The petrochemical industry has come under some scrutiny lately as world leaders debate the role that fossil fuels have on the global climate and climate change. What is often times overlooked in this debate is the economic contributions of the petrochemical industry and the many different products beyond oil and gas that have petrochemicals as a primary building block.
The petrochemical industry remains significantly influenced by globalization of the world economy. Rising demand for energy has translated to declines in supply and skyrocketing costs. In keeping pace with these changes, the petrochemical industry continues to adjust through divestitures, joint ventures and other forms of partnership leading to fewer and larger producers of commodity petrochemicals with broader geographical reach.