Gulf Region Innovations Sought: Petrochemical Companies
Published By : 10 Mar 2015 | Published By : QYRESEARCH
A large section of the chemical and petrochemical producers that are a part of the Gulf Cooperation Council (GCC) region are currently looking to implement new innovation strategies, as reported by a study from the Gulf Petrochemicals and Chemicals Association (GPCA).
There are 24 Arabian Gulf executives involved in the 2015 Innovation Survey conducted by the GPCA. They represent nearly 70 per cent of the GPCA’s full member companies. It displayed nearly 38 per cent of the chemical companies are looking to create more innovative strategies on a priority basis over the next ten years.
The number of companies that have created explicitly innovative strategies in 2015 is 41 per cent, which is big in comparison to 2010’s 21 per cent, as said by the GPCA.
Abdulwahab Al-Sadoun, the GPCA secretary general said that for the past four decades, the GCC petrochemicals industry has risen from its humble beginnings to become the multi-billion dollar industry it is today. The industry currently has more than 140 million tons of capacity and finds massive application areas across a multitude of sectors.
He also said that the growth forecasts indicate stable progress rates. The most recent survey made by the GPCA shows that the region’s petrochemical producers are actually seeking to apply more meaningful innovation mandates that are relevant in the current competitive market.
The GPCA survey’s second edition will track the insights and priorities of all top petrochemical producers in the region. The survey will be conducted in Dubai from 16 to 18 March.
The GCC chemical and petrochemical industry spent nearly US$367 million in 2013 on purely research and development activities.
Al-Sadoun said that while the GCC spending on research and development may be perceived as low, the overall implementations into operations is a long term process that needs to be planned carefully.