Molded plastics are products made out of polymers that are molded in keeping with their intended applications. Molded plastics are modified and produced by adding pigments to the polymers, and are produced using casts and molds to offer the raw material the required shape. Diverse technologies are employed in the process of manufacturing molded plastics. These are used as an effective substitute to wood, metal, and paper. Molded plastics have an array of applications in construction, industrial machinery, packaging, and automobiles. Molded plastics offer several cost-competitive techniques that enhance the durability of the products.
In 2014, the molded plastics market in GCC was worth US$7.19 bn and is projected to reach a value of US$14.22 bn by 2023. The market is estimated to exhibit a healthy 8.30% CAGR from 2015 to 2023.
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The political and economic instability has led to unpredictable demands in the Middle East and Europe, which are the major export markets for molded plastic products in GCC. This is projected to hamper the growth of the GCC market for molded plastics in the next few years. On the other hand, the product portfolio expansion and the growing investments in research and development undertakings are estimated to create potential opportunities for the major players operating in the GCC market for molded plastics.
Packaging and Construction Application Segments to Drive GCC Molded Plastics Market
At present, the packaging industry is one of the key consumers in the GCC molded plastics market. Molded plastics are widely used in the production process of packaging solutions, such as beverages, pharmaceuticals, bottles and containers for foods, cosmetics, and personal care items. Some of the other industries in which molded plastics are used widely are furniture, construction, and automotive industries. Fixtures, pipes, and conduits are some of the molded plastic products used in these industries.
Packaging and construction industries are the major applications segments, which are anticipated to augment the growth of molded plastics market in GCC in the coming years. Thus, growth in these industries is projected at a substantial rate in GCC in the near future. These application segments are majorly driven by the rising trade activities and growing investments in the construction sector in GCC.
Injection Molding Technology Segment to Fuel Growth of Molded Plastics Market in GCC
On the basis of technology, the GCC market for molded plastics can be divided into blow molding, thermoforming, injection molding, and others (such as rotomolding and casting). In 2014, the injection molding segment dominated the market and is anticipated to account for a 45% share in the molded plastics market in GCC by the end of 2023.
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The increasing popularity of molded plastic products in diverse industries has attracted several players to participate in the market and gain a competitive advantage. The leading players operating in the GCC market for molded plastics include Arab Gulf Manufacturing Company, Al Barshaa Plastic Product Company LLC., Obeikan Investment Group, Rowad Plastics Group, Al Watania Plastics, Takween Advanced Industries, Genoa Plastic Industries, and Harwal Group.