Open AccessThe Future of the Petrochemicals Industry and Sino-Saudi Cooperation
Author(s) -
Kapsarc
Publication year - 2021
Language(s) - English
Resource type - Reports
DOI - 10.30573/ks--2020-wb12
Subject(s) - petrochemical , china , business , volatility (finance) , geopolitics , covid-19 , natural resource economics , pandemic , economic policy , international trade , economics , engineering , finance , geography , waste management , political science , medicine , disease , pathology , politics , law , infectious disease (medical specialty) , archaeology
The Covid-19 pandemic and the responses to it have had a pronounced impact on the global economy. Major consuming sectors for petrochemicals, including cars and appliances, construction and textiles, have suffered a slump in demand. The production outputs of petrochemicals also vary across regions and countries, with the Gulf Cooperation Council (GCC) countries and China the least affected. Slowed economic growth, increased price volatility of feedstocks, intensified geopolitics and trade barriers, growing concern over health, safety and environment (HSE) standards, among other disrupters, are driving changes in the petrochemical industry.