August 2019

Trends & Resources

Business Trends: The new petrochemical market—Adapting to demand

A bit of advice for players in the petrochemical market: Hold on to your hats!

Murphy, R., Allegro Development Corp.

A bit of advice for players in the petrochemical market: Hold on to your hats! Like many other energy sectors, petrochemical global market demand is increasing rapidly due to the need for everyday products, such as plastics and petrochemical derived fibers. As a result, the International Energy Agency’s (IEA) “The future of petrochemicals” report projects that petrochemicals will account for “more than a third of the growth in world oil demand to 2030.” Surprised? If so, you are not the only one. “Our economies are heavily dependent on petrochemicals, but the sector receives far less attention than it deserves,” said IEA Executive Director Dr. Faith Birol. “Petrochemicals are one of the key

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