Despite pandemic driven demand declines and slashed capital expenditures, petrochemical activity is still expected to rebound
Petrochemical investments have dramatically risen in the last ten years due to growing demand for plastic products and other chemicals, most notably in developing nations. The International Energy Agency’s “The Future of Petrochemicals” has stated that upcoming demand will increase by nearly 200 million tons per year (MMtpy) by the year 2050, and that petrochemical activities will be responsible for one third of oil demand growth in the next ten years. Picture: Shutterstock Ethylene production is expected to be the most significant increase in petrochemical activity due to its multipurpose function in plastics production. China is expected to lead
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