The Bahrain region has an open economy with the second-highest-valued currency unit in the world. The banking and financial services segments of this economy, particularly Islamic banking have profited from the regional boost fueled by the ultimatum for oil. The Bahrain region was predictable by the World Bank as a High Income Economy whereas, the production of aluminum is the second foremost exported product, followed by the finance and construction materials. Moreover, the Bahrain plastic pipes and fittings market has risen more efficiently over the forecasted period. The ultimatum for the PVC pipes and fittings has been decreasing uninterruptedly because of the significant growth in the application areas of PE products and shifts or fluctuations in consumer preferences. In 2017, Water supply and Sewage underwrote the foremost share to the Plastic Pipes and Fittings market of Bahrain.
Additionally, the Construction Segment should buttress the economic growth this year, while decreasing the fiscal deficit should boom up business confidence. The government of Bahrain imposes no taxes on personal income while the foremost companies are not subject to a corporate tax, but it is anticipated that approximately 46% tax is levied on oil associations. Not only has this, according to the Economic Development Board, but the Bahrain economy is also categorized by both a legislative segment a strong financial system that upsurges its attractiveness to investors. It also appreciates the autonomy to transfer or re-transfer the funds, profits, and capital without the boundaries, and with a comparatively small number of non-tariff barricades.
Although, the energy and utility construction market research reflect the advanced improvement of energy and telecommunications related projects, oil and gas projects involving both upstream and downstream exploration, and utility projects such as water and sewage infrastructure. This market involves the major five categories such as electricity and power, oil & gas, telecommunications, sewage infrastructure, and water infrastructure. Moreover, the plastic pipes and fittings market in Bahrain is determined with the occurrence of a few big players constituting the mainstream of the market. Bahrain Pipes is the market leader with the foremost share in terms of sales volume in 2017.
The plastic pipes and fittings market in this region will be fueled by Bahrain Economic Vision 2030, under which the government focuses to diversify the country’s economy away from oil and support economic growth. Construction of affordable housing units is also anticipated to grow. Therefore, in the coming years, it is anticipated that the research market in Bahrain will increase across the globe more positively over the recent few years.