Petrochemicals: the macroeconomic factors shaping the industry
THE ECONOMIC AND SOCIETAL VALUE OF PETROCHEMICALS
Petrochemicals make things happen. This is not only the tagline of the European petrochemical producers’ association Petrochemicals Europe, this is a fact: 95% of all manufactured goods such as electronics, furniture, appliances, textiles and many more are based on petrochemicals. With 300,000 people directly employed in highly qualified jobs and in total 1.2 million along the entire value chain as well as an annual contribution of €155 billion to the overall European GDP petrochemicals represent an important economic factor. Additionally, they are also an enabler industry for sustainable solutions such as insulation material to save energy, durable and resistant composites for light-weight smartphones and tablet PCs, sophisticated fuel additives to save emissions from transportation, or renewable energy devices like windmill blades and solar panels for a low-carbon economy.
In the future these benefits will be needed even more than in the past to meet the upcoming societal mega-challenges.
In 2050, more than 9 billion people will live on earth.
With no major changes, ma ...