Gulf's annual resins production to rise 73% from 2012-2015

Annual resins production in the Gulf is projected to increase by as much as 73%, from 13.6 million tonnes to 23.6 million tonnes from 2012 to 2015. In this scenario, GCC-based plastics producers are expected to benefit from rising demand for plastics products. Such was the focus of the 3rd Gulf Petrochemicals and Chemicals Association (GPCA) Plastics Summit held last month. The Gulf's most innovative companies in the plastics conversion sector were also recognised in the second annual edition of the GPCA Innovation Awards, which is another highlight of the event.
The 3rd GPCA Plastics Summit brought together some of the region's biggest companies to debate the best approaches to unlock business opportunities in international and emerging markets, and the need for innovation and advanced technology in order to maintain the competitiveness and innovation of regional manufacturers in an increasingly global marketplace. Despite the challenges posed by global economic climate, the outlook for regional producers of plastics remains bright, with the annual consumption of resins, the raw materials for everyday products millions take for granted, expected to grow 50%, from 3.6 million tonnes to 5.4 million tonnes, over the next five years. Heavy demand for consumer packaging and plastics for use in the real estate and construction sector is driving growth, accounting for 70% of the total output of the roughly 1,200 companies manufacturing finished and semi-finished plastic goods in the Gulf.
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