March 2019

Trends & Resources

Business Trends: Petrochemicals 2025: Three regions to dominate the surge in petrochemical capacity growth

The global petrochemical sector continues to expand exponentially as developing nations’ demand for petrochemical/chemical products continues to increase.

Nichols, Lee, Hydrocarbon Processing Staff

The global petrochemical sector continues to expand exponentially as developing nations’ demand for petrochemical/chemical products continues to increase. In its “Oil 2018” report, the International Energy Agency (IEA) forecasts that approximately 25% of the increase in oil consumption to 2023—nearly 1.7 MMbpd—will be from demand for petrochemical feedstocks. The IEA’s long-term petrochemical forecast shows an even greater amount of oil demand from the petrochemical sector. In the organization’s “The future of petrochemicals” report, the IEA forecast that the petrochemical sector will account for one-third of oil demand growth to 2030, increasing to nearly half to 2050. According to the repo

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