Chemical Week
WPC 2025: Dow CEO Fitterling and S&P Global's Eramo on the state of the industry
Mar 25, 2025
Join Dow CEO Jim Fitterling, an expert in market outlook and sustainability, and Mark Eramo, co-president of S&P Global, as they uncover the current state of the chemical industry. They discuss the impact of geopolitical tensions on market dynamics and the importance of the energy transition. The duo emphasizes the necessity of adopting a circular economy to address plastic waste while navigating the challenges of decarbonization. They also explore how AI and digital technologies can revolutionize operational efficiencies in the sector.
27:39
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Quick takeaways
- The current economic downturn necessitates a focus on cost-efficiency and capacity adjustment to prepare the petrochemical industry for future growth.
- Advancements in recycling technologies and collaborative policy efforts are essential for overcoming challenges in transitioning to a circular economy amidst low virgin resin prices.
Deep dives
Global Economic Trends Impacting the Petrochemical Industry
Sustained low global GDP growth, particularly below 3%, significantly affects the petrochemical market, notably in the U.S. and China. The slowdown in China's growth from previous highs has led to decreased demand, while Europe is grappling with high energy costs and deindustrialization. The current economic environment results in a 'two-speed economy' where sectors such as services and electronics perform well, but industries related to housing show considerable weakness. Dow's CEO highlights that overcoming this downturn requires focusing on cost-efficiency and adjusting capacity to prepare for the next upcycle.
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