Albany, New York, September 21, 2017: The economies of the Middle East and North Africa (MENA) countries have been traditionally dependent on the oil and gas sector. However, in recent years, there has been a slow drift in the economic policies of the countries in this region and they are now more inclined towards non-oil based sectors. This is because crude oil is rated as a dynamic commodity and economic dependency on oil can adversely affect the stability of this region. In addition, as oil is a non-renewable source of energy, there needs to be an alternative in the form of new economic sectors once the supply of oil gets exhausted. However, as compared to other regions of the world, the oil and gas sector still plays a vital role in the MENA region. Various types of end-use industries like automotive, agriculture, electronics, plastics and rubber are expected to exhibit a robust growth in the MENA region. This consequently will have a positive effect on the industrial packaging market in the MENA region. In order to gauge the impact of the industrial packaging market on the MENA region, Market Research Reports Search Engine (MRRSE) has included a new report in its vast database titled ‘Industrial Packaging Market: MENA Industry Analysis and Opportunity Assessment 2016–2024’.
MENA Market Forecast for Industrial Packaging
The industrial packaging market in the MENA region was valued at about US$ 3,300 Mn in the year 2016 and is estimated to reach a figure of US$ 5,000 Mn by the end of the year 2024. This represents a CAGR of 5.2% during the period of assessment (2016-2024). The GCC industrial packaging market is rapidly expanding and is slated to exhibit a robust CAGR of 5.7% during the period of forecast.
Restraints Affecting the Growth of the Industrial Packaging Market in the MENA Region
As the use of plastic has a negative impact on the environment, governments all across the world are framing strict rules and regulations on the use of plastic. Plastics are sourced from petroleum products, chemicals and natural gas. All these products are now-renewable resources and plastics are derived by processing such non-renewable resources and such processes in turn are detrimental for the environment. It has been observed that manufacturers of plastic products often release toxic materials into the environment, thereby polluting the environment in a severe manner and due to this such toxic materials get entrenched in the food chain. This can be disastrous for the entire ecosystem. In addition, there is an increasing demand for synthetic plastics and this is also harmful for the environment as such plastics are non-biodegradable. Hence, the manufacturers of plastics and plastic products are working on changing their manufacturing processes in order to ensure that the environment is not harmed. These factors may act as a restraint to the growth of the industrial packaging market in the MENA region.
Plastics consist of more than 50% of the industrial packaging market in the MENA region. Due to the growing demand for plastics, this segment is poised to grow and gain 180 BPS during the assessment period. Metal packaging is poised to lose 190 BPS towards the close of the period of forecast. Fiber and Wood is likely to exhibit a low year-on-year growth ranging from 4.8% in 2015 to 3.3% in the year 2024.
Browse Full MENA Industrial Packaging Market Report with TOC : http://www.mrrse.com/global-industrial-packaging-market
Market Research Reports Search Engine (MRRSE) is an industry-leading database of market intelligence reports. MRRSE is driven by a stellar team of research experts and advisors trained to offer objective advice. Our sophisticated search algorithm returns results based on the report title, geographical region, publisher, or other keywords.
MRRSE partners exclusively with leading global publishers to provide clients single-point access to top-of-the-line market research. MRRSE’s repository is updated every day to keep its clients ahead of the next new trend in market research, be it competitive intelligence, product or service trends or strategic consulting.
90, State Street
Albany, NY – 12207