The molded plastics market in GCC (Gulf Cooperation Council) was valued at US$7.19 bln in 2014 and is expected to reach US$14.22 mln in 2023, expanding at a CAGR of 8.3% during the forecast period. In terms of volume, the molded plastics market in GCC stood at 2.82 mln tons in 2014, as per Transparency Market Report. This market is likely to be driven by rising demand for packaging and construction applications. Demand for packaging applications is projected to rise rapidly during the forecast period owing to expansion of trade undertakings in GCC. This, in turn, is projected to boost demand for molded plastics in the coming years. Additionally, rise in construction projects in GCC is expected to fuel demand for molded plastics in the construction industry. However, unpredictable demand in key export markets such as Europe and the Middle East is likely to stall growth of the market of molded plastics in GCC during the forecast period. In terms of opportunity, investments in R&D and product portfolio expansion is anticipated to open avenues for growth in the near future in the GCC molded plastics market.
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