ChemOrbis 4th Turkey Petrochemical Conference: Focus on Global PP, PE and PS markets
For polyethylene, the largest polymer in terms of demand volume, Reynolds said that the sophistication of the PE market in the last fifty years has significantly contributed to the market’s growth. He stated that the PE market is mostly driven by developments in the packaging sector as around 70% of global PE supply is used by packagers. However, he foresees that environmental concerns about packaging applications will be the biggest challenge and pressure on the PE sector in the future. According to him, the PE market will globally grow at an average of 5.4% per year in the long run, assisted by its versatility and continued innovation.
Reynolds pointed out that rising living standards will result in a significant increase in global polypropylene supplies as PP is mostly used in consumer goods manufacturing. He predicts an average annual growth of 6% for PP in the future. He thinks that PP prices are becoming less affected by crude oil volatility as coal to olefin and unconventional gases become more common feedstocks.
Reynolds defined the polystyrene market as a smaller and more mature market when compared to PP and PE. China still drives the industry in terms of demand while global PS markets are likely to grow at an average of 2% over the next few years, according to him.
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