Global petrochemical industry witnesses 8% growth, GCC contributes 12%

28-Oct-10

The global petrochemical industry has witnessed an eight per cent growth in the last one year with the GCC region contributing 12%, as reported by Gulf daily news. Gulf Petrochemical and Chemicals Association (GPCA) supply chain committee chairman said it is estimated this would increase by 17 to 20% in the next five years. The petrochemical industry is the Gulf's second biggest export commodity with over 25 mln tpa. The total value of this industry in the Gulf is over US$50 bln annually, thereby comprising nearly 11% of the global market and utilising massive channels to export to the rest of the world.