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, India, Indonesia, Innovation, Japan, Malaysia, Methanol & Derivatives, Middle East, Oil & Gas, Olefins, Philippines, Polyolefins, Singapore, South Korea, Styrenics, Sustainability, Technology, Thailand, US

I am concerned that we are about to enter a deeper and more complicated crisis than any of us have ever experienced 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.

Last month, with an emphasis on China, I started a series of posts on each of these topics. However, before I continue with this series' other pieces, which will thoroughly discuss each of the other topics and offer potential remedies, please check the Executive Briefing below.

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.

Hello, Reader!

Register with Industry Global News24 & Support the future of cogent journalism. One-time registration allows access to limitless articles free of cost! Click Here:  https://bit.ly/3chNNpF

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.

We don't anticipate China's portion of global demand to overtake the developing world's share until 2040 (when there will be 6.5 billion people on the planet) (ICIS estimates its population at 1.4bn in 2040).

Take note of how China passed the industrialised world in 2016 and how the gap has grown ever since. Despite China being a considerably poorer nation than the US, it surpassed the US in terms of GDP per capita in 2019.

Comments

Post a Comment

Popular posts from this blog

THE PRICE OF NATURAL GAS HAS INCREASED SIGNIFICANTLY IN BOTH THE US AND THE EU DURING THE PAST YEAR

Image
  The cost of natural gas for US consumers has increased by more than treble in the last year. According to the Energy Information Administration EIA, natural gas generates around 38% of the electricity used in the US. Additionally, natural gas is used to heat both the water and space in nearly half of the homes in the US. As the US LNG export plant quickly restarts, natural gas prices rise. Natural Gas Surges With US LNG Export Terminal Set for Fast Restart, according to a story from Bloomberg yesterday. PUBLISH WITH US Your Content:  https://bit.ly/3pOkePK   After a crucial Texas export facility and regulators came to terms to resume operations as soon as October after an explosion, natural gas prices in the US shot up. According to an agreement reached with the Pipeline and Hazardous Materials Safety Administration, Freeport LNG, which was shut down in June following an explosion, will restart operations in early October at nearly full capacity. That would increase the...
Read more

AUSTRALIA OVERWHELMED IN COMMONWEALTH GAMES NETBALL BY JAMAICA

Image
  A major shift took place on Thursday at the Commonwealth Games netball when gold medal-winning Australia was defeated by Jamaica. The Jamaican Sunshine Girls topped the Australian Diamonds with a score of 57-55, qualifying the team for the medal rounds. They achieved victory after overcoming a deficit of six goals at the beginning of the last quarter. Next Jamaica will be playing in the semi-finals against England In the field of athletics, Jamaican sprint champion, Elaine Thompson-Herah, double Olympic champion for 200 meters, came back to Alexander Stadium on Thursday after her victory in the 100 meters, just about 12 hours prior on Wednesday. For Friday’s semi-finals, she qualified in an easy heat as second fastest in just 22.80 seconds. The quickest women’s heat time was awarded on 22.71 seconds to Favour Ofili of Nigeria. PUBLISH WITH US Your Content:  https://bit.ly/3pOkePK   Zharnel Hughes of England resurfaced, after his disqualification from the Gold Coast four...
Read more

THE FLU IN THAILAND after COVID-19 IS DOWNGRADED TO THE SAME CATEGORY AS

 Thailand: In October, when the country's viral situation begins to stabilise, Thailand will declare COVID-19 a "dangerous" infectious disease that "needs monitoring." According to Thailand's health minister, Anutin Charanvirakul, this adjustment will reduce Covid-19's priority from being on par with plague and smallpox to influenza and dengue, reflecting the country's actual health situation. Anutin asserted in a statement that the decision showed how well-prepared Thailand's healthcare system is, how simple it is for individuals to access care, and how responsibly people act when it comes to self-defense. According to him, Thailand would "soon" change its pandemic management strategy so that private hospitals can buy antiviral drugs directly from manufacturers. Last week, authorities anticipated significant Covid-19 cases and fatalities in read more.:  https://industryglobalnews24.com/covid19-is-downgraded-to-the-same-category-as-the-...
Read more