Demand across Construction and Packaging Industries to Help GCC Molded Plastics Market Achieve Massive Growth, states TMR
The market for molded plastics across the GCC countries is highly fragmented, with the top ten vendors accounting for a cumulative share of nearly 40% in 2014. Geographic distribution-wise, the market is highly consolidated, with over 60% plastic converters in the market located in Saudi Arabia and nearly 15% in the UAE. The market is thus highly competitive in certain regional packets and is extremely difficult to penetrate. However, as most large vendors have production capacities within the range of only 10 to 50 kilo tons and are confined to specific regional pockets, there’s plenty of scope for growth for new vendors. Though domestic demand will be a key enabler of growth for molded plastic vendors in GCC countries in the next few years, the market will see an increased trend of expansion through ventures in export markets owing to better bottom-line growth prospects and higher profit margins. In a recent market research report, TMR states that companies in th...