Reuters: Petchem demand boosted by Asian urbanization
Analysts expect petrochemical demand in Asia to rise considerably in the coming decade with these developments as petrochemicals are used in 70% of manufactured goods and in every utility. Ethylene demand is expected to grow by over 10% a year over the next ten years. Analysts argue that PVC demand in India is also on the rise with people moving into the cities and that the country mostly imports its PVC from Far East Asian countries.
According to comments from IHS Markit to Reuters , the demand boom will create 650 million new petrochemical customers in Asia. The rising demand has already caused Asian ethylene margins to go up to $600 per ton in 2016 from $400 last year.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?
- China’s rising PET trend takes a pause, but longer-term outlook remains firm
- Uptrend in China’s import PP market continues but cautious mood returns
- Hikes in Asia July PVC offers baffle some buyers, further rally under discussion