World PE demand to grow at 5-6% a year - Chevron Phillips Chemical

25 September 2012 11:14  [Source: ICIS news]

KATHMANDU (ICIS)--Global polyethylene (PE) demand is expected to grow at an average annual pace of 5-6%, largely driven by economic growth in developing countries, a senior executive of Chevron Phillips Chemical (CP Chem) said on Tuesday.

"We see a bright future in Asia," CP Chem Asia president and managing director Jim Becker said at a one-day industry seminar  in Nepal.

PE demand from China, which is the largest PE consumer in the world, is likely to grow at an average of 7-8%, Becker said.

"When the lower class moves up [to] the middle class, more plastics will be consumed," he said.

Developed countries like the US had a PE consumption per capita of 40kg, while developing countries only have between 5-10kg, he said.

"With a low PE consumption per capita and high population growth, Asia will be the centre of the world's growth in the future," Becker said.

Author: Ong Sheau Ling

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