Apr 24, 2017 11:06
The United Arab Emirates (UAE) has recorded a 24.4% growth rate in the polymer industry in 2016; the highest growth rate in the Gulf Cooperation Council (GCC).
The production capacity of the polymer industry in the GCC will grow to register 34.5 million tonnes by 2022, at a cumulative annual growth rate of 3%, according to the Gulf Petrochemicals and Chemicals Association’s (GPCA) polymer industry index that will be issued during its Polymer Value Chain Forum on 9 and 10 April in Abu Dhabi.
The GCC polymer industry sales have marked $34 billion in 2016, representing 4% of the global sales in that sector, according to GPCA data.
The production capacity of the polymer industry has inched up by 5% to reach 27.1 million tonnes, with the UAE ranking the second in the Gulf’s production capacity with an 18% share in that growth.
Benefiting from the anticipation growth in the transportation and automotive sector, the rubber plastics industry will witness “the largest production quantity” in the coming years, according to the press release.
The market share of the plastic raw material will decline by 20 points, reaching 70% by 2020, GPCA mentioned, adding that the speciality and engineering plastics raw grew by 15% in 2016, recording 2.5 million tonnes.
In that line, the local markets’ consumption of polymer raw has raised by 4% in 2016, reaching 5 million tonnes.
The industrial packaging sector has marked the highest growth rate in the Gulf region, meanwhile, the consumer packaging sector has grown by 44%, followed by the construction sector that surged by 26%.
A number of the industrial complexes in the region have focused on polymer manufacturing, and some of them are still in the development phase especially in Saudi Arabia, Kuwait and Oman, while others were built near already-existing polymer raw production centers.
With $4.5 billion in investments, the Abu Dhabi Polymer Complex project in Al Masfah is forecasted to consume between one and two million tonnes of capacity, in addition to polyethylene and polypropylene.
In addition, the first and second phases of the Khalifa Industrial Zone Abu Dhabi (Kizad) will encompass various light, medium and heavy industries.
Developed by Sharjah Asset Management Company, Al Saja'a Industrial Oasis will also be one of the biggest industrial projects in the region.
Thanks to Mubasher.Info