Intro

Petrochemical markets are likely to remain depressed while China and other countries continue to add significant capacity, unless big wave of closures and demand improvement help to achieve balance.  

-          Global capacity additions far outstrip demand growth

-          China, Middle East, US likely to continue expansions

-          China drove the petrochemical supercycle, but no longer

-          China chemicals demand growth likely only 2-4%/year 

-          Prospect of global deflation

-          Europe can focus on specialty chemicals, other niches