According to the latest report by IMARC Group, titled “Oman PVC Products Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the Oman PVC products market size reached 76,923 Tons in 2018. Polyvinyl chloride (PVC) is a synthetic resin made from the polymerization of vinyl chloride, which is one of the most popular synthetic polymers across the globe. It is used in the production of cables, window frames, wall coverings, drinking water and wastewater pipes, flooring and roofing foils, and several other applications since it represents a modern alternative to traditional materials, such as wood, metal, rubber and glass. As compared to these conventional materials, PVC products are economical, lightweight, highly resistant to chemicals and require easy processing. In line with this, PVC products are resistant to weathering, corrosion, chemical rotting, shock and abrasion.
Oman PVC Products Market Trends:
The Sultanate of Oman has relied on the oil and gas industry for several decades to generate wealth. However, owing to the reduction in global oil prices during 2014-2017, the Government has decided to invest in alternative sources of income to stimulate the economy. This shift in focus has resulted in the introduction of numerous infrastructural projects, such as Khazaen Economic City (KEC), Mina Al Sultan Qaboos Waterfront and Quriyat ITC Project, and the burgeoning tourism, fisheries, logistics and e-commerce sectors in the country. Besides this, the Government of Oman is also offering tax incentives and credit approvals and making amendments in existing policies to attract foreign direct investments. Furthermore, there is a rise in the construction activities in the residential, commercial and transportation sectors in the country. Owing to these factors, the market volume is projected to reach 88,116 Tons by 2024, expanding at a CAGR of around 2.3% during the forecast period (2019-2024).
- Based on the product, the market has been segmented into pipes and fittings, electrical conduits and ducts, windows and doors, and others. At present, pipes and fittings represent the leading segment. As compared to conventional pipes, PVC pipes and fittings are more flexible, lightweight and long-lasting, which makes them easier to install, handle and transport.
- On the basis of the product type, the market has been bifurcated into rigid and flexible PVC products. Rigid PVC products represent the most widely utilized product type.
- The market has been analyzed on the basis of the end use industry into construction, electrical and electronics, water supply and irrigation, chemical and mining, and other industries. Amongst these, the construction industry currently accounts for the majority of the total market share.
- The competitive landscape of the market has been examined, with some of the key players being Amiantit Oman Co. LLC., Muna Noor Manufacturing & Trading LLC, Future Pipes Industries, National Plastics Factory LLC, Hepworth, United Gulf Pipe Manufacturing (UGPM) CO. LLC, Hamoud Al-Rashidi Bros Trading LLC and Techwindows Oman.
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