The global petrochemicals industry is poised for solid considerable 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 ArabPlast 2019 in Dubai.
ArabPlast 2019, a leading expo for the petrochemicals, plastics and rubber industry, kicked off on January 5 at Dubai International Convention and Exhibition Centre and ran for the three days.
It is the best 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, said the organisers.
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 tonnes per annum (mtpa) in 2017 to 2,031.6 mtpa 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 GCC’s petrochemicals, 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, the general manager of Dubai-based Al Fajer Information & Services.
Petrochemicals are important for any industry, and 95 per cent of all manufactured goods such as electronics, furniture, appliances, textiles and many more are based on petrochemicals, making it an important economic driver, he noted.
While petrochemicals serve as key 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, he added.
Credit: TradeArabia News Service