Skip to main content

GCC Molded Plastics Market: Construction Industry Sustaining Demand, says TMR

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.

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.
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.
The information presented in this review is based on a Transparency Market Research report, titled, “Molded Plastics Market - GCC Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 -2023.”
Labels:

Comments

Post a Comment

Popular posts from this blog

Superabrasives (Turning, Cutting, Buffing, Drilling, Boring, Grinding) Market Research Report 2025

An abrasive is a material which molds or provides finishing to a work piece through a process which includes buffing, grinding, cutting, as well as polishing. Abrasion typically depends on the difference in the hardness of the material and the abrasive (with the latter being the harder of the two). Unlike regular abrasion where any two solid materials that repeatedly rub against each other tend to wear away, superabrasives possess the kind of hardness that enables them to stay usable for a longer period of time. On the basis of hardness, the top two superabrasives include diamond and cubic boron nitride (CBN). Industrial diamonds used as superabrasives are exceptionally hard materials. However, they display several technological limitations. For instance, when a diamond comes in contact with a ferrous alloy such as steel or a nickel superalloy, the resulting formation of carbide leads to its abrasion. Also, a diamond-containing tool can only be used at moderate temperatures a
Post a Comment
Read more

Industrial Lubricants Market: Strong Demand Across Automotive Industry, Trends To 2025

Lubricants refer to the organic or inorganic material primarily being use to decrease friction between two surfaces in contact. Lubricants play a key role in several industries as well as in commercial and residential sectors. One of their most common uses is in the lubrication of bearings and gears, allowing for their easy movement at high speeds, without loss in energy, prevent excessive generation of heat, or most importantly, prevent damage that would be caused otherwise. Industrial lubricants are, therefore, essential in enhancing the overall efficiency of a machine that contains moving parts in contact with one another. The global industrial lubricants market is currently expanding at a solid growth rate, driven by several factors and spearheaded by the likes of BP, Total, Chevron Corporation, ExxonMobil, and Shell. Browse Market Research Report @  http://www.transparencymarketresearch.com/industrial-lubricants-market.html What Impact has the Oil and Gas Industry Had
Post a Comment
Read more

Rapid Prototyping Market - Rapidly Gaining Importance in Aerospace Sector, Research By 2024

Rapid prototyping is a technique in which the physical modeling of a design is done with the help of specialized machining technology. It was developed initially in the mid-1980s, the principle used in this technology is of solid modeling with the help of computer programs (i.e. CAD). Solid modeling makes use of computer aided-design (CAD) data to completely describe not just the external shape of parts or equipment, but its interior volume as well as the outside surfaces. The computer model is sliced into thin layers and the part of the product or commodity to be modelled or developed as per the requirement, is eventually fabricated by adding layers onto each other. Obtain Report Details @   http://www.transparencymarketresearch.com/rapid-prototyping-market.html The primary benefit of the system is that almost any shape can be manufactured using computerized programs. Time and money savings vary from 50% to 90% compared to conventional systems. Types of rapid prototypi
Post a Comment
Read more