Petrochemical Products Get a Boost from Asian Energy Companies

Chinese and Southeast Asian energy companies are driving to increase their production facilities to meet the rising demand for petrochemical products in the coming years, particularly in the emerging markets. The demand for such products is growing sturdily in China, despite a turmoil in markets for steel and other materials due to a supply glut. Japan’s Ministry of Economy, Trade and Industry last year forecasted a robust growth of the global supply and demand for petrochemical products. Also according to another report published recently by the IMARC Group, the production of ethylene-derived products is projected to increase by 10% to 11 million tons in 2019 compared to the 2013 level in the Association of Southeast Asian Nations countries. The demand is projected to rise by over 20% to 8.4 million tons in 2019 from the level in 2013. The overall production volume of petrochemicals is expected to jump 40% to 57.8 million tons in 2019 from the level in 2013 in Asia, (excluding Japan) due to an increase in production facilities by Chinese and Southeast Asian energy companies. The increase in use of petrochemicals in automobiles, construction, packaging and other materials is expected to push the demand significantly to 69.1 million tons in 2019, surpassing the expected production volume. As such, many industry analysts believe the supply-demand trend will not change very much in Asia, even if economic slowdown forces Chinese and Asian energy companies to push back the construction of their new facilities later than initially planned.

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