The GCC petrochemicals and chemicals capacity is forecast to reach 191.2 million tons by 2020, a staggering 50 percent increase from the 127.8 million tons recorded in 2012, the Gulf Petrochemicals & Chemicals Association (GPCA) said as it announced its annual update of its petrochemicals and chemicals database.
The database has been extended by four years so that it now covers the period from 2005 to 2020. The database of 119 products is expected to serve as a reference for producers, researchers, policy makers and anyone involved in the petrochemicals sector.
Product coverage has also increased by 297 percent.
Driving the growth is Saudi Arabia which is expected to add 40.6 million tons of additional capacity by 2020. Qatar and the UAE are in second and third place and set to add 10 million tons and 8.3 million tons, respectively, toward petrochemicals capacity.
"This database is absolutely crucial in assessing the overall health of the region's petrochemicals and chemicals industry. Using forward-looking data up to 2020, all stakeholders in this sector will be able to identify areas of growth and take advantage of the variety of opportunities that this sector will offer in the coming years," said Dr. Abdulwahab Al Sadoun, Secretary General of the GPCA.
As the voice of the region's petrochemicals and chemicals industry, the GPCA is committed to establishing a comprehensive database on the Gulf petrochemical industry in line with its strategy to enable thought leadership and innovation.
The database contains historical capacity, production, exports and imports statistics by product, country and company from 2005 to 2020. The data was provided by over 100 companies in the Gulf region and was independently verified and collated.
Established as a non-profit organization in March 2006, the GPCA is the first trade association in the Gulf and the largest and most respected industry body representing the downstream sector in the Middle East.
It has 204 members from 30 countries, including the largest Arab world and multinational companies.
The Saudi Gazette