Innovation strategy a key business priority for 80 per cent of major petrochemical and chemical producers in the GCC
Innovation method is becoming a leading company top priority for 80 per-cent of major petrochemical and chemical producers in the GCC region, according to a current study performed by Gulf Petrochemicals and Chemicals Association (GPCA). The growth of the sector has been mainly sustained by efforts towards diversity and the adoption of technological improvements. Under the patronage of the Saudi Ministry of Commerce and Industry, Saudi Plastics & Petrochem 2016-- the 13th International Trade Exhibition for Plastics and Petrochemical Industries is organized by Riyadh Exhibitions Company and authorized by UFI, the Global Association of the Exhibition market to attend to the industry's focus on modernization and will be held from January 18 to 21, 2016 at the Riyadh International Convention and Exhibition. The fair will showcase the latest industry developments in equipment, equipment, basic materials, semi-finished products, extra parts and services.
Saudi Arabia is currently leading the Gulf region's plastics market, taping an approximate production of 18.4 million loads per annum (TPA) in 2013 to represent over 74.5 per-cent of the area's plastics production capability. Saudi Plastics & Petrochem 2016 has ended up being a demanded occasion as it offers the largest networking location for petrochemical services and products in the Arab region. The highly anticipated conference is thought about a perfect B2B platform allowing decision makers, influencers, industrialists, designers and other professionals within the sector to exchange market patterns and updates.
A spokesperson from Riyadh Exhibitions Company, stated: "The plastics and petrochemicals sector has been positioning higher value on incorporating innovation and diversification in its development method, with the variety of business adopting this initiative doubling to 41 per cent in 2015 from 21 per cent in 2010. More business are following this pattern to accommodate the emerging needs of the aviation, transportation and food packaging sectors. In fact, it is estimated that by 2017, the region will begin producing 23 plastic products, which is more than double the existing number. With such amazing developments in the horizon, Saudi Plastics and Petrochem will continue to enhance communication channels and enhance relations among the sector's companies.".
Last year's edition of Saudi Plastics and Petrochem saw the participation of more than 500 exhibitors from 26 countries, and was the only industrial reasonable supported by the Saudi Industrial Property Authority (MODON). The event cements Saudi Arabia's position as the largest exporter in the area and the 14th biggest worldwide, with the nation representing 59 per cent of overall GCC petrochemical exports. Saudi Arabia has actually also established a strong commercial base beyond oil refining and exports, followed by Qatar, Oman, Kuwait, UAE and Bahrain.
The UAE petrochemicals market in particular consists of 20 per cent of the country's production sector, which remains in turn 10 per-cent of the UAE economy. Plastics, likewise called polymers, are responsible for 17.3 per cent of the GCC's overall petrochemical capacity. At the moment, the UAE is the second largest producer of plastic items in the GCC after Saudi Arabia, with an ability of 300,000 TPA. At the moment, the middle class type the largest customer base for polymers. With the worldwide population set to expand by 60 per cent by 2030, need is set to rise even more in the years to coming.
To be held concurrently with Saudi Print & Pack 2016-- the 13th International Trade Exhibition for Printing & Packaging Technologies, Saudi Plastics & Petrochemicals Trade Fair is supported by leading companies of the KSA. The National Industrialization Company (TASNEE) and Saudi Arabia Basic Industries Corporation (SABIC) are Diamond Sponsors and Saudi Polymers as Platinum Sponsors. For more details, visit to http://www.saudipp.com/.
