08 March 2012 22:19 [Source: ICIS news]
NEW YORK (ICIS)--Global chemical demand will trend higher than global GDP until at least 2020, the chief executive of US-based energy and chemical giant ExxonMobil said on Thursday.
“Chemical demand is expected to outpace GDP by 1.5 [percentage points],” said Rex Tillerson, chairman and CEO of ExxonMobil at an analysts meeting held at the New York Stock Exchange in New York.
“Plastic and synthetic rubber will continue to grow above wood, paper and aluminium,” Tillerson added.
Roughly two-thirds of this growth will be in Asia-Pacific, “led by China, due to rising economic prosperity… as the new middle-class households purchase more packaged goods,” said the CEO.
In 2011, $4.38bn (€3.32bn) of the company’s $41bn in earnings came from the chemical segment. Specialty chemicals contributed $1.8bn, three times higher than it was two years ago, said Tillerson.
ExxonMobil aims to maximise the value of specialty chemicals. With “higher demand, specialty chemicals are stable and growing,” he added.
While ExxonMobil’s total earnings increased by 35% from 2010, chemical earnings dropped by roughly 11% from 2010’s $4.91bn.
($1 = €0.76)
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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