Molded plastics are products made out of polymers. They are manufactured using casts or molds in order to give the raw material the required shape. Different technologies are used for the process of molding plastics. These are specially used as an effective alternative to wood, metal, and paper.
In 2014, the GCC molded plastics market was valued at US$7.19 bn and in terms of volume it touched 2.82 mn tons. The market is anticipated to reach a valuation of US$14.22 bn by the end of 2023. The market is projected to register a progressive 8.30% CAGR in terms of value between 2015 and 2023.
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Growth of GCC Molded Plastics Market to be Hampered by Unpredictable Demand in Key Markets
The increasing demand for molded plastic products in the construction and packaging industries is one of the key factors estimated to fuel the growth of the molded plastics market in GCC. In addition, the expansion of trade in GCC is anticipated to drive the packaging industry, resulting in a surge of demand for molded plastics in GCC in the next few years. Moreover, the booming construction industry in GCC is expected to indirectly drive the molded plastics market.
On the other hand, the unpredictable demand in the major export markets such as the Middle East and Europe is estimated to curb the growth of the molded plastics market in GCC in the next few years. However, the increasing investments in research and development activities and expansion of companies’ product portfolio are anticipated to offer potential opportunities for the growth of the molded plastics market in GCC nations in the coming years.
Developing Packaging Industry to Drive GCC Molded Plastics Market
By application, the GCC market for molded plastics can be divided into consumables and electronics, automotive and transportation, building and construction, packaging, and others. The other segment is further sub-segmented into furniture and toys. Among these, the packaging segment is anticipated to account for the largest share in the GCC market for molded plastics in the near future. On the other hand, the construction segment is estimated to witness substantial growth in the next few years.
By technology, the GCC market for molded plastics can be classified into thermoforming, blow molding, injection molding, and others (such as casting and rotomolding). In 2014, the injection molding segment accounted for the largest share in the market and is expected to hold a 45% share in the GCC market for molded plastics by the end of 2023. Injection molding is considered a versatile technology, which can be widely used to mold plastics into different sizes, shapes, and forms.
Increasing Government Funding to Fuel Growth of Oman Molded Plastics Market
The GCC market for molded plastics can be classified on the basis of geography into Kuwait, Oman, Saudi Arabia, Bahrain, Qatar, and UAE. In 2014, Saudi Arabia dominated the molded plastics market in GCC. However, in the next few years, Oman is projected to register rapid growth in the molded plastics market, owing to the increased investment by Oman government, particularly in the construction industry.
The prominent players operating in the GCC market for molded plastics include Takween Advanced Industries, Arab Gulf Manufacturing Company, Al Watania Plastics, Rowad Plastics Group, Zamil Plastic Products LLC, Obeikan Investment Group, Harwal Group, Genoa Plastic Industries, and Al Barshaa Plastic Product Company LLC.