GCC Pet-chem industry set to boom
The GCC petrochemicals and chemicals capacity is forecast to soar 50 per cent by 2020, according to Gulf Petrochemicals and Chemicals Association (G PER CENTA)'s latest annual database update.
The updated database foresees the capacity reaching 191.2 million tonnes by 2020, a 50 per cent increase from the 127.8 million tonnes recorded last year, reported the Gulf Daily News, our sister publication.
The database has been extended by four years so that it now covers the period from 2005 to 2020.
The database of 119 products is expected to serve as a reference for producers, researchers, policy makers and anyone involved in the petrochemicals sector. Product coverage has also increased by 297 per cent.
Driving the growth is Saudi Arabia which is expected to add 40.6 million tonnes of additional capacity by 2020.
"This database is absolutely crucial in assessing the overall health of the region's petrochemicals and chemicals industry," said G PER CENTA secretary general Dr Abdulwahab Al Sadoun.
"Using forward-looking data up to 2020, all stakeholders in this sector will be able to identify areas of growth and take advantage of the variety of opportunities that this sector will offer in the coming years."
As the voice of the region's petrochemicals and chemicals industry, the G PER CENTA is committed to establishing a comprehensive database on the Gulf petrochemical industry in line with its strategy to enable thought leadership and innovation.
The database contains historical capacity, production, exports and imports statistics by product, country and company from 2005 to 2020. The data was provided by over a 100 companies in the Gulf region and was independently verified and collated.