03 April 2012 12:57 [Source: ICIS news]
By Yu Guo and Ong Sheau Ling
DUBAI (ICIS)--The Gulf Cooperation Council (GCC) region's polymer conversion sector will maintain an annual growth rate of 9-10% up to 2016, GPCA general secretary Abdulwahab Al-Sadoun told ICIS on Tuesday.
The actual growth rate may be higher given the increasing exposure of local industry to the global market, he added.
"This [9-10%] is already a conservative estimation," he said.
Al-Sadoun was speaking prior to the 3rd Gulf Petrochemicals and Chemicals Association (GPCA) Plastic Summit being held in ?xml:namespace>
"In 2011, around 3.5m tonnes [of resins] are converted in the Gulf region, that represents 25% of polymer resins manufactured in the region," said Al-Sadoun.
"This figure is expected to hit 5.3m tonnes in year 2016," he added.
The highlight of the three-day GPCA Plastics Summit, which closes on Thursday, is the market seminar on Tuesday, covering seven papers on various regions such as
"Converters will have a better understanding on these markets, so as to create more export opportunities," Al-Sadoun said.
About 8.5% of the converted finished products in the Gulf region is exported, he added.
"GPCA is the catalyst to facilitate the growth of export-oriented converters," he said.
"The plastics industry is rather fragmented and these converters do not have the resources and experience. So, we are here to guide them," Al-Sadoun added.
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