Huge growth in petrochemical production predicted

Abstract

The petrochemical industry is set for explosive growth worldwide, driven by demand for plastics in developing nations, a new report by the International Energy Agency says. Already humming along to supply industrial and consumer products, petrochemical manufacturing is expected to outpace transportation fuels as the main user of hydrocarbon-based raw materials by 2050, primarily to meet demand of developing countries. In the U.S., after decades of chemical industry stagnation, companies have taken advantage of new demand and the shale gas revolution to dramatically increase production. The U.S. is now home to around 40% of the global ethane-based petrochemical production capacity, although the Middle East remains the lowest cost center for many key petrochemicals. The growth in demand and production of petrochemical-derived products has a downside, however, in the form of climate, air quality, and water pollution problems. To address those problems, the report urges greater recycling of plastic products and