|Investments in plastics and petrochemical sector is on the upswing defying the global financial crisis. 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.|
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.
The world will consume 540 million tonnes of plastic in 2020,
The plastic sector also benefiting strongly from Gulf Countries drive towards “green buildings” in the recent years. There is continuous growth in the plastics converting industry with substantial expansion of polymer production in the Middle East. This makes the region a major market for plastic additives.
The UAE’s massive drive to build one of the world’s most advanced infrastructures has fuelled demand for plastics products, from tubes to cables and wires. The automotive industry benefits from the use of plastic tubes because the material makes cars lighter; so do hospitals are shifting from breakable glass syringes to plastic ones.