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 the GCC molded plastic market will put increased focus
on product portfolio expansion, investments aimed at technological
advancements in production capabilities, and consolidations in
foreign lands.
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PDF Brochure for more Professional and Technical insights :
Rising
Consumption of Molded Plastics in Construction and Packaging Sectors
to be Key Determinant of Growth
The rising demand for molded plastics across the construction and
packaging sectors are considered to be the key enabler of growth of
the GCC molded plastics market. Rise in trade activities and
increased consumption of industrial and consumer goods in GCC
countries have bolstered the packaging industry in the region. This
has, in turn, proved to be highly beneficial for the molded plastics
market in the region.
Government initiatives towards the development of the construction
industry, with an aim of supporting the rising population in GCC
countries, have also presented significant growth opportunities for
the molded plastics market in the region. However, the market for
molded plastics in the region has suffered a massive blow from the
recent economic downturn in Europe as Europe is the key exporter of
molded plastics produced in GCC countries. Over the next few years as
well, the GCC molded plastics market will suffer the negative impact
of unpredictable demand in Europe.
Bahrain
to Present Sluggish Growth Opportunities
The GCC molded plastics market is expected to gain the most lucrative
returns in countries such as Saudi Arabia, Oman, and Qatar. Saudi
Arabia, being the production hub of the GCC molded plastics market,
will be the leading market for molded plastics. Oman and Qatar will
lead to increased demand for molded plastics on account of the
favorable growth of the construction and packaging industries.
However, the market will witness sluggish growth in Bahrain owing to
low market penetration and slow economic growth. One of the other
important reasons making the Bahrain market grim in terms of growth
prospects the fact that most raw materials need to be imported,
adding to the cost of the final product and reducing market’s
attractiveness.
Browse
Market Research Report with ToC & Analysis :
The GCC molded plastics market will expand at a healthy CAGR of 8.3%
over the period between 2015 and 2023, and rise from a valuation of
US$7.19 bn in 2014 to US$14.22 bn by 2023. In terms of volume, the
GCC molded plastics market stood at 2.82 Mn tons in 2014.
This review of the market is based on a recent market research report
published by Transparency Market Research, titled “Molded
Plastics Market - GCC Industry Analysis, Size, Share, Growth, Trends
and Forecast 2015 - 2023.”
Key
Takeaways:
- Unpredictable demand in Europe could bring major limitations to market growth
- Saudi Arabia has over 60% of plastic converters in GCC market
- Injection molding is the most prominently used technology; nearly half of plastic converter companies in GCC possess injection molding capability
For
the purpose of this study, the market has been segmented as follows:
GCC
Molded Plastics Market – Raw Material Analysis
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Others (Including Polybutylene Terephthalate (PBT), etc.)
GCC
Molded Plastics Market – Technology Analysis
- Injection Molding
- Blow Molding
- Thermoforming
- Others (Including Rotomolding, Casting, etc.)
About
Us
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company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
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information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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