The global petrochemical industry is poised for solid growth over the next nine years, with nearly 1,158 planned and announced plants slated to come online primarily in Asia and the Middle East region, said a report, released on the sidelines of an industry event in Dubai.
ArabPlast 2019, a leading expo for the petrochemical, plastics and rubber industry, kicked off January 6 at Dubai International Convention and Exhibition Centre and will run for the next three days, Trade Arabia reported.
It is a platform to unveil new products, witness updates of the industry, open communication channels with industry peers, and meet global decision makers in the plastics, rubber and petrochemical industry, organizers say.
Asia, the Middle East, and North America are the top regions contributing to the global petrochemical capacity additions in the next nine years which potentially will increase from 1,550.5 million tons per annum in 2017 to 2,031.6 million in 2026, they stated, citing Global Data’s latest report, H2 2018 Global Petrochemical Capacity and Capital Expenditure Outlook.
“Over the past few years, the (P)GCC’s petrochemical, plastic and rubber industry have evolved to new heights, and the sector is only set to experience growth and development with major players of the industry applying innovation as a mandate to stay relevant in the face of rising market competition,” remarked Satish Khanna, general manager of Dubai-based Al Fajer Information & Services.
He was referring to the six-nation Persian Gulf Cooperation Council.
Petrochemicals are important for an array of industries, and 95% of all manufactured goods such as electronics, furniture, appliances, textiles and many more are based on petrochemicals, making it a key economic driver, he noted.
While petrochemicals serve as an important driver for the economy, plastics and rubber producers are coming up with new ways to create and use these materials that could benefit the industry - as well as society and the environment.
