Molded plastics market to rise more than 8% through 2023 in Middle East GCC countriesMolded plastics market to rise more than 8% through 2023 in Middle East GCC countries

The molded plastics market in the Gulf Cooperation Council (GCC) countries of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman is projected to grow at a CAGR of 8.3% between 2014 and 2023. Valued at $7.19 billion in 2014, it is expected to reach $14.22 billion at the end of the forecast period, according to a market report from Transparency Market Research.

Growth in the GCC molded plastics market will be driven by rising demand from the packaging and building and construction sectors. Demand for packaging applications is projected to rise rapidly during the forecast period, owing to expansion of GCC trade deals, and the market research firm also anticipates increased construction projects in GCC countries in the years ahead. However, unpredictable demand in key export markets such as Europe and the Middle East may stall growth.

In terms of volume, polyethylene (PE) will continue to dominate the molded plastics market in GCC, accounting for more than 30% share in 2014. It is also expected to be the fastest-growing segment of the molded plastics market during the forecast period, resulting from high growth in the packaging industry.

Saudi Arabia has the highest volume of molded plastics among GCC countries, with Oman projected to be the fastest growing market for molded plastics during the forecast period. Increased investment by the government of Oman in the construction sector, in particular, will drive this growth.

Injection molding technology for molded plastics is expected to dominate this market in the GCC, capturing more than 45% market share by 2023.

Key players in GCC countries include Al Barsha Plastic Product Co. LLC, Zamil Plastic Products LLC, Al Watania Plastics, Genoa Plastic Industries, Obeikan Investment Group, Harwal Group, Arab Gulf Manufacturing Co., Rowad Plastics Group and Takween Advanced Industries.

The report is available for purchase on the Transparency Market Research website.