The GCC crystalline PET (polyethylene terephthalate) market is a growing market, with a significant number of global and regional players. The major companies operating in the GCC crystalline PET market are The Dow Chemical Company (U.S.), Saudi Basic Industries Corporation (Saudi Arabia), OCTAL (Oman), and JBF RAK LLC (U.A.E). The other leading global players that are operating in the market are Indorama Ventures Public Company Limited (Thailand), Far Eastern New Century Corporation (Taiwan), DAK Americas LLC. (U.S.), and Invista (U.S.).
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These companies have been adopting various strategies, such as mergers & acquisitions, expansions, agreements, collaborations, and disinvestments, to grow and strengthen their foothold in this market. In June 2014, Saudi Basic Industries Corporation (Saudi Arabia), in collaboration with Cima NanoTech (Singapore), announced the development of a transparent conductive polycarbonate film, which has superior scratch resistance and transparency properties. This collaboration will help the company in providing better materials that can be used in consumer electronics, household goods, and automobiles.
In May 2015, The Dow Chemical Company announced the complete acquisition of Univation Technologies, LLC (U.S.). Univation Technologies was previously under a 50-50 joint venture between Dow Chemical and ExxonMobil. This acquisition helped the company increase its presence in the plastic industry across the globe, by implementing Univation Technologies’ technical license. In June the same year, Dow Chemical expanded its presence in the specialty markets by forming a joint venture with Saudi Arabian Oil Company (Saudi Aramco). This joint venture was formed to establish a world class fully integrated chemical complex in Saudi Arabia that will possess flexible cracking products with production capacities of 3 million metric tons. This strategy will help Dow Chemical expand its business presence in emerging economies in regions, such as Asia-Pacific, the Middle East, and Africa.
In June 2015, JBF RAK LLC expanded its presence in Bahrain by installing two new production lines to offer BoPET films with maximum width of 3300 mm. This initiative helped the company in maintaining an effective supply chain as well as sustaining customers across 100 countries.
Apart from acquisitions and expansions, companies have also focused on agreements, collaborations, new product launches, and partnerships which together accounted for 19% of the total developments in the GCC crystalline PET market between 2011 and 2016.