FINANCIAL NEWS

GCC plastic industries’ output to surge by 73% in 2015

09 Mar 2012

(MENAFN) Gulf Petrochemicals and Chemicals Association’s (GPCA) secretary general, Abdulwahab Al-Sadoun, said that the volume of annual production of plastic industries in the GCC countries will expand by 73 percent in 2015, reported Arab News.

Al-Sadoun added that the amount would grow from 13.6 million tons at the current time to 23.6 million tons.

He also said that the contribution of Saudi firms, which stands at 75 percent at the moment, would reach 5 million tons; however, it would be forecasted to fall to 66 percent by 2015.

It is worth noting that during the next 5 years, plastic consumption in the region is expected to jump by an annual rate of 50 percent from 3.6 million tons to 5.4 million tons.

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