PETROCHEMICALS
Ineos chemical plant .
Petrochemicals : a time of change and opportunity
The petrochemical industry is struggling with the challenge of over-supply , but its long-term prospects are positive . The main driving factor is the shift towards sustainability , which carries costs but also creates opportunities .
By James Chater
Outlook
Growth has been slowing in the petrochemicals industry . The outlook is mixed , with the Chinese economy faltering , Europe heading for recession and the USA more buoyant . Higher oil prices and geopolitical instability have not helped . Yet chemicals and petrochemicals are not going anywhere : they are an integral part of our lives , serving both end users in household goods and a wide range of businesses : auto , hydrogen , semiconductors etc . Demand in years to come is expected to grow . Petrochemicals are set to account for over a third of the growth in oil demand to 2030 and nearly half to 2050 ( 1 ). According to the IMARC Group , the market is expected to grow 4.8 % per year between 2024 and 2032 ( 2 ). Some of this growth will come from innovation as the industry shifts towards sustainability and takes measures to make more efficient use of resources . But regulation also drives up costs , and major producers have been complaining about stringent EU regulations .
Example of a CO2 recovery plant from Messer .
24 Valve World June 2024 www . valve-world . net