According to a recent report from "Chemical Weekly" in the U.S., Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (Sabic), highlighted key shifts in the global petrochemical industry during his speech at the European Petrochemical Industry Association’s annual meeting in Vienna. He emphasized that the sector is experiencing major structural changes, with a growing focus on the Western world. However, he also pointed out that the shift toward the East is driven by strong growth in both production capacity in the Middle East and rising demand for chemical products in developing nations.
Al-Mady noted that Middle Eastern petrochemical companies are leveraging their access to low-cost raw materials to significantly expand their production capabilities, aiming to meet the surging demand in Asia and other emerging markets. He predicted that nearly half of the world's new ethylene capacity over the next five years will come from the Middle East, with one-third coming from Asia. By 2010, the region is expected to account for approximately 20% of global ethylene production.
Despite the anticipated increase in supply from the Middle East and Asia before 2009, Al-Mady remains optimistic about market absorption. He believes that the rapid rise in demand from developing countries—especially China, India, and Brazil—will ensure that these new capacities are effectively utilized. These large, populous nations offer substantial market potential, which will help sustain long-term growth in the sector.
In line with this vision, Sabic has announced plans to invest $20 billion over the next three years to expand its petrochemical operations. This includes significant increases in production of key chemicals such as ethylene, propylene, ethylene glycol, polyethylene, polypropylene, styrene, and methanol. The company is currently exploring partnerships and feasibility studies for a new petrochemical project in China, signaling its continued commitment to the Asian market.
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