The polyethylene segment on the basis of product attained the majority of revenue share in the Iraq Plastics Market – 6Wresearch
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. Polyethylene Terephthalate (PET) would witness maximum growth during the forecast period owing to the increasing demand for bottled water, carbonated beverages, and ready-to-drink beverages which has contributed to the rapid growth of PET usage in the packaging industry. Additionally, PET's versatility has led to its adoption in various other applications, such as fibers for textiles, thermoforming for trays and blister packs, and non-food containers.
According to 6Wresearch, Iraq Plastics Market revenue size is projected to grow at a CAGR of 5.2% during 2023–2029. 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. Hence, plastic is used in building materials, such as PVC is widely used plastic in consumption due to its cost-effectiveness, versatility, and durability, thereby driving the growth in the plastic industry of Iraq. The country 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. The project includes the eight-story main building, a 5-story residential building for doctors, an educational building, a 4-story laboratory building, and a 3-story emergency building. As Iraq's economy expands, the government has been allocating resources to the healthcare sector. This increased healthcare spending enables the procurement of more medical devices and advanced equipment, contributing to an enhanced quality of healthcare services and contributing to the market for plastic across the country.
According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, by Application, the packaging industry has been experiencing robust growth due to the increasing demand for convenience, e-commerce, and packaged food and beverages.
The Iraq Plastics Market (2023-2029) report provides an in-depth analysis with 19 figures and 8 tables, covered in 77 pages. The report comprehensively covers the market by product and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.