PODCAST: Europe, US chemicals face China dominance in race for low carbon technology
BARCELONA (ICIS)–Growth in China’s spending on chemicals research and innovation (R&I) has far outpaced Europe and the US, leaving chemical companies in the west facing a formidable challenge in the race to develop low carbon technologies.
- China R&I spend tripled from $4.3bn to $14bn between 2010-2020
- Europe, US spend rose modestly over same period
- Europe, US chemicals may need to boost R&I spending to compete on low carbon technology
- China likely to boost R&I spending further under Common Prosperity philosophy
- Chinese property boom turbo-charged the economy
- Pressure to decarbonise, cut plastic waste in China
- China and global polypropylene (PP) markets may suffer as demand growth slows
- PP projects may have to be cancelled around the world
In this Think Tank podcast, Will Beacham interviews ICIS Insight Editor Nigel Davis, ICIS Senior Consultant Asia John Richardson and Paul Hodges, chairman of New Normal Consulting.
Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS.
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