Abdulwahab Al-Sadoun, secretary general of the Gulf Petrochemicals and Chemicals Association (GPCA), said share of Saudi companies to the overall GCC production, which currently stands at 75 percent, would touch 5 million tons.
However, share of Saudi companies is expected to go down to 66 percent by 2015 whereas share of Abu Dhabi is set to increase to 4.2 million tons compared to its current level of 3 million tons, representing a CAGR rate of 71 percent, according to the expert.
Abu Dhabi’s total plastic production will grow by 18 percent to overall GCC production in 2015, thus doubling its current rate of 8 percent, he added.
He said plastic industry represents one of the most important pillars of the regional economy as it provides the market with jobs and gives an added value to region’s hydrocarbon sources such as gas and oil.
Despite global economic conditions and challenges, performance of the regional companies in the area of plastic downstream industry remains positive with plastic consumption expected to increase by an annual rate of 50 percent from 3.6 million tons to 5.4 million tons during the next five years, he said.
Tremendous demand on packaging and plastic products used in building and construction fields will enhance growth of plastic industries where consumption of the last two sectors stands at nearly 70 percent of the total production of 1,200 companies specialized in plastic finished and semi-finished products, he added.