Global Molded Plastics Market Size, Share 2015 Industry Trend, Growth and Forecast 2023

GCC, short for Gulf Cooperation Council, represents the alliance of some of the world’s leading producers of petrochemicals – the key raw materials required for the production of synthetic polymers. These six countries are the major exporters of raw polymer to the entire globe and are second only to India when it comes to the growth rate of the polymer market. Thus, GCC countries play a major role in the overall development of the global plastics industry and are a key determinant of growth of the molded plastics market.

Browse Market Research Report: http://www.transparencymarketresearch.com/gcc-molded-plastics-market.html

With high fragmentation in terms of number of suppliers and a level of extreme consolidation when it comes to geographic placement of major vendors, the GCC molded plastic market features a splendid mix of intense competition and plenty of untapped growth opportunities. Transparency Market Research states that companies in the market will focus more on expansion strategies in the next few years; strengthening product portfolios by including new product verities and ventures in foreign markets will be amongst the most preferred growth strategies.

The overall 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.

Market to Gain Traction across Packaging Sector

In 2014, the GCC molded plastic market attributed a dominant share of nearly 52% to its applications in the packaging industry. The sector will continue to be the dominant application for molded plastic in the GCC market and will account for nearly 56% in the overall market by 2023.

The packaging industry in the region is flourishing owing to the constant rise in trade activities and the substantial rise in the market for industrial and consumer goods in response to the vast rise in the region’s population. This has created manifold growth opportunities for molded plastics in the packaging sector in the past few years and will continue to drive the region’s molded plastic market in the years to come.

The building and construction industry is another highly attractive application area for the GCC molded plastic market as it accounts for a major share in the overall consumption of molded plastics in the region. Stimulated by the rising population in the region, increased government spending on developing residential building projects as well as public and private infrastructure projects will also prove to be beneficial for the GCC molded plastics market in the next few years.

Get accurate market forecast and analysis on the Molded Plastics market. Request a sample to stay abreast on the key trends impacting this market @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9779

Saudi Arabia, Qatar, and Oman to Present Attractive Growth Opportunities

The GCC molded plastics market will gain the most attractive returns from operations across Saudi Arabia, Qatar, and Oman in the next few years. Saudi Arabia being home to nearly 60% plastic converters in the overall GCC molded plastics market, will continue to be the leading supplier of molded plastic in the market. The market for molded plastics in these countries will also benefit from the flourishing construction industry.

The UAE and Kuwait have been rated as moderately attractive countries for the GCC molded plastics market. The market in these countries has suffered a huge blow from the steep drop in crude oil prices observed recently. However, the construction industry has allowed for average growth of the molded plastics market in these countries.

Some of the leading companies operating in the highly fragmented GCC market for molded plastics, which accommodates over 1,000 plastic converters, are Harwal Group, Al Barshaa Plastic Product Company LLC., Genoa Plastic Industries, Takween Advanced Industries, and Obeikan Investment Group.

About Us

Transparency Market Research (TMR) is a global market intelligence 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 makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and 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.

Contact Us

Transparency Market Research

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com/

Designed by CyFocus.com
Powered by CyFocus.net