Some 80 % of major petrochemical and chemical producers in the GCC are pursuing innovation strategy as a key business priority, a recent survey conducted by the Gulf Petrochemicals and Chemicals Association (GPCA) indicates, reported Trade Arabia.
The number of regional companies that have adopted this business strategy doubled over the last five years, and recent estimates suggest that the region is likely to increase its production capacity by up to 23 plastic products by 2017, stated the Riyadh Exhibitions Company, a chief organizer of the upcoming Saudi Plastics & Petrochem 2016 event.
A recent growth of the petrochemical industry has been fueled by increasing efforts in integrating innovations and diversifying the industry via technological advancements, as well as by emerging needs in the aviation, transport and food packing sectors.
Saudi Arabia is currently leading the Gulf region’s plastics industry, recording an approximate production of up to 74.5 % of the region’s plastics capacity.
Petrochemicals sector’s commitments to diversification and the adoption of the latest technological advances will be key themes of the 13th International Trade Exhibition for Plastics and Petrochemical Industries to be held in Riyadh in mid January 2016, reported Zawya.