Economy of chemical industry
According to the international institutes reports, more than one-third of the growth in oil demand by 2030 and nearly half by 2050 will be allocated to chemicals & petrochemicals. The petrochemical industry generates hundreds of billions of dollars and plays an important role in connecting oil and gas exploration, refining, distribution, manufacturing, and logistics industries. New investment needs include expanding production capacity for both new and existing products, replacing worn-out or obsolete plant and equipment, and improving operating efficiencies (saving energy, increasing protection for the environment.