GCC Says Plastics industry Becoming More Sustainable
The plastics industry in the countries of the Gulf Cooperation Council (GCC) is evolving into a larger, more diverse and sustainable industry opening up channels for more consumers and new revenues, the Gulf Petrochemicals and Chemicals Association (GPCA) said.
"The region's plastic manufacturers have shown a consistent level of growth despite market fluctuations and increased competition," said Abdulwahab al Sadoun, secretary general, GPCA, adding that 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 plastic capacity reached 25.5 million t, an increase of 6% against 2013, according to the GPCA's research. Saudi Arabia leads in production, turning out an estimated 18.3 million t in 2014 equivalent to 72% of the region's total plastic resins output. The United Arab Emirates is the second second largest plastic producer, accounting for 13% of regional capacity.
The GCC's plastic industry manufactures 13 products, GPCA said, adding that by the end of the decade, 16 products will be added for applications in the aviation, transport and food packaging sectors. Simultaneously, it forecasts that plastic capacity will reach 33.8 million t by 2020, an estimated 25% increase against the current figure.
"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 high value," said 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," he added.
