GCC packs high prospects plastics industry

GCC packs high prospects for plastics industry

9:29 PM, 2nd January 2012
GCC packs high prospects for plastics industry
Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah.

SHARJAH, UAE: The Gulf states have what it takes to become a plastics production powerhouse on the back of their abundant hydrocarbon resources, and domestic demand growth driven by high per-capita income and population growth, according to a study. Rising demand from Asia and increasing European appetite for Middle Eastern products are also helping absorb the surge in production of plastics and petrochemicals by fast-expanding GCC manufacturers.

The Gulf states account for 11 per cent of the $600 billion global petrochemical industry. Over the next five years, the Gulf’s market share of the global petrochemical industry will jump to over 17 per cent, said the study ‘Plastics: Middle East Market Intelligence Report.’ The study, commissioned by the Expo Centre Sharjah and conducted by UK-based Ispy Publishing ahead of the Plastivision Arabia exhibition in May 2012, said that in the same period, the GCC will see about $57 billion investment in the industry.

“The UAE and the rest of oil-producing countries have embarked on a massive drive to diversity their economies and this has resulted in the manufacturing sector receiving more attention while drawing up strategic economic policies and investment plans. The plastics industry is a direct beneficiary of this drive, and, coupled with our natural edge in petrochemicals, the sector is set to grow rapidly,” said Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah.

Spearheading the growth of the industry in the region will be plastics packaging, with a global value expected to reach $180 billion in 2011, the report said. Continuing growth in crucial sectors such as infrastructure, manufacturing, food & beverages and construction will also fuel the use of plastic resins and their products, which are used for pipes and valves.

(C) Emirates News Agency (WAM/AM) News

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