Asian Chemical Connections
Asia’s petrochemical industry is expected to weather a slowdown in China’s economy, but will need to quickly adapt to the gas revolution in the US, and the poor naphtha economics in order to sustain global competitiveness, top industry officials said on 16 May.
Petrochemical consumption in the region is expected to post a 4.5-5% growth this year, but this hinges on the key China market, which absorbs most of Asia’s petrochemical exports, said Shri Karmal Nanavaty, vice president of the Chemicals & Petrochemical Manufacturers’ Association of India.
INSIGHT: Crude price falls push petchems lower, raise price volatility
“Everyone is on the sidelines because they don’t know where the bottom is and don’t know what to do.”
VIDEO: ICIS special report - impact of lower crude oil prices