Several chemical and petrochemical manufacturers in the region of the GCC (Gulf Cooperation Council) are looking into the implementation of an innovative strategy. This plan was declared by a study conducted by the GPCA (Gulf Petrochemicals and Chemicals Association). The 2015 innovation survey of the GPCA involved 24 officials and executives of Arabian Gulf. This represented about 70% of the full member firms of the GPCA. It also exhibited that 38% chemical companies are aiming towards adopting innovative strategies that will be the main point of focus for high business performance over the next decade.
Since 2010, the total number of firms that have developed innovative strategies have gone up from 21% in 2010 to 41% in the current year. According to the secretary general of the GPCA, for the last forty years, the petrochemicals industry of the GPCA has been evolving and today it has become a multibillion dollar market from a rather humble and small industry. This industry today has an overall capacity that exceeds 140 million tons, and the scope of application is quite vast and widespread.
Industry trends show that the growth and performance has been quite consistent and stable so far. The recent survey of the GPCA also points to the fact that the producers operating in this region are focusing tremendously on the application of an insightful innovation mandate that will prove to be relevant in an industry scenario characterized by market risks. The second edition of the GPCA survey will aim at tracking the priorities and the insights of the key petrochemical manufacturers operating in this particular region. The presentation of this survey will take place in Dubai between the 16th and the 18th of March this year. And it will be held in the Research and Innovation Summit.