Gulf petrochemical consumption increased by 10 per cent per annum during the last decade
The petrochemical and chemical industry in the GCC reached production capacity of 144.6 million tons in 2015, more than double its 2005 levels. The GCC chemical industry is a major employer in the region with a workforce of close to 143,000 people.
According to the latest report by the Gulf Petrochemical and Chemical Association (GPCA) titled Facts and Figures, released during the GPCA forum in November 2016, According to the same source, the most significant growth was that of local petrochemical consumption which increased by an impressive 10 per cent per annum, indicating the sector’s strong multiplier effect on regional industrial and economic development.
“It is a fact that this sector has been impacted during this year by the falling oil market prices and rising feedstock costs. This is one of the challenges that the participants will have to discuss during the three days of ArabPlast 2017 and develop into beneficial strategies that target the local and international industrials and decision makers,” said Satish Khanna, General Manager, Al Fajer Information and Services.
Plastic production in the Arabian Gulf will grow at a steady 3.2 per cent until the end of the decade, according to a GPCA study released in January 2016. The GCC Plastics Industry Indicators 2015 report, the plastic production capacity has tripled in the last 10 years, reaching 26.2 million tons in 2015, earning $32 billion in revenues.