SAN ANTONIO, Texas --The chemical industry is a growth business poised to grow faster than the world economy, with Asia leading the way, said an ExxonMobil Chemical senior executive on Monday.
"We are in a growth business and are committed to chemicals long term," said Sherman Glass, senior vice-president of basic chemicals, intermediates and synthetics at ExxonMobil Chemical, at the 33rd National Petrochemical & Refiners Association (NPRA) meeting.
"We see global growth rates 2 percentage points higher than GDP and three times faster than energy demand in the next two decades," he added.
Demand in Asia and especially in China will drive much of the growth, with Asia accounting for 60% of the total demand growth and China comprising 40%, said Glass.
By 2016, he sees Asia accounting for half of the world's total demand for chemicals and China accounting for 25%.
"The future for chemicals is quite bright," said Glass. "Our products continue to displace steel and glass."
The key to the success of the chemical industry in the future will be the use of leading edge technology and innovation to meet the challenges of environmental regulations, and the availability and affordability of raw materials, according to Glass.
ExxonMobil Chemical is placing an emphasis on innovation of new products, as well as feedstock flexibility, he said.
"We are constantly seeing the changing quality and availability of crude oil and natural gas, and so we are expanding our feedstock flexibility," said Glass.
"Over the past four years we have qualified 300 new steamcracking feeds. This enables us to respond quickly to changes."
The NPRA meeting started on Sunday and runs through Tuesday.
"We are in a growth business and are committed to chemicals long term," said Sherman Glass, senior vice-president of basic chemicals, intermediates and synthetics at ExxonMobil Chemical, at the 33rd National Petrochemical & Refiners Association (NPRA) meeting.
"We see global growth rates 2 percentage points higher than GDP and three times faster than energy demand in the next two decades," he added.
Demand in Asia and especially in China will drive much of the growth, with Asia accounting for 60% of the total demand growth and China comprising 40%, said Glass.
By 2016, he sees Asia accounting for half of the world's total demand for chemicals and China accounting for 25%.
"The future for chemicals is quite bright," said Glass. "Our products continue to displace steel and glass."
The key to the success of the chemical industry in the future will be the use of leading edge technology and innovation to meet the challenges of environmental regulations, and the availability and affordability of raw materials, according to Glass.
ExxonMobil Chemical is placing an emphasis on innovation of new products, as well as feedstock flexibility, he said.
"We are constantly seeing the changing quality and availability of crude oil and natural gas, and so we are expanding our feedstock flexibility," said Glass.
"Over the past four years we have qualified 300 new steamcracking feeds. This enables us to respond quickly to changes."
The NPRA meeting started on Sunday and runs through Tuesday.
