Molded Plastics Market Potential Business Opportunities and Future Prospects 2023

As per the projections of the TMR report, the GCC molded plastics market will increment at a strong CAGR of 8.3% during the forecast period of 2015 to 2023, reaching a valuation of US$14.22 bn by the end of 2023, considerably up from its evaluated worth of US$7.19 bn in 2014. Though there are a vast number of suppliers of molded plastics in GCC, there also are plenty of untapped growth opportunities, and expansion strategies as well as improved product portfolio will help the companies to strengthen their stronghold over the competition.

View Full Report: https://www.transparencymarketresearch.com/gcc-molded-plastics-market.html

The building and construction is flourishing in GCC as well, wherein molded plastic are used to manufacture rain water & sewage pipes, electrical conduits, windows & doors, gas distributions pipes, plumbing, tanks, flooring tiles & rolls, and others. The medical and automotive are also expected to maintain significant demand rolling-in in the GCC molded plastic market.

Country-wise, the report studies the potential of molded plastic market in Saudi Arabia, Qatar, UAE, Kuwait, Bahrain, and Oman, and picks out Saudi Arabia as most profitable country, while the UAE and Kuwait are rated to expand the demand for molded plastic moderately during the forecast period, primarily gaining traction from the construction industry.

According to the findings of a recent report by Transparency Market Research (TMR), the molded plastics market in Gulf Cooperation Council (GCC) is highly fragmented, with ten leading companies accounting for merely 40% shares of the global pie in 2014. On the other hand, on the basis of geographical distribution, the GCC molded plastics market is consolidated, with Saudi Arabia accounting for 60% of the plastic converters while 15% belonged to the UAE. As for the new entrants, the report detects that since most of the prominent vendors have relatively smaller production capacity ranging from 10 to 50 kilo tons, higher production capability aimed at specific regional pockets will pave the way.

Report Overview, with TOC - https://www.transparencymarketresearch.com/report-toc/9779

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This release was published on openPR.