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Global demand for Petchem to reach $916 billion by 2030

Global demand for Petchem to reach $916 billion by 2030
(Wednesday, May 3, 2023) 11:36

TEHRAN (NIPNA) -- The global petrochemical industry is experiencing growth, according to Seyed Hamid Hosseini, the Chairman of the Board of Directors of the Iran Oil, Gas and Petrochemical Products Exporters Union.

In a specialized panel of marketing and applications of downstream petrochemical industries at the 14th Iran Petrochemical Forum (IPF), Hosseini noted that the world's petrochemical industry's income exceeded $584 billion in 2022.

He also predicted that this figure will reach $916 billion by 2030. The Asia Pacific region has the highest demand for petrochemical products, accounting for 5.5% of consumption growth.

Hosseini added that China led in the value of transactions for petrochemical products, accounting for $1,729 billion. Europe followed with $594 billion, and the United States came in third with $437 billion. Meanwhile, the value of transactions for Iran's petrochemical industry last year reached $38 billion.

Hosseini emphasized the need for Iran to continue its efforts to develop the industry to play a greater role in international markets.

The chairman also underscored the importance of investing in research and development to improve the country's competitiveness in the global petrochemical industry.

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