ARE PETROCHEMICALS AND PLASTIC THE FUTURE OF THE OIL INDUSTRY WITH A POTENTIAL DECREASE IN GLOBAL OIL DEMAND?

According to a recent report by the IEA (International Energy Agency), “the international electric automobile fleet exceeded 5.1 million, up 2 million from the previous year and nearly doubling the quantity of latest automobile sales.” a similar report estimates that by 2030, electric vehicle sales can reach 23 million annually with a 130 million electrical vehicles on the roads. To some, the decline of the inner combustion engine combined with increasing interest in renewable energy sources portends the loss of revenue for the oil and gas business. However, because the antecedently mentioned drivers of world oil demand are decreasing, the demand for petrochemicals specifically ethylene and gas, that are accustomed to creating plastics are on the increase. Companies like kW Plastics already supply to shop for and recycle plastic scraps from firms wanting to eliminate their waste responsibly.