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FINANCIAL NEWS
Plastics industry in GCC to grow to 34.5mn tons by 2022
03 Apr 2017
(MENAFN) Polymer industry in the GCC is projected to reach 34.5mn tons by 2022, helping more downstream development, while growing at a compound annual growth rate of 3 percent.
Accordingly, future plastic capacity growth will be driven by KSA, Kuwait and Oman, while in 2016, GCC plastics producers’ sales showed 4 percent of the global industry sales income.
Last year, the industry’s capacity expanded by as much as 5 percent, reaching 27.1mn tons, while in 2015, KSA alone accounted for 2 percent of global polymer sales.
Moreover, petrochemical producers are increasingly spreading their portfolio, investing in new products and moving away from traditional commodity polymers.
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