TMR_Research_Reports_2017 Molded Plastics Market Research Report By 2024 | Page 2

Molded Plastics Market
REPORT
Molded Plastics Market - GCC Industry Analysis, Size, Share, Growth,
Trends and Forecast 2015 - 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.
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.
Browse Market Research Report @ http://www.transparencymarketresearch.com/gcc-molded-plastics-
market.html
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.
Transparency Market Research
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