21 March 2016
Global demand for petrochemicals has doubled in the last 20 years, trade organisation president Chet Thompson said at the opening general session of the International Petrochemical Conference (IPC).
He added that long-term projections remain quite strong.
“From the US perspective I remain very optimistic about the future. Petrochemicals manufacturing here in the states will have access to previously untapped natural gas and will continue to be able to take advantage of a very cheap feedstock,” he said.
“As a result the US is one of the most affordable countries in the world for petrochemical production. Several hundred new products are underway or in the queue with total investments exceeding $150bn. These projects will result in thousands of jobs – not just any jobs, really good jobs, high paying jobs. These projects will result in hundreds of billions of dollars of new output,” he added.
Thompson also said that 60% of the capital funding for these projects come from foreign investments.
“This really is a remarkable reversal of fortune for a country that for the last three decades has been haemorrhaging manufacturing jobs,” he said.
Thompson had said significant investment in US petrochemicals will drive growth and provide jobs although the sector faces the impact of the increased burden of regulation.