Upcoming recession - Global petrochemical industry response.
- Resource Type
- Article
- Authors
- Singh, Balaji; Shah, Jignesh
- Source
- Chemical Business. Dec2008, Vol. 22 Issue 12, p11-20. 8p.
- Subject
- *RECESSIONS
*PETROLEUM chemicals industry
*FINANCIAL crises
*INDUSTRIAL capacity
PETROLEUM product sales & prices
- Language
- ISSN
- 0970-3136
The article examines the impact of the looming economic recession on the global petrochemical industry. It notes the major factors that affect global petrochemicals, including the U.S. financial crisis, a demand slowdown in China, global excess capacity and low oil prices. Chemical companies affected by the crisis have announced operating rate cuts and capacity shutdowns. Among them are Sabic Innovative Plastics and BASF. Asian countries are the most affected by the recession due to the decline in demand and prices in China.