The Petrochemical Industry in Saudi Arabia for the Period 2010-2024 (Reality - Challenges – Future)

Abstract

The petrochemical industry is considered a modern industry whose importance became evident after World War II, particularly following the extensive extraction and refinement of oil. The petrochemical industry in Saudi Arabia witnessed significant development during the research period from 2010 to 2024, contributing to the diversification of income sources and enhancing the economic welfare of Saudi society. However, this industry faced several challenges, most notably the competitiveness of petrochemical products in global markets. Consequently, Saudi Arabia, through SABIC and Aramco, aims to embrace innovative technologies in the future, supported by the Saudi government’s focus on the petrochemical industry and its efforts to make it a leading sector in the Saudi economy. The researcher concluded that Saudi Arabia is striving to increase its petrochemical production by the year 2030. Based on that, the study confirmed that the petrochemical industry has contributed positively to enhancing economic growth and diversifying sources of income. The research also reached its most important recommendation: the establishment of a cluster for petrochemical producers in the Kingdom of Saudi Arabia in order to promote the exchange of information and expertise among petrochemical producers.