Chemical Week
2024 outlook
Jan 9, 2024
Chemical industry experts discuss oversupply challenges, China's polymer capacity, and high interest rates. Insights on economic forecasts, energy transition, and shifting to renewable energy post-COP 28.
23:24
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Quick takeaways
- Chemical industry facing oversupply challenges in 2024 impacting petrochemicals and plant capacity decisions.
- Higher interest rates in 2024 affecting chemical segments like construction materials and coatings, with potential relief from anticipated rate cuts.
Deep dives
Oversupply Concerns for 2024 Industry Outlook
The oversupply in petrochemicals and the broader chemical sector is a critical issue in 2024, driven by weakened demand in 2023 and only modest growth expected in 2024. Margins are under pressure due to the supply glut, particularly affecting polyethylene and polyvinyl chloride. Producers are facing decisions on delaying plant startups and rationalizing around 15 million tons of capacity for industry balance.
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