With investments of US$5 bln last year, plastic industry in GCC sees steady growth

21-Nov-08

With a total of 1,223 industrial units and investments worth $5bn in last year, the plastic industry in the GCC has been witnessing steady growth in the last few years, as per the Gulf Organization for Industrial Consulting (GOIC). As a result, the plastic industry now represents 10.6% of the total number of manufacturing industries in the GCC member states, almost 4% of investments, employing 9% of the total number of the workforce. The industry in the GCC grew five folds from 1990 to 2007. In 1990 there were only 326 plastic manufacturers in the region with investments worth US$932 mln. The initiation of the petrochemicals industry has made available feedstock for the plastic industry since the early 80s - hence the sector has witnessed rapid growth. The designated capacity of the plastic industry in the GCC totaled over 2.3 mln tons in 2007 compared to 0.5 mln tons in 1990.