London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

Petrochemicals set to be the largest driver of world oil demand

October 09/2018

MOSCOW (MRC) -- Petrochemicals are becoming the largest drivers of global oil demand, in front of cars, planes and trucks, according to a major study by the International Energy Agency, said Hydrocarbonprocessing.

Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then. They are also poised to consume an additional 56 billion cubic meters (bcm) of natural gas by 2030, and 83 bcm by 2050.

The Future of Petrochemicals is part of a new IEA series shining a light on "blind spots" of the global energy system Ц issues that are critical to the evolution of the energy sector but that receive less attention than they deserve. The report is among the most comprehensive reviews of the global petrochemicals sector and follows other reports in the series, including the impact of air conditioners on electricity demand, the impact of trucking on oil demand, or the role of modern bioenergy in the renewables sector.

Petrochemicals are particularly important given how prevalent they are in everyday products. They are also required to manufacture many parts of the modern energy system, including solar panels, wind turbines, batteries, thermal insulation and electric vehicles.

Demand for plastics Ц the key driver for petrochemicals from an energy perspective Ц has outpaced all other bulk materials (such as steel, aluminum, or cement), nearly doubling since 2000. Advanced economies currently use up to 20 times more plastic and up to 10 times more fertilizer than developing economies on a per capita basis, underscoring the huge potential for global growth.

The dynamism of the petrochemical industry is also driving new trends around the world. After decades of stagnation and decline, the United States has re-emerged as a low-cost location for chemicals production thanks to the shale gas revolution, and is now home to around 40% of the global ethane-based petrochemical production capacity. Meanwhile, the Middle East remains the lowest cost center for many key petrochemicals, with a host of new projects announced across the region.

Petrochemical products provide substantial benefits to society, including a growing number of applications in various cutting-edge, clean technologies critical to sustainable energy systems. However, the production, use, and disposal of petrochemical-derived products present a variety of climate, air quality and water pollution challenges that need to be addressed.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe