Molded Plastics Market to Rear Excessive Growth | 2023
According
to the findings of a recent report by Transparency Market Research
(TMR), the molded plastics market in Gulf Cooperation Council (GCC)
is highly fragmented, with ten leading companies accounting for
merely 40% shares of the global pie in 2014. On the other hand, on
the basis of geographical distribution, the GCC molded plastics
market is consolidated, with Saudi Arabia accounting for 60% of the
plastic converters while 15% belonged to the UAE. As for the new
entrants, the report detects that since most of the prominent vendors
have relatively smaller production capacity ranging from 10 to 50
kilo tons, higher production capability aimed at specific regional
pockets will pave the way.
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Report Overview @
As
per the projections of the TMR report, the GCC molded plastics market
will increment at a strong CAGR of 8.3% during the forecast period of
2015 to 2023, reaching a valuation of US$14.22 bn by the end of 2023,
considerably up from its evaluated worth of US$7.19 bn in 2014.
Though there are a vast number of suppliers of molded plastics in
GCC, there also are plenty of untapped growth opportunities, and
expansion strategies as well as improved product portfolio will help
the companies to strengthen their stronghold over the competition.
Packaging
and Construction Industries Driving Demand
Based
on application, the GCC molded plastics has been segmented into
building and construction, automotive and transportation, packaging,
consumable and electronics, and others such as furniture and toys.
Among these, the packaging industry accounted for the maximum demand
at 52% in 2014, and is expected to remain most profitable, reaching a
share of 56% of the overall demand by the end of 2023. The prosperity
of the packaging industry in Gulf Cooperation Council is a reflection
of consistently improving trade activities and the growth of the
industrial as well as consumer goods sectors.
The
products packaged with molded plastics undergo several development
phases in order to comply with regulatory guidelines and the
requirement of the end users. Enhanced performance against wear and
tear, increased shelf life of food products, improved durability are
some of the requirements that plastics need to meet for packaging
applications. The population of this region has escalated quickly in
the past decade, which has helped in creating manifold growth
opportunities for molded plastic packaging market.
The
building and construction is flourishing in GCC as well, wherein
molded plastic are used to manufacture rain water & sewage pipes,
electrical conduits, windows & doors, gas distributions pipes,
plumbing, tanks, flooring tiles & rolls, and others. The medical
and automotive are also expected to maintain significant demand
rolling-in in the GCC molded plastic market.
Country-wise,
the report studies the potential of molded plastic market in Saudi
Arabia, Qatar, UAE, Kuwait, Bahrain, and Oman, and picks out Saudi
Arabia as most profitable country, while the UAE and Kuwait are rated
to expand the demand for molded plastic moderately during the
forecast period, primarily gaining traction from the construction
industry.
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Medical
Sector Opening New Avenues
Rapid
growth of the packaging industry in the Middle East and the
prosperity of the construction industry are two prominent drivers of
the GCC molded plastics market, which on the other hand, is facing
challenge from the unpredictable demand patterns of economic and
political stability. Improved product portfolio to cater to diverse
sectors and research and development are two key strategies adopted
by the leading vendors to gain ground over their competitors. The
popularity of lightweight materials and growing application in the
medical industry is expected open new avenues for the GCC molded
plastic market.
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