GCC Molded Plastics Market is Anticipated to Reach US$ 14.22 Bn in 2023 : Transparency Market Research
Transparency Market Research has published a new report titled “Molded Plastics Market – GCC Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the molded plastics market in GCC was valued at US$ 7.19 Bn in 2014 and is expected to reach US$ 14.22 Bn in 2023, expanding at a CAGR of 8.3% during the forecast period. In terms of volume, the molded plastics market in GCC stood at 2.82 Mn tons in 2014.
The molded plastics market in GCC is likely to be driven by rising demand of molded plastic products for packaging and construction applications. Demand for packaging applications is projected to rise rapidly during the forecast period owing to expansion of trade undertakings in GCC. This, in turn, is projected to boost demand for molded plastics in the coming years.
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Additionally, rise in construction projects in GCC is expected to fuel demand for molded plastics in the construction industry. However, unpredictable demand in key export markets such as Europe and the Middle East is likely to stall growth of the market of molded plastics in GCC during the forecast period. In terms of opportunity, investments in R&D and product portfolio expansion is anticipated to open avenues for growth in the near future in the GCC molded plastics market.
Packaging application is estimated to dominate the molded plastics market in GCC during the forecast period. While construction application is projected to be the second largest application segment with more than 20% volume share for molded plastics in GCC in 2014. Pipes & conduits are chiefly used for construction application in GCC.
In terms of volume, polyethylene (PE) molded plastics continued to dominate the molded plastics market in GCC, accounting for over 30% share in 2014. It is also estimated to be the fastest-growing segment of the molded plastics market during the forecast period. This rapid growth can be ascribed to high growth in the packaging industry in the region during the forecast period. PET bottles are growing to be a threat to the blow molded PE bottles in GCC for packaging applications. In terms of volume, bottles & container product segment dominated the molded plastics market in GCC.
In terms of volume, Saudi Arabia led the GCC molded plastics market. Oman is estimated to be the fastest growing market for molded plastics during the forecast period stimulated by increased investment by the government of Oman especially in the construction sector.
Injection molding technology for molded plastics is expected to dominate the molded plastics market in GCC in terms of volume in 2014. Injection molding is a versatile technology and can be used to mold plastics into a wide array of shapes, sizes and forms. The market share of injection molding is projected to reach above 45% in terms of volume in GCC by 2023.
The molded plastics market in GCC is fragmented in nature with several local players in the market. Key players include Al Barsha Plastic Product Company LLC, Zamil Plastic Products LLC, Al Watania Plastics, Genoa Plastic Industries, Obeikan Investment Group, Harwal Group, Arab Gulf Manufacturing Company, Rowad Plastics Group, and Takween Advanced Industries.
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