ChemOrbis 6th Asia Petrochemical Conference: rising middle class to boost ASEAN chemical sector
With regards to the challenges facing the petrochemical industry in ASEAN, the speaker brought up a few challenges such as rising costs of production, declining competitive feedstock supply, a lack of human talent, a lack of developed energy and also potential health, safety and environment issues.
For opportunities on the other hand, Mr. Akbar stated that by 2050, it is predicted that the global population will grow from 7.2 billion to 10 billion, with less developed countries with Asia housing 60% of the global population. This could lead to the Asian middle class growing up to 5 billion people in 2030 with higher disposable incomes. As a result, we should be able to witness higher consumer spending and higher demand for key polymer consuming industries such as home building, automobiles and personal care products.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PET prices weaken further in Asia and Mediterranean
- Vietnam PP market yet to respond to faltering upturn in China
- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low