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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. GCC plastics industry becoming more vibrant as the vibrant as the demand for the new products is growing with rapid speed in the region.
Gulf states are poised to become the world’s largest source of polyethylene (PE) and polypropylene (PP). The PE production capacities in the GCC countries are expected to increase from 10.7 million tonnes in 2009 to 21.5 million tonnes by 2015, while the production of PP is expected to rise from 4.8 million tonnes in 2009 to 9.5 million tonnes by 2015. This will bring the combined production capacities of the two major polyolefin resins to over 31 million tonnes by 2015.
By 2020, GCC plastic consumption will grow about 8%,compared to 25 % by Europe and NAFTA countries, and 37 % in Asian and Oceanic countries.