Iraq Plastics Market: Market Forecast By Product, By Application and Competitive Landscape

Iraq Plastics Market Synopsis

Iraq plastics market has shown decent growth during the pre-covid years owing to the growing packaging sector along with investments in the construction sector. In 2020, imports of plastic products suffered on account of disruption in the global supply chain due to the imposition of covid restrictions. Moreover, a temporary halt in global production facilities of plastic products negatively affected the Iraq plastic market. However, after the pandemic, the market for Iraq Plastics is expected to grow during the forecast period on the back of growing medical devices which would experience a growth of 4.0% in 2023. Further, electrical & electronics would contribute to the growth of the market for plastic in Iraq towards positive development and thus would further propel the demand for plastic products in the coming years.

According to this research, the Iraq Plastics Market revenue size is projected to grow at a CAGR of 5.2% during 2023-2029. The market would experience growth in the forecast period on account of the growing construction and healthcare sector in Iraq. Furthermore, between 2022 and 2025, the construction sector is anticipated to grow at an average annual rate of around 6% which includes investments in infrastructure projects related to transportation, energy, power, education, and housing. Several infrastructure projects such as Al Kut Baghdad Highway, Al Rasheed Residential City, Al Sadr City, and others would contribute to the demand for plastic in the future. Moreover, Iraq is planning to complete the Al-Hurriya hospital project in Baghdad and has achieved a 55 percent completion rate and is expected to open by the end of 2024.

Market by Product

Polyethylene accounted for a major revenue share in 2022 as it is used in construction materials like plastic sheets, geomembranes, and insulation for its moisture resistance and durability. Moreover, it is used in medical devices, such as prosthetics, implants, and components for medical equipment. Thus, the growing medical device and construction sector contributes to the rise in demand for Polyethylene.

Market by Application

The packaging sector acquired a major revenue share in 2022 as packaging contributes to a large amount of plastic consumption in Iraq. Moreover, Iraq’s consumption of packaged food has increased and is continuously growing by 28% and the country is the second largest consumer of packaged foods in the Middle East. Therefore, due to the rise in the packaging sector, the demand for plastic products will also rise in the future.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Iraq Plastics Market Overview
• Iraq Plastics Market Outlook
• Iraq Plastics Market Forecast
• Historical Data and Forecast of Iraq Plastics Market Revenues and Volume, for the Period 2019-2029F
• Historical Data and Forecast of Iraq Plastics Market Revenues, By Product, for the Period 2019-2029F
• Historical Data and Forecast of Iraq Plastics Market Revenues, By Application, for the Period 2019-2029FF
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Application
• Market Drivers and Restraints
• Market Trends
• Competitive Benchmarking
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product

• Polyethylene (PE)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Polystyrene (PS)
• Others (PVA, PETG, ABS, etc.)

By Application

• Packaging
• Construction
• Electrical & Electronics
• Medical Devices
• Agriculture
• Consumer Goods
• Others (Textile, Automotive, Furniture, etc.)