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.
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