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Petrochemicals: The Driver of Growth

October 24, 2019 | 166 views

The International Energy Agency (IEA) asserts developed economies use 20 times more plastic than developing economies — a fact that has a far-reaching effect on demand for the petrochemical industry. As a result of the shale gas boom, the petrochemical industry has seen a reversal of the cost associated with manufacturing in the U.S over the last decade. In fact, over 70 new projects have been greenlit in Texas and Louisiana alone since 2012. But as the LNG industry begins to monopolize more of the available natural gas supply in the U.S., the spread between oil and gas prices is narrowing. It’s likely that demand for LNG will put cost constraints on natural gas feedstocks — ultimately driving the petrochemical industry to increase its reliance on oil as a feedstock. In fact, IEA predicts that more than 30% of the increase in global oil demand through 2030 will be driven by petrochemicals and likely half of demand growth by 2050.

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