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Global petrochemical industry witnessing a paradigm shift from West to East

July 07/2009
 
         

The petrochemical industry of today is an indispensable part of the manufacturing and consuming sectors, churning out products which include paint, plastic, rubber, detergents, dyes, fertilizers, textiles, and even solvents, as per a report by Research and Markets. The 21st century is seeing a paradigm shift from West to East in the Petrochemicals business, with the Middle East emerging as global production hub with natural advantages of low cost feedstock. Major consumption centers are shifting to Asia given the rapid growth in demand in China on account of chemical intensive and export driven industry and India emerging as global consumption centers.

This trend is likely to also shake up the global petrochemical industry with emergence of National Chemicals and Oil Companies as global players and established western companies having to exit or shrink unless they realign by moving eastwards through partnerships or strategic alliances to be near the consumption centers to catch up with Asia Petrochemical boom.

However, as regional petrochemicals development continues, the industry will face significant challenges relating to energy and feedstock availability and to climate change, particularly carbon dioxide emissions. Focus in 2009 remains at construction of olefin projects in Middle East, economic development and demand in Asia Pacific and supply and pricing of petroleum and natural gas.


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