The petrochemical industry in the Gulf Cooperation Council (GCC) plays a pivotal role in driving economic growth and leading the global energy transition through innovation and sustainable solutions. As a cornerstone of the GCC economy, this industry not only fuels industrial development but also provides essential materials and products that support diverse sectors worldwide. Through continuous innovation, GCC petrochemical companies are at the forefront of advancing technologies that promote energy efficiency, reduce carbon emissions, and support the transition to a circular economy.
The GCC Chemical Industry Facts and Figures 2024
Building on recent gains, the GCC petrochemical industry entered 2024 with strengthened momentum and improved performance across key indicators. Rising production, stable demand, and coordinated regional investment have propelled the sector beyond resilience and into a phase of renewed growth and expansion.
Today, the GCC petrochemical industry stands at the heart of the region’s industrial future. Anchored by a combined production capacity of 165.1 million tons and sales totaling USD 80.1 billion, the sector delivers a substantial economic impact. It accounts for 3.5% of total GDP and 26.8% of manufacturing GDP across the GCC, underscoring its critical role in strengthening manufacturing depth, supporting industrial development, and advancing long-term economic diversification.
Since 2019, the GCC chemical industry has demonstrated sustained growth, reflecting the collective strength of regional producers and policymakers. In 2024, while chemical production growth remained uneven across major global markets, including contractions in Japan and slower momentum in the United States, the GCC recorded a robust 5.7% increase in chemical production, outperforming the global average of 3.9%. This performance highlights the region’s growing role in supporting the global chemical supply chain.
Despite rising production capacity, greenhouse gas emissions intensity declined in 2024, with a 3.9% reduction in GHG intensity achieved through the adoption of CO₂ emission control measures. This improvement reflects the sector’s ongoing commitment to efficiency, environmental responsibility, and sustainable industrial development across the GCC.