The Saudi Arabia Caps & Closures Market is estimated to grow at a CAGR of around 5.2% during the forecast period, i.e., 2024-30.
Key Findings of the Study: Saudi Arabia Caps & Closures Market
Saudi Arabia Caps & Closures Market Driver: Pharmaceutical Industrial Expansion Driving Market Growth
Over the years, the prevalence of diseases in Saudi Arabia has drastically increased owing to factors like genetic predisposition & lifestyle changes. Based on the clinical research conducted by the National Institute of Health (NIH), the incidence of hypertension among men is approximately 17.7%, and that among women is about 12.5%. These rising health-related issues are highlighting the importance of medical drugs. As a result, private firms & official authorities are actively disbursing funds to develop the pharmaceutical industry. For instance, in 2023, the Public Investment Fund (PIF) in Saudi Arabia launched Lifera to enable the growth of the local biopharmaceutical sector in Saudi Arabia. These industries depend on caps & different closures to maintain the pressure & quality of the therapeutic drugs stored in bottles & tubes. Hence, the expansion of the pharmaceutical sector in Saudi Arabia to boost local drug manufacturing & enhance healthcare security is driving Saudi Arabia Caps & Closures Market growth.
Moreover, the government of Saudi Arabia would continue to allocate substantial funds to encourage the development of pharmaceutical units in the nation. This would consequently result in boosting the Saudi Arabia Caps & Closure Market during the forecast years.
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Scope of the Report and Saudi Arabia Caps & Closures Market Segmentation
By Material
-Plastic
-Metal
-Others
- plastic constitutes a major market share in the Saudi Arabia Caps & Closures Market.
By Product Type
-Tethered Caps
-Push/Pull Caps
-Screw Caps
-Others
By End User
-Food & Beverages
-Pharmaceuticals
-Consumer Goods
-Personal Care & Cosmetics
-Others
Top leading companies in the Saudi Arabia Caps & Closures Market includes:
Takween Advanced Industries, Saudi Plastic Factory Co., Al-Amoudi Closures Manufacturing Company, Saudi Basic Industries Corporation (SABIC), Arabian Plastics Industrial Company Limited, ENPI Group, Al Watania Plastics, Al-Jabr Plastics Product Company, Al Suhaimi Holding Company, National Plastic Factory, and others
Saudi Arabia Caps & Closures Market Development
- 2024: Arabian Plastics Industrial Company Limited announced the start of operation of the manufacturing facility in Saudi Arabia. This would help the company ramp up the production of plastic caps & closures within the nation.
- 2022: Saudi Basic Industries Corporation (SABIC) announced partnerships with Gualapack and Ella’s Kitchen to develop food caps made from recycled plastic waste.
For more detailed information about the Saudi Arabia Caps & Closures market report, click here – https://www.marknteladvisors.com/research-library/saudi-arabia-caps-closures-market.html
Geographical analysis:
Central
East
West
South
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