post 6% CAGR over 2018-2023, thanks to growing local manufacturing and construction sectors, as well as anticipated increase in exports.