The plastics industry in the GCC is evolving into a larger, more diverse and sustainable industry, opening up channels for more consumers and new revenues, research by the Gulf Petrochemicals and Chemicals Association (GPCA) has found.
“The region’s plastic manufacturers have shown a consistent level of growth despite market fluctuations and increased competition,” says Dr Abdulwahab Al Sadoun, secretary general, GPCA. “The region’s polymer producers and converters have demonstrated a sense of agility, flexibility and stability in the face of regional and global challenges.”
In 2014, the GCC’s polymer capacity reached 25.5 million tons, a six per cent increase from the previous year, according to the GPCA.
The region’s plastic industry currently includes the production of 13 products. By the end of the decade, the Gulf’s plastic manufacturers will add 16 additional products to their portfolio for applications in the aviation, transport and food packaging sectors. Similarly, the GPCA forecasts that plastic capacity will reach 33.8 million tons by 2020, an estimated 25 per cent increase from current capacity.
“Over the next five years, the Gulf’s plastic producers have the potential to create a distinct identity for themselves, where their products are seen as cost-effective, reliable and of high value,” notes Dr Al Sadoun. “By the end of the decade, we foresee a growing influence of this sector globally, when a ‘Made in the GCC’ label will be the norm, rather than an exception.”