Japan's Ministry of Economy, Trade and Industry has released data that the demand for ethylene in Asia will increase significantly between 2009 and 2013, the annual growth rate of ethylene derivative demand will reach 5.7%, and the annual growth rate of propylene derivative demand will reach 5.4%. The annual growth rate of demand for ethylene derivatives in China reached 7.4%, and the annual growth rate of propylene derivative demand reached 7.8%.
The analysis pointed out that the growth of production capacity of petrochemical products is concentrated in the Middle East. This year, the ethylene equivalent in the Middle East will increase by 7.2 million tons, and China’s ethylene equivalent will increase by 3.3 million tons. The global excess of ethylene derivatives reached a peak in 2011 and slowly eased in 2012 and 2013.
Although the world's petrochemical industry has not yet reached the bottom, there are clear signs of recovery, and some petrochemical plants have been put into planning and construction.
ExxonMobil said that in 2015, half of the global demand for petrochemical products comes from Asia, and half of Asian demand comes from China. As the economy improves and the layout of production capacity changes, petrochemical companies continue to upgrade their technologies and optimize their product mix, and the petrochemical industry can still obtain substantial profits.
The fundamental driving force for the growth of demand for petrochemical products is the growth of GDP. ExxonMobil believes that in the long run, the growth in demand for polyolefins such as polyethylene and polypropylene around the world will be related to GDP growth, and the growth rate of polyolefins will probably be 2 to 3 percentage points higher than GDP growth. In the future, global GDP will grow at a rate of 3% per year, and global demand for polyolefins will remain at a growth rate of 5% to 6%.
Another important reason for the strong development of the petrochemical industry is that people in developing countries are eager to improve their living standards. The World Bank predicts that by 2030, the global population will increase from the current 6 billion to 8 billion, most of which will come from developing countries. At the same time, the global economy has doubled in size to reach US$70 trillion. The functions of chemical products are continuously expanding, from preventing food deterioration to building insulation, vehicle weight reduction and high efficiency. Therefore, the improvement of the economic environment, especially the progress of developing countries, will promote the continuous expansion of the demand for energy and chemical products and penetrate into the end product markets such as automotive, packaging, construction, health and personal care. ExxonMobil believes that in the next 10 years, global demand for polyolefins and other petrochemical products will come from 60% of Asia, and China will account for more than 1/3.
The analysis pointed out that the growth of production capacity of petrochemical products is concentrated in the Middle East. This year, the ethylene equivalent in the Middle East will increase by 7.2 million tons, and China’s ethylene equivalent will increase by 3.3 million tons. The global excess of ethylene derivatives reached a peak in 2011 and slowly eased in 2012 and 2013.
Although the world's petrochemical industry has not yet reached the bottom, there are clear signs of recovery, and some petrochemical plants have been put into planning and construction.
ExxonMobil said that in 2015, half of the global demand for petrochemical products comes from Asia, and half of Asian demand comes from China. As the economy improves and the layout of production capacity changes, petrochemical companies continue to upgrade their technologies and optimize their product mix, and the petrochemical industry can still obtain substantial profits.
The fundamental driving force for the growth of demand for petrochemical products is the growth of GDP. ExxonMobil believes that in the long run, the growth in demand for polyolefins such as polyethylene and polypropylene around the world will be related to GDP growth, and the growth rate of polyolefins will probably be 2 to 3 percentage points higher than GDP growth. In the future, global GDP will grow at a rate of 3% per year, and global demand for polyolefins will remain at a growth rate of 5% to 6%.
Another important reason for the strong development of the petrochemical industry is that people in developing countries are eager to improve their living standards. The World Bank predicts that by 2030, the global population will increase from the current 6 billion to 8 billion, most of which will come from developing countries. At the same time, the global economy has doubled in size to reach US$70 trillion. The functions of chemical products are continuously expanding, from preventing food deterioration to building insulation, vehicle weight reduction and high efficiency. Therefore, the improvement of the economic environment, especially the progress of developing countries, will promote the continuous expansion of the demand for energy and chemical products and penetrate into the end product markets such as automotive, packaging, construction, health and personal care. ExxonMobil believes that in the next 10 years, global demand for polyolefins and other petrochemical products will come from 60% of Asia, and China will account for more than 1/3.
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