- The demand for Petrochemical products continues to gush over the last 5 years. It has been reported that the demand has increased by 20 times these past few years. This accentuates that there is a huge potential for revenue growth worldwide.
- According to the International Energy agency, Petrochemicals are now coming as the major driver of oil demand globally. In spite of this, the sector still receives far less attention that it actually deserves, as global economies are profoundly dependent on petrochemicals.
- Although United States has turned to have around 40% of the global ethane-based petrochemical production, Middle East is still the victor for low-cost petrochemicals.
- Though it is always feared that the increase in demand for Petrochemicals will intensify greenhouse effects, environmental impacts have remarkably decreased, as there have been extensive increase in reusing and recycling efforts and curbing one-time use plastics.
- Petrochemicals are already considered as one of the largest factors on global energy system, but their importance is growing even more. The industry is expected to yield more than 33% of the growth in oil demand by 2030.
- Middle East currently holds the greatest feedstock advantage through its access to low-cost ethane, brought by its natural gas abundance.
- Middle East is also in the run together with Asia and India to increase their market revenue for producing high-value chemicals and an increase in ammonia production by 30%.
