Top Ten Trends In The Petrochemical Industry In 2011
The North American petrochemical industry has traditionally held the number one position in global petrochemical production as well as exports
. The North American petrochemical industry has gone through several phases in its lifecycle, starting from its initial growth and capacity expansions to a stage of reduced marginal returns that led to it dealing with a possible slump. The recent slowdown in the North American petrochemical industry has been brought about by the increase in competition from price-competitive producers in the Middle East and Asia. The opportunities for US commodity plastic exports, for instance, have reduced. This is because a large volume of MiddleEast plastic export capacity with a significant cost advantage is displacing other exporters in China, the US, Korea and Japan. Another major reason is the resource constraints and high feedstock prices in North America. The rising feedstock prices are forcing many North American petrochemical producers to reassess their profit margins in comparison to that of global players.
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The capacity additions in the global petrochemical industry are increasingly favoring Asia-Pacific and Middle Eastern locations. The major reason for this shift is the economies of production in these regions. The Middle East has an unparalleled feedstock advantage and Asia-Pacific countries like China and India offer very low labor costs compared to North American and European countries.
The major feedstock for petrochemicals production has historically been naphtha and natural gas. Coal and Liquefied Petroleum Gas (LPG) is also used in the production of petrochemicals. However, the use of coal as a feedstock for petrochemicals is becoming popular exceptionally quickly in China. There are two main drivers behind the push for more coal-to-gas projects in China. One is the soaring demand for gas due to urbanization and environmental concerns, and the other reason is that China has plenty of coal, while oil and gas are in short supply. China is the biggest producers of many petrochemicals in the world. The increasing use of coal feedstock in China is continuously increasing the share of coal-based petrochemicals production globally.
GBI Research, a leading business intelligence provider, has released its latest research, Top Ten Trends in the Petrochemical Industry in 2011. The report provides detailed insight into the global petrochemical industry trends. It contains a detailed analysis on the capacity migration to cheaper destinations. It discusses the emergence of Middle East as a global supplier and China leading the global demand. The report analyses the beginning of a consolidation trend in North America and Western Europe and growing competitiveness of the Asian and Middle East suppliers.The study discusses the emergence of coal as a key feedstock for petrochemical production and the role of packaging industry in the demand growth. The report also includes price trend analysis
and the increasing impact of carbon emissions on the petrochemical industry.
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