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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MENAFN0304201700450000ID1095364904
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