January 2020

Trends and Resources

Industry Perspectives: Petrochemicals surge despite possible future roadblocks

Over the past several years, investments in petrochemicals capacity additions have skyrocketed. Hundreds of billions of dollars have and will be invested in additional petrochemicals units and complexes.

Nichols, Lee, Hydrocarbon Processing Staff

Over the past several years, investments in petrochemicals capacity additions have skyrocketed. Hundreds of billions of dollars have and will be invested in additional petrochemicals units and complexes. Most capital expenditures will be made in three primary regions—Asia, the Middle East and the U.S. In the International Energy Agency’s (IEA’s) The Future of Petrochemicals report, the agency forecasts that approximately 25% of the increase in oil consumption to 2023 will be from demand for petrochemicals feedstocks. The report also states that the petrochemicals sector will account for one-third of oil demand growth to 2030 and increase to nearly half by 2050. This expansion in petrochemic

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