Petrochemicals – of which plastics are the dominant output – now account for roughly 75% of net global oil-demand growth, and are projected to become the largest driver of future oil demand. Plastic production has already doubled in the past two decades. Major oil companies are responding accordingly. Recent consolidation – including a $60bn merger creating one of the world’s largest plastics producers – reflects a deliberate pivot toward petrochemical assets as a long-term demand anchor.
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“Most newly qualifying households do not act immediately, but based on past experience, about 10% could enter the market — potentially adding roughly 550,000 new homebuyers this year compared with last year,” Yun said in a press release.
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