Growth story from last decade is continuing and here is what to expect till about 2025:
- North America renaissance continues. This region has added more than 11 million Metric Tons per Annum (MTA) of grassroots ethylene in last 5 years and expected to add more than 14 million metric tons more in coming 5 years.
- China continues to add ethylene capacity and expected to add more than 18 million MTA of ethylene in next 5 years.
- Rest of Asia is expected to add more than 11 million MTA of ethylene till 2025.
- Middle East (excluding Iran) is expected to add more than 12 million MTA of ethylene in this period.
This offers tremendous opportunities for the industry including the businesses that supply hardware and services to the industry. The key to success will depend on the business strategy for maintaining the competitive advantage to capture market share for sustained growth. The growth in this industry comes with challenges as the supply/demand equation comes under pressure in the short term.
As the petrochemical industry is going through a significant demographic and experience level change in staffing over the next few years, a wide range of skills is substantially lacking. The industry will need to invest in training professionals, including those who are directly involved in operations, but also support roles, business development, service providers etc. The industry must focus on imparting experience and knowledge in an efficient and effective ways to not only fill the gaps left by retiring workforce, but to meet the growing demand of talent.
At Apex PetroConsultants, we focus on imparting working knowledge based on experience and expertise to help individuals and companies in realizing their full potential.