Molded Plastics Market – GCC Industry Analysis, Size, Share, Growth 2023
According to a recent study by Transparency Market Research (TMR), the molded plastics market in Gulf Cooperation Council (GCC) is highly fragmented, with ten of the leading companies collectively accounting for merely one-third of the shares in 2014. The report detects that more than 60% of these companies are located in Saudi Arabia and there is still high scope of capacity expansion. Investors are focused on acquiring machinery for producing a variety of molded plastic products with world-class quality. Moreover, expansion of product portfolio is the potential way forward to accelerated growth. Most of the leading market players are focusing on export markets as these offer higher margin and better bottom-line growth.
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The report evaluates that the GCC molded plastics market was worth US$5.5 bn in 2014, and estimates the valuation to reach US$14.2 bn by the end of 2023, increasing at a robust CAGR of 8.3% during the forecast period of 2015 to 2023. Major molded plastics manufacturers such as Al Barsha Plastic Product Company LLC have developed the capability for plastic molding as well as manufacture of molding machinery. This gives them a competitive advantage and equips them with fast adaptive capability aligned with market shifts.
Cost-effectiveness Maintains Injection Molding as Key Segment
Application-wise, the molded plastics market in Gulf Cooperation Council is segmented into consumable and electronics, packaging, building and construction, consumable and electronics, and others such as toys and furniture. Among these, packaging was rated as the most attractive application in the molded plastics market in GCC. The packaging industry is witnessing rapid growth as a result of increase in trade activities and growth in the industrial as well as consumer goods markets. Increasing population is the most significant stimulant for increase in sales of goods.
Technology-wise, the molded plastics market in GCC has been categorized into injection molding, thermoforming, blow molding, and others such as casting and rotomolding. In 2014, in terms of volume, the injection molding market for molded plastics in GCC stood at 1,384 kilo tons and is estimated to reach 2,727.6 kilo tons in 2023, as it is most frequently used technology employed to mold plastics into a wide range of shape and sizes, and is cost efficient.
Country-wise, the TMR report bifurcates the GCC molded plastics market into UAE, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain. In 2014, Saudi Arabia contributed 62.0% of the demand for molded plastics in GCC, and is expected to remain most profitable country throughout the forecast period. UAE is rated as the second most lucrative region, although the demand is anticipated to decrease in comparison to Oman.
Packaging Industry Augmenting Demand
Rapid growth of the packaging industry in the Middle East and rapid construction are the two most prominent factors driving the GCC molded plastics market. Apart from the increase in trade activities in GCC, domestic consumption of packaged consumer products is rising with increase in local population and thereby providing a thrust to the market for molded plastics in the Gulf Cooperation Council. Molded plastics are mostly employed in rigid packaging of food and beverages, cosmetics, consumer goods, industrial items, and medical supplies. As far as the demand from the construction industry is concerned, increased government spending on new projects, both for commercial and residential purposes, is expected to boost the market for molded plastics. Conversely, unpredictable demand patterns in Europe and the Middle East owing to economic and political instability is expected to hamper the growth are during the forecast period.
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According to the author of the report, “investments in research and development activities and product portfolio expansion is will open new opportunities for the players in this market.”
The information presented in this review is based on a Transparency Market Research report, titled, “Molded Plastics Market (Technology – Injection Molding, Blow Molding, and Thermoforming; Application – Packaging, Consumables and Electronics, Automotive and Transportation, and Building and Construction) – GCC Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023.”
Key Segments of the GCC Molded Plastics Market
GCC Molded Plastics Market – Technology Analysis
-Others (Including Rotomolding, Casting, etc.)
GCC Molded Plastics Market – Application Analysis
-Consumable & Electronics
-Automotive & Transportation
-Building & Construction
-Others (Including toys, furniture, etc.)
GCC Molded Plastics Market – Country Analysis