GCC controls 11% of $600b global petrochemical industryThe Gulf States account for 11% of the $600bn global petrochemical industry. Over the next five years, the Gulf’s market share of the global petrochemical industry will jump to over 17%, according to an industrial study.
“The Gulf petrochemicals industry continues to be the world’s largest producer and exporter, offloading the majority of its output to more than 150 countries worldwide,” the organisers of ArabPlast 2013, the region’s largest trade show for plastics, rubber and petrochemicals which will be held from January 07 to 10, 2013, at the Dubai International Exhibition Centre.
“The GCC is truly the center of gravity for the Gulf petrochemical industry, with huge local and external investments and global major players partnering with local companies projecting to increase the share of GCC region in the production of petrochemicals,” Satish Khanna, General Manager, Al Fajer said.
“The petrochemical industry is a major contributor to the GCC economies. The Gulf is the leading export hub of plastics raw material to the world, thanks to companies from the UAE, Qatar, Oman, Kuwait and KSA. Leading petrochemical companies in the Gulf do not depend on the Middle East market because they export to more than 150 countries worldwide.”
Khanna said that petrochemical industry in the GCC began to evolve with the establishment of QAPCO in 1980. KSA incepted SABIC Methanol in 1983, Bahrain launched GPIC Methanol in 1985 and it got fueled with Borouge Petrochemicals in 2002 and Oman Methanol Sohar in 2005.
Khanna added that companies are aggressively competing to showcase their latest technology in plastic manufacturing at the exhibition. This is expected to give further boost to the demand for industrial machinery.
“The growth of this show reflects the high global demand for plastics and its raw materials and of course the machines. ArabPlast has defied recession, with the 2009 edition ending on a very successful note, and the 2011 show registering a dramatic increase in the number of exhibitors, sponsors and display space. The Gulf is the export hub of plastics raw material plastics to the world, thanks to companies from the UAE, Qatar and KSA which are making this industry a key player in GCC economies”.
A record number of companies from 47 countries are participating in ArabPlast 2013, a reflection on the growing importance attached by GCC countries to strengthening their manufacturing industries, including plastics and rubber sector, which are known to be more sustainable investments in the long run.
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