GCC plastics production will grow 3.2% by 2020
Although the global plastics sector is currently facing some challenges stemming from volatility in oil prices, the Gulf Cooperation Council’s (GCC’s) plastics sector will continue to grow this decade owing to the versatility of plastics, an export oriented commodity, as well as strong demand from developing countries, according to GPCA’s general secretary, Abdulwahab Al-Sadoun.
In the next few years up to 2020, Oman’s plastics sector is expected to post the strongest growth in the region, growing by 17.7% per year. Saudi Arabia, meanwhile, is expected to see a 3.2% annual increase until 2020, down from the annual growth of 4.9% seen during the 2005-2015 period.
The GCC Plastics Industry Indicators 2015 report showed that plastics production has tripled in the last ten years to reach 26.2 million tons/year. In this period, the region’s plastics production climbed 11.7% annually. The United Arab Emirates’ (UAE) share in the regional market jumped to 20% from 6% while Qatar’s market share also climbed to 8% on the back of expansion projects.
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