WHAT I THINK OUR SECTOR NEEDS TO DO IN THE FACE OF A SEVERE AND COMPLICATED PROBLEM

 Business, China, Economy, Environment, Europe, European Petrochemicals, Fibre Intermediates, Innovation, Japan, Malaysia, Methanol & Derivatives, Middle East, Oil & Gas, Olefins, Philippines, Polyolefins, Singapore, South Korea, Styrenics, Sustainability, Technology, Thailand, United States


Due to the convergence of geopolitics, demographics, the changing nature of the Chinese economy as Common Prosperity reforms speed up, China's growing chemical and polymer self-sufficiency, the high levels of global inflation and all of its causes, and last but not least, climate change, I am concerned that we are about to enter a deeper and more complicated crisis than any of us have ever experienced.

Read More.: https://industryglobalnews24.com/what-i-think-our-sector-needs-to-do-in-the-face-of-a-severe-and-complicated-problem

Due to its efforts to promote greater wealth equality, reduce debt, and improve the environment, China has moved away from "growing for growth's sake." This indicates that the long-term demand for chemicals will grow less than is typically predicted.

We don't know if China's new economic growth model will be a success. The geopolitics and demography of its rapidly ageing population may prevent the model from working. I think it would be quite challenging to go back to the old model.

See the ICIS estimate of the percentage shares of the world's demand for polypropylene (PP) separated into three mega-regions from 2000 until 2040 to get an idea of the extent of our dependence on China. In all other compounds and polymers, it is the same.

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