Home / Knowledge / News / Textiles / Market share of GCC to grow two-fold by 2012
Market share of GCC to grow two-fold by 2012
11
Dec '08
After the production starts in large cracking projects in 2009, it is expected that market share of Gulf Cooperation Council (GCC) countries in global ethylene market will grow by two-fold by 2012, to reach 15 percent of the global consumption.

"The market share of Gulf Cooperation Council member countries in global ethylene industry will increase from 7 percent in 2002 to 15 percent in 2012." Abdullah Bin Hamad Al-Attiyah, Deputy Prime Minister of Qatar's Energy and Industry Ministry (who is also the Chairman of the board of state-run Qatar Petroleum Company) made these remarks at the 3rd Forum of Gulf Petrochemical and Chemical Association (GPCA), held in Dubai last week.

By 2012, total global ethylene capacity is expected to reach 160 million tons, several new cracker projects with million tons capacity in the Middle East will be put into operation next year.

In Saudi Arabia alone, new ethylene capacity will reach 4.9 million tons per year. However, market experts are showing concern about serious oversupply, which will further lower prices of petrochemical products.

Market express of ethylene prices on December 10

As prices for ethylene continued to plummet, anxiety engulfs the market. Market insiders are of the opinion that this slow-down in ethylene prices is the result of plummeting crude oil prices.

Experts show their genuine concern as condition worsens with the prices falling further on December 10. Price graph for most importing regions like Asia, Far East showed stability and the same for the European market and the US moved down as compared to prior week.

Ethylene prices in Asia region:

Ethylene, CFR Northeast Asia, at US $430-$440 per metric ton.
Ethylene, CFR Southeast Asia, at US $430-$440 per metric ton.

Ethylene prices in Far East region:

Ethylene, FOB South Korea, at US $405 per metric ton.
Ethylene, FOB Japan, at US $405 per metric ton.

Ethylene prices in Europe:

Ethylene, FD Northwest Europe, at Euro 444.00-445.00 per metric ton.
Ethylene, CIF Northwest Europe, at US $500.00-$510.00 per metric ton.

Price in the United States:

Ethylene, FAS Houston, at US cent 15.250-15.500 per pound.

Fibre2fashion News Desk - China

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X